Sensex Zooms 443 Points, Nifty Ends Above 15,550; Auto & IT Stocks Rally

Thu, 23 Jun Closing

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It was a volatile day for Indian share markets as benchmark indices swung between gains and losses.

Benchmark indices ended on a firm note as a fall in crude oil prices boosted domestic sentiment.

At the closing bell, the BSE Sensex climbed 443 points (up 0.9%).

Meanwhile, the NSE Nifty ended higher by 143 points (up 0.9%).

Maruti Suzuki, M&M, and Asian Paints were among the top gainers today.

Reliance Industries, Power Grid, and NTPC, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,567, up by 163 points, at the time of writing.

The broader markets also ended on a firm note. The BSE MidCap index and the BSE SmallCap index ended higher by 1.4% and 1.2% respectively.

Barring energy sector, all sectoral indices ended in green with stocks in the auto sector, IT sector, and realty sector witnessing most of the selling.

As Indian share markets seem to be recovering, you must be wondering when will the markets fully recover.

In this uncertainty, check out these 5 consistent compounding stocks that are available at discount.

As you know, IT stocks have taken a strong beating in the current calendar year. So be prepared on what may come next. Read about what the massive selloff in US tech stocks teaches us about investing.

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.

Asian stock markets ended in the green after a volatile trading session as investors assessed the monetary policy outlook post-Powell's acknowledgment of risks of a global recession, while commodity prices slipped too.

The Nikkei ended higher by 0.1% while the Shanghai Composite advanced by 1.6%. Meanwhile, the Hang Seng jumped 1.3%.

European shares fell in early trade, dragged down by energy and mining stocks due to sliding commodity prices on worries about slowing economic growth.

US stock futures are trading on a positive note with the Dow Futures trading up by 59 points.

The rupee is trading at 78.29 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 50,733 per 10 grams.

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In news from the smallcap space, Acrysil has announced that it is doubling its supply of quartz kitchen sinks to IKEA supply AG.

IKEA supply AG is a part of international IKEA Group Sweden catering to their global requirement.

The production of kitchen sinks for IKEA will start at the end of July and the supply will begin in August.

Chirag Parekh, Chairman & Managing Director of Acrysil, said:

• We value our strong business relationship with IKEA which will help to accelerate the growth of our Company by leveraging our strong product offerings to a wider geography.
  
  We believe that we are well-positioned to explore bigger and better opportunities to increase our global footprint.

Acrysil operates in the building materials sector and has a market cap of Rs 14.5 bn.

To know more about the company, check out Acrysil's financial factsheet and its latest quarterly results.

Following the announcement, Acrysil share price ended 7.8% higher on the BSE.

Speaking of smallcap stocks, lead smallcap analyst at Equitymaster Richa Agarwal believes this is neither time to be fearful nor greedy to invest in the smallcap space.

According to Richa, this is the time to be highly selective.

The chart above is the Smallcap to Sensex ratio. Despite the sharp rally in smallcaps, the ratio is 0.47 now.

At this level, it's closer to the long-term median of 0.43 to 0.44, than to the previous peak of 0.58 in January 2018, or the higher peaks earlier.

As per Richa, in the long term, and within this decade, there is a potential for Sensex to touch 1 lakh.

At median, this would imply 43,000 for smallcap index, versus 26,384 now. The individual smallcaps could fetch gains much higher than the index.

But you need to select the best smallcap stocks if you want to ride the rally.

Moving on to news from the steel sector, Tata Steel is working on a plan for transition to low carbon technologies for making steel in the UK and the Netherlands in line with the company's goal to produce CO2-neutral steel by 2050 in Europe.

In October 2021, Tata Steel completed the process of separating Tata Steel UK and Tata Steel Netherlands as two independent companies from Tata Steel Europe.

Speaking on the domestic operations, the company said:

• Based on our assessment of the opportunities in the Indian market, we will calibrate our growth plans and timing for implementation.
  
  We are currently focused on completing our expansion project in Kalinganagar to create a state-of-the-art 8 MTPA site.

In the current financial year, Tata Steel will be commissioning a pellet plant, which is 70% complete.

The phase-wise commissioning of the cold rolling mill complex, starting with the pickling line and the cold rolling mill is also planned for the current fiscal.

Both are margin expansionary projects as part of the overall expansion project in Kalinganagar.

Note that metal stocks have fallen over 50% from their peaks this year. Tata Steel is no exception.

Tata Steel is down close to 60% after having a record run last year. The company has announced a stock split and a high dividend this year.

To know more about the company, check out Tata Steel's financial factsheet and its latest quarterly results.

Tata Steel share price ended 0.4% higher on the BSE today.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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