Sensex Tanks 652 Points, Nifty Ends Below 17,800; IndusInd Bank & Bajaj Finserv Top Losers

Fri, 19 Aug Closing

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After opening the day on a flat note, Indian share markets turned volatile during the afternoon session and fell hard as selling was seen in banking and auto stocks.

Benchmark indices ended near the day's low as majority of stocks from the index ended on a negative note.

The fall can be attributed to the overnight tepid close for US equities and negative US stock futures.

Hurting the sentiment further was a rise in the US dollar to a one-month high, as Federal Reserve policymakers continued to talk up the need for further interest rate hikes.

At the closing bell, the BSE Sensex stood lower by 652 points (down 1.1%)

Meanwhile, the NSE Nifty closed lower by 198 points (down 1.1%)

Adani Ports, L&T, and Infosys were among the top gainers today.

IndusInd Bank, Apollo Hospitals, and Bajaj Finserv on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,731, down by 273 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index ended down by 1.3% while the BSE Smallcap index ended lower by 0.9%.

This year in 2022, more than 25 companies have announced share buybacks. Check out these 5 stocks that could announce big buybacks in 2022.

Sectoral indices ended on a mixed note with stocks in the power sector and capital goods sector witnessing maximum buying.

On the other hand, stocks in the banking sector, auto sector, metal sector and oil & gas sector witnessed maximum selling pressure.

Hindustan Zinc share price cooled off today after rising earlier this week. This could be a good time to keep Hindustan Zinc in your watchlist as it may be a direct beneficiary of the zinc squeeze.

Shares of Adani Transmission, Eicher Motors, and Solar Industries hit their 52-week highs today.

Adani group stocks are rising, continuing their momentum.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Adani Ports, Reliance, and Bharti Airtel were among the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian stock markets ended on a mixed note. The Nikkei ended the day lower by 0.1%, while the Hang Seng inched higher by 0.1%. The Shanghai Composite ended 0.6% lower.

The rupee is trading at 79.8 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 51,525 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 1.3% at Rs 55,712 per kg.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Once the Fed signals an end to the rate hikes (or hints at it) and when investors are confident the US economy will emerge from the recession, that's when we see gold and silver prices recovering.

Speaking of stock markets, Chartist Brijesh Bhatia talks about why crude oil could crash, in his latest video for Fast Profits Daily.

Crude oil prices have fallen close to key technical support levels.

Check out the below video to know more:

In news from the energy sector, shares of Adani Green Energy jumped 7% today.

Adani Group yesterday confirmed that it received provisional approval for renewable energy projects in Sri Lanka. The group also clarified that the deal is yet to sign any definitive agreement.

Adani Group-backed Adani Green Energy has received provisional approval from the Sri Lankan government for two wind projects of 286 MW in Manner and 234 MW IN Pooneryn with an investment of $500 m.

Replying to the query on investment, the company in its statement said:

• We wish to submit that the company, in its normal course, keeps on exploring various business opportunities.
  
  Please note that at this point in time, the Company has received the provisional approval only, whereas it is yet to sign any definitive agreement which would require any disclosure.

Note that the renewable energy arm of the Adani group has plans to add around 3.5-4 gigawatts of greenfield renewable capacity annually for the next seven to eight years.

The company recently announced its results where profit surged by 48% to Rs 6.8 bn backed by robust revenue growth which was aided by capacity addition and improved solar and wind CUF.

Here's how the company has performed so far in 2022:

To know more, check out Adani Green Energy's 2021-22 annual report analysis.

Also, check out the detailed comparison between Adani Green vs Tata Power.

Moving on to news from the travel support services sector, share price of IRCTC gained 4% today in an otherwise weak market.

Indian Railway Catering and Tourism Corporation (IRCTC) - the ticketing arm of Indian Railway has floated a tender to hire a consultant for digital monetisation of its user data.

It plans to generate Rs 10 bn in revenues through digital monetisation.

The company has a large bank of data related to every online railway ticket ever generated as it is the country's only railway ticketing platform.

The company's e-tender document said:

• Indian Railways generates enormous significant data which has a scope for several opportunities for monetization of digital data.
  
  Indian Railways desires to monetize the data in customer/vendor applications and internal applications of Indian Railways by conducting various businesses with both Govt. and Private Sectors viz Tours and travels, Hotel, Financing, Infrastructure development, Insurance Sector, etc. for generating revenues and also to enhance facilitation and further improve the services.

Note that IRCTC has a monopoly as is the only authorized entity by the Indian railways to offer online railway tickets. Effectively, it has a 100% market share in this space.

To know more, check out IRCTC's latest news and analysis.

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!

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