Sensex Trades Flat as Power & Metal Stocks Drag; Tata Steel, Power Grid, L&T Among Top Losers

Mon, 20 Jun 10:30 am

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Asian share markets are lower today as investors remained cautious on surging inflation and central bank interest rate hikes that are fueling concerns of a recession.

The Nikkei is down 1.1% while the Shanghai Composite fell 0.1%. The Hang Seng is trading higher by 0.2%.

In US stock markets, Wall Street indices closed with modest gains on Friday but still suffered the biggest weekly percentage decline in two years as investors wrestled with recession problems as central banks try to stamp out inflation.

The Nasdaq rallied 1.4% while the Dow Jones ended flat.

Back home, Indian share markets are trading on a flat note.

Benchmark indices are volatile and are following the trend on SGX Nifty while tracking mixed global cues.

FII & DII data is widely tracked as FIIs continue to offload Indian shares. So far this month, FIIs have withdrawn a net amount of Rs 314.3 bn from equities.

The BSE Sensex is trading up by 101 points. Meanwhile, the NSE Nifty is trading higher by 22 points.

HDFC, HDFC Bank and HUL are among the top gainers today.

Tata Steel and Power Grid, on the other hand, are among the top losers today.

Broader markets are trading deep in the red. The BSE Mid Cap index is down 1%. The BSE Small Cap index is trading lower by 1.6%.

Sectoral indices are trading mixed with stocks in the FMCG sector and finance sector witnessing most of the buying.

Metal stocks and energy stocks, on the other hand, are trading in red.

Shares of Wendt and Apar Industries hit their 52-week highs today.

As Indian share markets have been in a downtrend, you must be wondering when will the markets fully recover.

In this uncertainty, check out these 5 fundamentally strong companies which pay regular dividends and are undervalued.

Also check out this stock we call as the greatest dividend stock of all time. This IT company's dividend growth rate has beaten Nifty's 20 year annual returns.

Gold prices are trading up by 0.1% at Rs 50,895 per 10 grams.

Meanwhile, silver prices are trading up by 0.3% at Rs 61,128 per kg.

Crude oil prices are turbulent today as investors refocused on tight supplies. In the previous session, oil saw a 6% slump amid concerns about slowing global economic growth and fuel demand.

Cryptos are trading in green today with bitcoin inching above US$20,000 after the broader crypto selloff dragged it below the significant psychological threshold on Saturday.

Ethereum, which has been sliding in recent weeks, took a similar tumble Saturday to fall below US$1,000 but has now regained ground.

Investors in crypto markets are not having a good night's sleep these days as coins continue to tumble in the face of a global market selloff and rising interest rates.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

Speaking of stock markets, in the latest episode of Investor Hour podcast, Rahul Goel talks to Vivek Kaul about inflation and India's economy.

We highly recommend you watch the hour-long podcast because Vivek Kaul is an economist like no other. When he talks about India's economy and its challenges, it makes sense.

Tune in below to find out more:

In news from the finance sector, L&T Finance is among the top buzzing stocks today.

Apollo Global Management is in advanced talks with L&T Finance to acquire real estate loans worth Rs 80-90 bn.

The L&T group company is looking to pivot toward the retail segment by pruning its infrastructure and real estate exposure, according to people in the know.

The deal will also help L&T get cash upfront instead of through staggered payments, allowing it to deleverage its balance sheet.

Infra and engineering behemoth L&T owns 66.26% in the financial services arm.

To know more, check out the latest shareholding pattern of L&T finance.

In news from the defence sector, the Karnataka Industries Department is ready with an aerospace and defence policy (2022-27).

The policy aims to establish Karnataka as the preferred investment destination for aerospace and defence manufacturing.

The key features of the policy include attracting investments to the tune of Rs 600 bn in the aerospace and the defence sector during the policy period of five years and create additional employment opportunities.

It alco included developing the state as a manufacturing hub, including space applications for both the domestic market and exports.

The defence ministry has set a target of 70% self-reliance in weaponry by 2027. This in turn has created huge opportunities in the defence space.

Defence sector stocks are already doing well even as the markets overall is weak. For now, the prospects of the defence sector look good.

Also, finance minister Nirmala Sitharaman had announced in her Budget of 2022-23 that the defence research and development space will be opened up for the industry, start-ups and academia and 25% of the defence R&D budget has also been earmarked for this purpose.

The Indian government is likely to spend a massive US$130 bn over the next 7-8 years on the modernisation of the armed forces.

This will give a big boost to the indigenisation of defence procurement.

Increasing Budget Allocation to Defence (in US$ billion)

As can be seen from the chart above, the allocation to the defence sector is steadily rising.

We will keep you updated on the latest developments from this space. Stay tuned.

Moving on to news from the green hydrogen space, PTC India has signed a pact with Greenstat Hydrogen India to jointly develop green hydrogen solutions for Indian power market beneficiaries.

Greenstat Hydrogen India is a subsidiary of Norwegian energy company Greenstat ASA.

The areas of development shall include feasibility studies and/or project management services for green hydrogen solutions to potential beneficiaries in India.

Both the companies will work towards identifying opportunities for development of a centre of excellence for facilitation of green hydrogen in India.

Note that green hydrogen, being an environment friendly gas, has caught the fancy of some of the largest firms and governments around the world as they try to pivot to a more sustainable source of energy.

To cut down expenses and reduce dependency on coal and oil, sustainable sources of energy like green hydrogen will become more of a necessity than a choice in the near future.

As an investor, you need to be on the lookout for profitable opportunities from this space as India cashes in on this new age fuel.

According to Co-head of Research at Equitymaster Tanushree Banerjee, green hydrogen is the key to electric vehicle (EV) riches.

Watch the below video to know why:

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers