Sensex Zooms 700 Points, Nifty Near 15,600; Titan, Hindalco & Tata Motors Top Gainers

Tue, 21 Jun 10:30 am

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Asian share markets are mixed today as some stability returned to the markets after last week's hefty losses.

The Nikkei is up 1.8% while the Hang Seng is down 0.1%. The Shanghai Composite is up 1.1%.

US stock markets remained closed on Monday as Wall Street observed a federal holiday on the account of Juneteeth.

On Friday, Wall Street indices closed with a modest bounce but still suffered the biggest weekly percentage decline in two years with the growing likelihood of a recession.

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

Benchmark indices opened in green following the trend on SGX Nifty and soon extended gains.

FII & DII data is widely tracked as FIIs continue to offload Indian shares.

At present, the BSE Sensex is trading up by 732 points. Meanwhile, the NSE Nifty is trading higher by 229 points.

Titan, TCS and M&M are among the top gainers today. There are no losers today.

Broader markets are slightly recovering from yesterday's fall. The BSE Mid Cap index is up by 1.3%. The BSE Small Cap index is trading higher by 2.1%.

Sectoral indices are trading mixed with stocks in the consumer durable sector and information technology sector witnessing most of the buying.

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order, they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

As an individual investor, you need to sit tight over high conviction stocks and invest consistently to see the magic of compounding.

Because 2022 could be extremely profitable, over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.

In the commodity markets, gold prices lowered by Rs 242, trading at Rs 50,735 per 10 grams.

Meanwhile, silver prices are trading up marginally at Rs 60,818 per kg.

Crude oil prices rose 1% in early trade today, clawing back some of last week's losses as the focus returned to tight supply of crude and fuel products.

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.

We have seen that 2022 is the year of market correction. All investors have held their breath hoping that the correction will end soon and that their investments will finally pay them back.

But has the time finally come? Have the markets corrected?

Watch this video from Brijesh Bhatia to know more.

Let us now talk about a public sector stock that has taken down like a hot brick in June.

Power Grid has been an investor's friend for a long time. This share exhibits all the positives of a public sector stock but avoids all the negatives.

Like it pays consistent dividend regularly. But it's share price is not as volatile or as unpredictable as other PSUs stocks.

Power Grid's operational performance is also very impressive. As of April 30 2022, it has 172,557 km long transmission lines. It also has 265 sub-stations and 476,772 MVA transformation capacity.

It's an Indian PSU that is not limited by the boundaries of India. The Power Grid has international clients. It's present in 21 foreign countries and has more than 25 international clients. It provides transmission-related consultancy services to more than 150 domestic clients.

Regular dividends and growing share price have kept the investors happy. Even in 2022, the share price did not see a major fall.

However, from June the scenario has started changing. Power Grid's share fell around 9% in June. But this looks like it is a movement to remain in step with the market.

It remains to be seen how the shares of the company perform in the coming months.

Moving on to news from the steel sector, Tata Steel is among the top buzzing stocks today.

Steel major Tata Steel imported about 75,000 tonnes of coal from Russia in the second half of May, weeks after pledging to stop doing business with Russia.

In April this year, Tata Steel had said all its manufacturing sites in India, the UK and the Netherlands had sourced alternative supplies of raw materials to end its dependence on Russia, adding it was taking a conscious decision to stop doing business with Russia.

Despite this statement, sources said that in May, Tata Steel shipped about 75,000 tonnes of PCI coal, used in steelmaking, from Russia's Vanino port.

Interesting to note that the deal to import coal from Russia was made before the company's announcement to cut business ties with Russia.

Note that Tata Steel was the only major steelmaker to announce it would stop doing business with Russia. Other Indian steelmakers have been importing bulk quantities of coal from Russia.

Note that metal stocks have fallen this year after the decision to levy export taxes among other reasons.

Speaking of metal stocks, India's #1 trader Vijay Bhambwani recently recorded a video discussing whether it makes sense to hold on to metal stocks right now.

Metal prices have crashed. But what about metal stocks? Should you hold or sell them?

Vijay answers all these questions in the below video:

And 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!

Read the latest Market Commentary

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Indian Share Market Update: Top Gainers and Losers