Sensex Today Trades Lower | Adani Enterprises Slips 5%, ONGC 2% | Hindalco & BPCL Among Top Losers

Fri, 23 Jun 10:30 am

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Asian shares are trading on a negative note today as they woke up to a jolt of central bank rate hikes and looking ahead to a big round of macro data due later today.

The Nikkei is trading 1.8% lower, and the Hang Seng index is trading lower by 1.9%.

US stocks ended mixed on Thursday as US Federal Reserve Chairman Jerome Powell continued to beat a hawkish drum and suggested the central bank has not reached the end of its tightening cycle, but provided reassurance that the Fed would proceed with caution.

The Dow Jones Industrial Average ended marginally lower, and the tech heavy Nasdaq Composite ended 1.1% higher.

Here's a table showing how US stocks performed on Thursday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	123.87	2.61	2.15%	123.94	119.6	129.55	83.45
Apple	187	3.04	1.65%	187.05	183.67	187.05	124.17
Meta	284.88	3.24	1.15%	285.26	277.79	287.85	88.09
Tesla	264.61	5.15	1.98%	265	248.25	314.67	101.81
Netflix	422.48	-1.97	-0.46%	424.71	418.68	448.65	169.7
Amazon	130.15	5.32	4.26%	130.33	125.14	146.57	81.43
Microsoft	336.86	3.3	0.99%	340.12	333.34	351.47	213.43
Dow Jones	33,946.70	-4.8	-0.01%	34,003.56	33,835.39	34,712.28	28,660.94
Nasdaq	15,042.30	174.9	1.18%	13,631.85	13,441.56	13,864.06	10,088.83

Source: Equitymaster

Back home, Indian share markets are trading lower.

At present, the BSE Sensex is trading lower by 178 points. Meanwhile, the NSE Nifty is trading down by 75 points.

NTPC and HDFC Bank are among the top gainers today.

Hindalco and BPCL on the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index and the BSE Small Cap index is trading 0.8% lower.

Sectoral indices are trading on a mixed note with stocks in the telecom sector witnessing most buying. While stocks in the oil & gas sector and energy sector are witnessing selling pressure.

Shares of Trent and Tube Investments of India hit their 52-week high today.

The rupee is trading at Rs 82.01 against the US dollar.

In commodity markets, gold prices are trading lower by 0.1% at Rs 58,130 per 10 grams today.

Meanwhile, silver prices are trading 1.1% lower at Rs 67,564 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, a recent survey by Gartner states that almost 33% of electronics supply chain leaders have already moved their businesses out of China.

Or at least are planning to. The increased tariffs imposed by the Chinese and the US government have resulted in rising business costs.

Of course, India has begun reaping the benefits.

Smartphone and premium electronics maker Apple, for instance, is set to triple its production in India in the next three years.

Co-head of Research at Equitymaster Tanushree Banerjee, in below video talks about such stocks that are set to benefits from India's electronics revolution.

HAL, GE ink MoU for fighter jet engines

Leading engine maker GE Aerospace on Thursday signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics (HAL) to produce fighter jet engines for the Indian Air Force (IAF).

The MoU was signed during Prime Minister Narendra Modi's official State visit to the United States and is a key element in strengthening defence cooperation between the two countries.

The memorandum of understanding includes the potential joint production of GE Aerospace's F414 engines in India.

Hindustan Aeronautics had previously planned to use the engine for a second generation of light-combat aircraft, and it was in talks over domestic production of the engines.

The effort is part of the Indian Air Force's Light Combat Aircraft Mk2 program.

F414 engines are unmatched and will offer important economic and national security benefits for both countries as we help our customers produce the highest quality engines to meet the needs of their military fleet.

This agreement will advance GE Aerospace's earlier commitment to build 99 engines for the Indian Air Force as part of the LCA Mk2 program.

It puts the company in a strong position to create a family of products in India.

HAL is among the top defense stocks in India having monopoly in certain segments.

Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need of self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD), has set a target of doubling the defense production to US$ 25 bn by 2025.

We believe the defence sector could produce the next set of multibagger stocks over the long run.

Adani Group faces US regulatory probe

US authorities are looking into representations made by Adani Group to its American investors following a scathing short seller's report that accused the company of using offshore companies to secretly manipulate its share prices.

According to the media reports, the US Attorney's Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in the India conglomerate.

The requests for information were focused on what Adani Group told investors.

Requests for information from US prosecutors don't necessarily mean that criminal or civil proceedings will be filed, as law enforcement agencies often open inquiries that don't lead to action.

The interest from US authorities adds to the intense scrutiny of the Adani Group.

For more details, check out Equitymaster's Indian stock screener which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

FIIs turn net sellers

Foreign institutional investors (FIIs) turned net sellers on Thursday with an outflow of more than Rs 6.9 bn in Indian stocks. On the other hand, domestic institutional investors (DIIs) buying slowed to over Rs 2.2 bn compared to the previous session. Markets retreated as volatility heightened after Sensex touched a lifetime high and Nifty neared its record level.

As per the data on exchanges, FIIs purchased Rs 89.5 bn worth of equities while they offloaded Rs 96.4 bn, registering an outflow of Rs 6.9 bn on 22 June 2023.

On the contrary, the DII's buying value stood at Rs 71.5 bn, and the selling value was Rs 69.3 bn. Hence, the inflow from DIIs was Rs 2.2 bn.

In the session on Wednesday, FIIs infused Rs 40.1 bn, and DIIs bought Rs 5.5 bn in Indian equities.

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