Sensex Falls 400 Points as Energy Stocks Witness Selling; Reliance & Bajaj Finance Top Losers

Mon, 22 Nov 10:30 am

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Asian stock markets are trading on a mixed note today amid concerns about European Covid-19 curbs and the risk of the US Federal Reserve speeding up stimulus withdrawal.

The Hang Seng is down 0.3%, while the Shanghai Composite is trading up by 0.7%. The Nikkei is trading down by 0.1%.

In US stock markets, Wall Street indices ended mixed on Friday amid growing concerns over rising cases of Covid-19 in the US and Europe.

Shares of large technology companies helped deliver a fillip to a stock market otherwise stricken by renewed angst over Covid-19.

The Dow Jones Industrial Average fell 269 points, or 0.8%, while the Nasdaq composite closed up 64 points, or 0.4%.

Back home, Indian share markets opened deep in the red.

The BSE Sensex is trading down by 337 points. Meanwhile, the NSE Nifty is trading lower by 86 points.

Bharti Airtel is among the top gainers today. Reliance and Bajaj Finance, on the other hand, are among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index are trading lower by 0.8%.

Sectoral indices are trading on a mixed note with stocks in the energy sector and consumer durable sector witnessing most of the selling pressure.

Telecom stocks, on the other hand, are trading in green.

Shares of Raymond and Bharti Airtel hit their 52-week high today.

The rupee is trading at 74.33 against the US$.

Gold prices are trading down by 0.1% at Rs 48,810 per 10 grams.

Gold stabilised today after hitting their lowest in nearly two weeks, as a retreating dollar lent some support to the metal.

Crude oil prices fell to seven-week lows, extending declines after the previous session's slide, on concerns about excess supply after Japan said it was weighing releasing oil reserves and over demand from a worsening Covid-19 situation in Europe.

Speaking of stock markets, Brijesh Bhatia talks about why he is bullish on metal stocks, in his latest video for Fast Profits Daily.

At the start of the year, Brijesh said metals would be the best sector of 2021. But can these stocks continue their momentum in 2022? Brijesh believes so.

Want to know why? Tune in to the below video to find out.

In news from the automobile sector, investments are pouring into the Indian automotive sector after a lull of nearly half a decade.

This is due to increased electrification and aggressive growth plans by global automotive players, which are setting the stage for a resurgence in investor sentiment.

Last week, Japanese multinational Kubota Corp said it would infuse Rs 94 bn in agri-machinery and tractor maker Escorts to become its majority stakeholder.

Meanwhile, Texas-based TPG Capital Management said in October it would invest Rs 75 bn in Tata Motors' newly created electric vehicle (EV) subsidiary.

Maruti Suzuki's chairman RC Bhargava said the auto sector is seeing huge investments related to the EV infrastructure and technology space offer larger potential.

Also, one must note that the increased funding has come despite nationwide lockdowns due to the virus outbreak through much of last year, which significantly hurt investment sentiment as well as demand in the auto and ancillary segments.

According to industry experts, the EV ecosystem in India is at an inflection point and has emerged as an attractive investment proposition. The fresh funding is primarily expected to be used to expand production capacity, in R&D and future technologies and grow international footprint.

Especially the two-wheelers EVs will see high growth in the ongoing fiscal, given the incentive push by the central and state governments.

The automobile sector, which saw foreign direct investment (FDI) of US$16.5 bn between 2000 and 2016, is expected to see US$8-US$10 bn in investments by 2023. This will help the domestic industry touch US$300 bn by 2026 - a significant growth from US$118 bn as of 2020.

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

Speaking of EVs, have a look at the chart below which shows the massive opportunity in the two-wheeler EVs.

Here's what lead Smallcap Analyst at Equitymaster, Richa Agarwal wrote about this in a recent edition of Profit Hunter:

• In the last five years, two-wheeler sales in India were around 2 crore units per year. Now the sector is cyclical and has been in the downturn for some time. So let's consider a moderate 5% growth for the next 10 years.
  
  By 2030, we are looking at 2-wheeler sales of 3 crore units. Even if one third of this is EV sales, that's 1 crore electric 2-wheelers per year.
  
  In the last 2 years, average electric 2-wheeler sales were 1.5 lakh units. From 1.5 lakh to 1 crore, that's a 66x opportunity in 2-wheeler EVs.
  
  This is an annual growth rate of 52% over next 10 years. It's an almost vertical growth opportunity.

As per Richa, this is like a gold rush. But like in any gold rush, the winners will just be a few.

Moving on to news from the pharma sector, Sun Pharma is among the top buzzing stocks today.

Sun Pharma is recalling over 1.10 lakh bottles of a generic medication used to treat erectile dysfunction in men in the US market due to a manufacturing error.

According to the latest enforcement report of the US Food and Drug Administration (USFDA), the US arm of the domestic pharma major is recalling Tadalafil tablets in the American market.

The Mumbai-based drug major is recalling the product in 30-count bottles of 5mg and 20 mg strengths.

An affected lot of the medication was manufactured by the drug maker in India and distributed in the US by Princeton, New Jersey-based Sun Pharmaceutical Industries Inc, USFDA said.

Elaborating on the reasons for the Class II recall, the USFDA said: "An incorrect grade of Crospovidone was used to manufacture the product."

A class II recall is initiated in a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.

Earlier this month, Sun Pharma had initiated a recall of 22,752 blister packs of Loratadine-D extended-release tablets, used for the treatment of allergic rhinitis and the common cold, in the US market.

Shares of Sun Pharma are currently trading up by 0.1%.

To know more about the company, check out Sun Pharma's 2020-21 annual report 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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