Sensex Tanks Over 500 Points, Nifty Below 17,100; Tata Motors, Maruti & Titan Dip 3%

Fri, 17 Dec 10:30 am

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Asian stock markets fell today following a decline in US shares led by the technology sector as tightening monetary policy to fight inflation buffets investor sentiment.

Major indices extended losses as the session progressed.

The Hang Seng and the Shanghai Composite are currently trading down by 1.4% and 0.9%, respectively. The Nikkei plunged 1.7%.

In US stock markets, Wall Street indices ended lower as the Federal Reserve's announcement of a faster end to its pandemic-era stimulus pushed investors away from Big Tech and toward more economically sensitive sectors.

The Dow Jones Industrial Average ended flat, while the S&P 500 lost 0.9%. The biggest losers were tech stocks with the Nasdaq Composite index plunging 2.5%.

Back home, Indian share markets opened on a flat note following the trend on SGX Nifty.

However, indices extended losses and are currently trading on a cautious note amid acceleration of bond-buying programmes by various central banks to fight off inflation.

Markets also came under pressure following the uncertainty surrounding Omicron variant.

RateGain Travel Tech made its market debut today. The software as a service (Saas) player sold its shares in the range of Rs 405-425 from 7 December to 9 December and raised Rs 13.4 bn via the primary route.

The BSE Sensex is trading down by 558 points. Meanwhile, the NSE Nifty is trading lower by 160 points.

Infosys is among the top gainers today. Titan and Maruti Suzuki, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 1.2%. The BSE Small Cap index is trading lower by 1%.

Barring IT stocks, all sectoral indices are trading in red with stocks in the automobile sector, consumer durables sector and realty sector witnessing most of the selling pressure.

Shares of KPR Mill and Persistent Systems hit their 52-week high today.

The rupee is trading at 76.23 against the US$.

Crude oil prices slipped 0.3% today, after rising around 2% in the previous session.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani discusses why 2022 is going to be a great year for commodity trading.

Tune in to the below video to find out why.

In news from the commodity space, gold prices are trading up by 0.2% at Rs 48,762 per 10 grams.

Gold is trading on a flat note and on track for its best week since mid-November as the dollar weakened after the US Federal Reserve decided to withdraw its pandemic-era stimulus, making bullion cheaper for holders of other currencies.

As per industry experts, gold is set to become costlier in India due to a weakening rupee, which may dent demand in the upcoming wedding season.

Adding to this, people may rush to the safe haven asset if the Omicron variant of Covid-19 leads to a surge in cases.

Yesterday, global gold prices rose 0.3% even though the US Federal Reserve's stance has been on expected lines and the market has factored in monetary tightening in the coming days.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

In news from the finance sector, Indiabulls Housing Finance is among the top buzzing stocks today.

Indiabulls Housing Finance on Thursday said its promoter Sameer Gehlaut has sold 11.9% stake in the company, and has decided to resign from its board by March end.

In a mail sent by Sameer Gehlaut to the Board of Directors, he said he has sold 11.9% in the company, to make it a "fully professionally managed and run company". After the stake sale, he and his promoter companies now own 9.8% share in the housing finance company.

Here's what he said in a letter via email.

• About 2 years ago, we set a vision for Indiabulls Housing of making it a best in class, professionally run and innovative financial institution with a fortress balance sheet, strong liquidity and masterclass corporate governance. We have made significant progress.

Gehlaut added that he remains excited for the growth prospects of Dhani Services (a company that was demerged from Indiabulls Housing). As the CEO of Dhani, he said he's focused on building a world-class fintech and digi-health platform.

Indiabulls Housing Finance recently announced to raise Rs 10 bn via public issue of bonds. The money will be utilised to fund its business growth. The issue that opened on 9 December will close on 20 December 2021, with an option of early closure.

When Gehlaut sold shares, Abu Dhabi Investment Authority, Invesco Mutual Fund, GMO, HSBC Global Investment Fund, BREP Asia II Indian Holdings, Morgan Stanley Asia, IMF and Prusik Umbrella UCITS Fund PLC were the major buyers through multiple block deals.

Shares of Indiabulls Housing Finance are currently trading down by 6.5%.

Moving on to news from the electronics space, the semiconductor industry has sought greater clarity on the recent incentives being offered under the government's Rs 760-bn production-linked incentive (PLI) scheme for the sector.

Stakeholders want to know whether states can offer incentives to the semiconductor ecosystem that is over and above the Centre's grants and how fast approvals will come through for fabs, or fabrication units, to be set up.

Chipmakers said that the nearly US$10 bn package will start showing results only in about three-five years and around 30% of the 300,000 engineers graduating every year could get absorbed in this industry.

However, they cautioned that component shortages will continue to plague the sector over the next 6-9 months.

Chipmakers sought clarity on whether the Rs 760-bn is purely a cash incentive, or whether the land subsidy, duty subsidy, and all of those incentives are also included in that.

Another aspect that they seemed confused about was whether this is just the Centre's funds and if states can top up this.

For instance, industry experts said certain states have 25% capex exemption, while others have different policies in place.

Note that this relief package for the sector comes at a time when India has been facing a component shortage that has handicapped automotive, consumer electronics and handset makers.

The usage of semiconductors in the auto industry has gone up recently with technological advancements and new models coming.

Rating agency ICRA has said that the Indian passenger vehicles industry will lose about 500,000 units of sales in fiscal 2022 on account of the semiconductor shortage.

The new incentives package is aimed at creating a comprehensive ecosystem for semiconductor chip design, packaging and manufacturing that can attract global investment. The funding, which will be provided over a period of six years, is expected to bring in investment of up to Rs 1.7 lakh crore.

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

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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