Sensex Sheds 503 Points, Nifty Ends Below 17,400; Energy & Realty Stocks Witness Selling

Mon, 13 Dec Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended deep in the red.

After opening the day on a positive note, benchmark indices reversed course amid weakness in select financial, FMCG stocks and index heavyweight Reliance Industries.

Rising concerns over Omicron and surging inflation also dented bullish sentiment among market participants.

At the closing bell, the BSE Sensex stood lower by 503 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 143 points (down 0.8%).

Tech Mahindra and Axis Bank were among the top gainers today.

Bajaj Finance and Bajaj Finserv, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,467, down by 79 points, at the time of writing.

The BSE MidCap index ended down by 0.5%, while the BSE SmallCap index ended up by 0.2%.

Sectoral indices ended on a negative note with stocks in the energy sector, oil & gas sector and realty sector witnessing selling pressure.

Shares of Adani Total Gas and Welspun Corp hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended down by 0.2%, while the Shanghai Composite ended up by 0.4%. The Nikkei ended up by 0.7% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 104 points.

The rupee is trading at 75.76 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 48,233 per 10 grams.

Speaking of stock markets, in his latest video, Rahul Shah explains the key reason why 70% of your portfolio stocks may go down in 2022.

Tune in to the video below to find out more:

In news from the auto ancillaries sector, Minda Industries was among the top buzzing stocks today.

Shares of Minda Industries rallied 12%, hitting a new 52-week high on the BSE today, after the auto ancillary company announced a fresh round of capex and investment spends.

The auto components maker announced last Friday that it has entered into a joint venture (JV) agreement with FRIWO AG Germany to manufacture and supply various electric vehicle (EV) components in the Indian subcontinent with a planned capex of Rs 3.9 bn in the next six years.

In a press release, the company said,

• Minda Industries, the flagship company of UNO Minda Group, and FRIWO AG have entered into a joint venture agreement to combine their manufacturing prowess and technical expertise to manufacture and supply various EV components in the Indian Subcontinent.
  
  The combined entity will offer full line e-drive-solutions for electrical two-and three wheelers in the Indian subcontinent market, combining extremely robust hardware and an outstanding software architecture.

Further, the company expects surge in two-wheeler EVs over next 5-6 years in India. While joint venture plans to incur capex of around Rs 3.9 bn over a period of next 6 years to support such growth in India, the outlay in initial two years would be around Rs 1.6 bn.

The company also said that it plans to invest Rs 710 m in one or more tranches as equity investment to partly fund the above expenditure.

The remaining funding requirement will be met through mix of internal accruals, equity investment and debt.

Minda Industries share price ended the day up by 9.5% on the BSE.

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 IPO space...

Tega Industries Debuts on the Bourses at 68% Premium Over Its Issue Price

Tega Industries made a stellar stock market debut, with its equity shares listed at Rs 760, a 68% premium over its issue price of Rs 453 per share on the NSE.

On the BSE, the stock opened at Rs 753, a 66% higher versus its issue price, the exchange data v

Initial public offering (IPO) of Tega Industries had received a robust response from the all category investors with demand for shares exceeding those on offer by a whopping 219 times.

Tega was the sixth most subscribed IPO in India, and it had received the third highest subscription this year after Latent Views and Paras Defence, which garnered 339x and 304x subscription, respectively.

The retail portion of the IPO was subscribed 29 times, the wealthy investor portion 666 times, and the institutional investor portion 215 times.

The offering of Tega Industries, a manufacturer of consumables for the mining industry, was entirely an offer for sale (OFS).

Tega Industries is a leading manufacturer and distributor of specialized 'critical to operate' and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry.

In the long term, the company intends to gain market share and increase penetration globally in North America, South America, Australia and South Africa.

Besides, it has plans to expand its manufacturing unit in Chile, grow product offerings and explore opportunities for inorganic growth.

Tega Industries share price ended the day down by 5.5% over its listing price of Rs 760.

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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