Sensex Recovers After Plunging 800 Points, Nifty Trades Near 17,650; Tech Mahindra, Bajaj Finserv Top Losers

Fri, 21 Jan 10:30 am

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Asian stock markets plunged today after US stocks took a beating, hurt by lingering concerns over the Federal Reserve's tightening and weaker-than-expected economic and earnings data.

Both, the Hang Seng and the Shanghai Composite are trading down by 0.8%. The Nikkei tanked 1.8%.

In US stock markets, a rebound on Wall Street fizzled on Thursday as investors lost conviction that an early rally had legs.

The Dow Jones Industrial Average fell 313 points, or 0.9%, while the S&P 500 fell 50 points, or 1.1%. The biggest loser was Nasdaq Composite, which fell 186 points, or 1.3% after rising as much as 2.1%.

Nasdaq's losses in recent months left it in what Wall Street considers a market correction, or 10% below its peak.

Back home, Indian share markets opened deep in the red, following the trend on SGX Nifty.

Benchmark indices fell sharply today, extending losses for the fourth straight session amid weak global cues and persistent selling by FIIs.

In the last two trading sessions, the FIIs have stepped up the selling pressure and net sold stocks worth Rs 73.9 bn in the cash segment.

As we write this, markets have recovered some of their losses but are still trading around 0.5% lower.

The BSE Sensex is trading down by 312 points. Meanwhile, the NSE Nifty is trading lower by 92 points.

HUL is among the top gainers today. Tech Mahindra and Bajaj Finserv, on the other hand, are among the top losers today.

The BSE Mid Cap index is trading down by 0.7%. The BSE Small Cap index is trading on a flat note.

Sectoral indices are trading on a mixed note with stocks in the banking sector, consumer durables sector and healthcare sector witnessing most of the selling.

FMCG stocks and auto stocks, on the other hand, are trading in green.

Shares of Tata Elxsi and Shoppers Stop hit their 52-week high today.

Market participants are tracking shares of Reliance Industries, JSW Steel, HDFC Life, Vodafone Idea, and SBI Life Insurance as these companies will announce their December quarter results today.

The rupee is trading at 74.53 against the US$.

Gold prices are trading up by 0.2% at Rs 48,488 per 10 grams.

Gold is on course for a second consecutive weekly gain, as investors turned to safe-haven assets while awaiting signals on interest rate hikes from the US Federal Reserve's meeting next week.

Speaking of stock markets, in his latest video, India's #1 trader Vijay Bhambwani talks about the bond market and how it is signaling a positive market trigger.

Tune in to the below video to find out more:

In news from the FMCG sector, Hindustan Unilever (HUL) share price is in focus today, a day after the company reported decent December quarter results.

FMCG major HUL yesterday reported 16.8% rise in its standalone net profit to Rs 22.4 bn from Rs 19.2 bn in the corresponding quarter last year.

The rise in profit was because of the price hike of products HUL undertook to offset commodity inflation.

Sequentially, net profits rose a mere 2.6% on a 2.7% rise in revenues.

The company said its total revenue including other income rose 10.2% YoY to Rs 131.8 bn in the quarter under review from Rs 119.6 bn in the same quarter a year ago.

A positive opening for the stock was likely as both profit and revenue figures beat estimates.

Here's what the company said in a statement:

• Growth in the quarter was competitive and profitable. Business fundamentals remained strong with handsome market share gains in all our divisions both urban and rural markets and across price segments. Underlying volume growth at 2% was significantly ahead of the market.

Meanwhile, the company's Chairman and MD Sanjiv Mehta said the company delivered a strong and resilient performance in the quarter despite moderation in market growths and significant levels of commodity inflation.

In the near term, operating environment will continue to remain challenging, Mehta said, adding that in this scenario, we will manage our business with agility, continue to grow our consumer franchise whilst maintaining our margins in a healthy range.

To know more about the company, check out HUL's 2020-21 annual report analysis.

Speaking of HUL, here's an interesting data on the stock, between 2002 to 2010, HUL's stock price went nowhere...have a look at the chart below:

A Journey of No Returns in a So Called Safe Stock

The stock was basically in an 8 year coma. The returns could barely even make up for the inflation.

However, over the 2010 to 2020 period, HUL delivered a whopping return of 30% CAGR!

Back in November 2020, Rahul Shah had recorded a video on why you should skip stocks like Nestle and HUL.

In the video, Rahul Shah discussed why he preferred a little known stock over HUL and how he was proven right.

You can watch the video here: Don't Let Brokerages Fool You into Buying HUL & Nestle. The Real Money is in These Stocks Right Now...

Moving on to news from the pharma sector, Natco Pharma has signed a non-exclusive license agreement with the Medicines Patent Pool (MPP), Switzerland to manufacture and sell Molnupiravir capsules 200 mg for treatment of Covid-19.

MPP had taken license from Merck Sharp & Dohme Corp (MSD), USA for the same.

With this license agreement, Natco Pharma can now manufacture and sell Molnupiravir capsules 200 mg for Indian market, which will be sold under brand name MOLNUNAT.

Here's what the company said in a regulatory filing,

• This agreement allows Natco to expand access to COVID-19 medicines in 105 countries in generic name. Under the licence, Natco can set its own price for the generic products it produces, paying a royalty on sales to MSD.

Just recently, the Drugs Controller General of India (DCGI) had allowed anti-Covid-19 pill Molnupiravir for emergency use in India.

Natco Pharma share price is trading down by 0.7%.

To know more about the company, check out Natco 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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