Sensex Today Falls 241 Points | PSU & Metal Stocks Witness Heavy Selling | Adani Transmission, Adani Gas & Adani Wilmar Slip 5%

Thu, 22 Dec Closing

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After opening the day higher tracking the trend on SGX Nifty, Indian share markets gave up all the gains and traded lower throughout the session.

Benchmark indices slipped with declines seen across most sectors after monetary policy minutes revealed strong concerns about elevated inflation, while fears about rising Covid-19 cases in China weighed on sentiment.

At the closing bell, the BSE Sensex stood lower by 241 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 72 points (down 0.4%).

Ultratech Cement, SBI Life Insurance, and Infosys were among the top gainers today.

UPL, M&M, and Baja Finserv on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,165, down by 86 points, at the time of writing.

Broader markets settled on a negative note. The BSE Midcap inched 0.7% lower while the BSE SmallCap index ended 1.8% lower.

If you're looking to midcap stocks that offer growth in the long run, check out the 5 midcap stocks for long term.

Barring media sector, all sectoral indices ended on a negative note with stocks in the power sector, metal sector and realty sector witnessing heavy selling pressures.

Shares of Abbott India and Jyothy Laboratories hit their 52-week highs today.

Cipla share price is rising as the Covid situation is taking a turn for the worse. Other pharma and diagnostic stocks also rallied due to the same reason.

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

Asian share markets ended the day on mixed note.

The Hang Seng inched up by 2.7%, while the Shanghai Composite index ended 0.5% lower. The Nikkei edged 0.5% lower.

US stock futures are trading on a negative note. Dow futures are trading marginally lower while Nasdaq futures are trading flat.

The rupee is trading at 82.7 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 54,980 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.8% at Rs 69,160 per kg.

Speaking of the stock market, Richa Agrawal talks about EV stocks to add to your 2023 watchlist in her latest video.

While EVs could be the biggest megatrend of this century, the popular and leading names in EVs will not be the biggest beneficiaries of the EV transition.

She further talks about the need to expand the vision beyond EV OEMs to make big gains from the EV revolution.

Tune in to the below video to know more:

Embedded video: https://youtu.be/4hMcg9CsB60

Maruti Suzuki signs 5-years PV exports pact

In news from the auto sector, shares of Maruti Suzuki were among the top buzzing stocks.

Maruti Suzuki on Thursday signed a five-year pact with Kamarajar Port for the export of its passenger vehicles to international markets.

Under the agreement starting in December 2022, Kamarajar Port will be used for exports to Africa, the Middle East, Latin America, ASEAN, Oceania and SAARC regions of the company.

The port will be used to export around 20,000 cars annually. A car-cum-general cargo berth has been developed and commissioned by Kamarajar Port for handling automobile units.

As a part of its global commitment to offer reliable, high-quality, technologically advanced cars to global customers company is expanding its export operations.

Along with this, driving the EV revolution, it is developing hybrid electric vehicles (HEV) with Toyota.

Note that the electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

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

It remains to be seen how the above developments pan out.

Tata Communication to acquire US firm

Moving on to news from the telecom sector, shares of Tata Communication were also in focus today.

The company will acquire New York-based end-to-end live video production company Switch Enterprises in an all-cash deal for Rs 4.9 billion (bn).

Following the acquisition, it will support Switch customers with a global reach of over 190 countries.

The Switch will bring live production capabilities helping organisations to produce high-quality immersive content faster and more efficiently for Tata customers.

The company will acquire the assets of the subsidiaries of Switch Enterprises based out of Canada, the United States and the United Kingdom.

The combined forces will create a formidable powerhouse in the global media ecosystem helping enterprises harness emerging digital consumption patterns to drive innovation and disruption.

Acquisition will provide a direct upsell opportunity for Tata Communications' offerings, which will drive the incremental expansion of Tata Communications' video connect business.

Elin Electronics IPO

Moving on to news from the IPO space, Elin Electronics IPO got fully subscribed on the final day of bidding.

The offer has been subscribed 1.9 times, with bids coming for 311 m shares against an IPO size of 142 m shares.

Retail investors and high net worth individuals bought 1.9 times and 2.5 times their allotted quota of shares. The portion set aside for qualified institutional buyers was subscribed 2.5 times.

Elin Electronics is looking to mop up Rs 4.8 bn through the IPO, which comprises a fresh issue of Rs 1.75 bn and an offer for sale of Rs 3 bn by promoters.

The company garnered Rs 1.4 bn through the anchor book. The price band for the offer is Rs 234-247 a share.

The company will use the proceeds to repay debt and expand facilities at Ghaziabad in Uttar Pradesh and Verna in Goa.

Elin is a leading EMS manufacturer of end-to-end product solutions for major brands of lighting, fans and small kitchen appliances in India.

To know more about IPOs, check out the upcoming IPO section on our website

And to know what's moving the Indian stock markets, 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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