Sensex Today Falls 600 Points Tracking Weak Global Cues | Metal, Bank Stocks Tumble | Tata Motors, Tata Steel & SBI Top Losers

Fri, 23 Dec 10:30 am

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Asian share markets eased today, tracking a fall on Wall Street, as strong US data revived fears the Federal Reserve will have to retain its hawkish stance to tame inflation.

The Nikkei fell by 1% while the Hang Seng was down by 0.5%. The Shanghai Composite is trading flat.

Wall Street's major indices closed lower on Thursday with technology-heavy Nasdaq's 2% drop leading losses as investors worried that data showing a resilient economy would lead the US Federal Reserve to keep hiking interest rates for longer than feared.

The Dow Jones ended lower by 1.5% while the tech heavy Nasdaq Composite ended lower by 2.2%

Here's a table showing performance of US stocks yesterday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	88.26	-1.99	-2.20%	89.18	86.94	152.1	83.45
Apple	132.23	-3.22	-2.38%	134.56	130.3	182.94	129.04
Meta	117.12	-2.64	-2.20%	118.62	114.38	352.71	88.09
Tesla	125.35	-12.22	-8.88%	136.63	122.26	402.67	122.26
Netflix	297.75	-0.21	-0.07%	298.88	290.81	620.61	162.71
Amazon	83.79	-2.98	-3.43%	85.68	82.25	172.94	82.25
Microsoft	238.19	-6.24	-2.55%	241.99	233.87	344.3	213.43
Dow Jones	33,027.49	-348.99	-1.05%	33,233.35	32,573.43	36,952.65	28,660.94
Nasdaq	10,956.14	-279.74	-2.49%	11,114.23	10,784.02	16,764.86	10,440.64

Data source: Equitymaster

Back home, Indian share markets are trading on a weak note following the trend on SGX Nifty.

Benchmark indices extended losses today tracking weak global cues.

At present, the BSE Sensex is trading lower by 666 points. Meanwhile, the NSE Nifty is trading lower by 203 points.

Sun Pharma, Nestle and Dr Reddy's Labs are among the top gainers today. Tata Steel, SBI, and Bajaj Finserv are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading lower by 1.9% and the BSE Small Cap index is trading lower by 2.6%.

Smallcaps is where growth is so check out the three smallcap growth stocks highlighted in this video.

Sectoral indices are trading on a negative note with the exception of healthcare sector. Stocks in the industrials sector, utilities sector, and metal sector witness selling.

Abbott India hit its 52-week high today.

The rupee is trading at 82.8 against the US dollar.

In the commodity markets, gold prices trade lower by Rs 19 at Rs 54,502 per 10 grams.

Meanwhile, silver prices are trading lower by 0.5% at Rs 68,825 per 1 kg.

Speaking of stock markets, chemical companies are expected to be strong beneficiaries of the electric vehicle megatrend.

While electric EV 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.

Investors who wish to make big gains from EV revolution will need to expand their vision beyond EV manufacturers and will need to shift their focus to EV supply ecosystem.

Richa Agarwal, lead smallcap analyst at Equitymaster, talks about such supply ecosystem stocks in the below video:

The Magic of Compounding

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order they have been placed to see the magic of compounding:

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

As an individual investor, you need to sit tight over high conviction stocks and invest consistently to see the magic of compounding.

Three New Companies on the Bourses

After a pause of 80 days, Indian IPO markets have finally started reviving. After that there had been a flurry of IPOs.

Owing to so many offers coming out, there are three companies which made their debut on the bourses today.

One company which listed is Landmark Cars. The car retailer and service provider made its debut on the bourses on today. It had raised Rs 552 crore (about Rs 5,520 million) between 13-15 December and sold its shares Rs 481-506 apeice. The issue was overall subscribed more than three times.

Next in line is Abans Holding. The financial services ran its primary offer Rs 3,456 m between 12-15 December, which was sold in the range of Rs 256-270 per share but the issue barely sailed through during the bidding process.

Next and the last in line is Droneacharya Areial Innovations. The SME player listed at BSE's SME platform today after whopping 243.7 times subscription. The company sold its shares for Rs 54 a share to raise about Rs 340 m from the investors. The issue was open between 13-15 December.

Stay tuned to Equitymaster to get further updates on all upcoming IPOs in the market.

NTPC Enters a new agreement

On Thursday NTPC said it has inked an agreement with GE Power India to reduce carbon emission from its coal-fired units.

This agreement aims at partnering on research, development and engineering of technologies that will enable NTPC to reduce the amount of coal fired at units and gradually replace it by co-firing of carboneous and non-carboneous elements, the power giant said in a statement.

Carboneous elements include methanol, carbon-neutral fuel, agri-waste, biomass, while non-carboneous elements are like ammonia.

This is a first-of-a-kind step for coal fleet decarbonisation in the country.

The collaboration is to support NTPC in co-firing biomass pellets up to 100% gradually as well as enabling the co-firing of methanol.

NTPC is one of the top 5 renewable energy stocks to watch out for potential multibagger returns.

Indian Hotels expands presence

Tata Group-owned Indian Hotels Company (IHCL) on Thursday announced the signing of two Ginger-branded hotels in West Bengal's Durgapur and Asansol.

IHCL is committed to West Bengal and its significant commercial potential. Durgapur and Asansol are major hubs for manufacturing industries. These two signings are in line with the company's strategy of strengthening its presence in the state.

This partnership is the beginning and we are working closely to collaborate on future projects across multiple cities and districts in the state.

IHCL has a portfolio of 250 hotels, including 65 under development.

Did you know that Indian Hotels is one of the 5 midcap stocks with high mutual fund holding?

Government to further divest stake from IRCTC

The Government of India is proposing to offer up to four m equity shares of the company to the eligible employees at a price of Rs 680 per equity share. The offer for sale for employees will remain open from 23 December to 26 December.

Owing to the company's OFS recently, IRCTC share price was falling.

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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