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Sensex Plunges 746 Points; Banking & Metal Stocks Bleed

Fri, 22 Jan Closing

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Indian share markets witnessed huge selling pressure today and extended losses as the session progressed, dragged down by heavy selling in metal and banking stocks.

At the closing bell, the BSE Sensex stood lower by 746 points. The NSE Nifty ended down by 218 points.

Bajaj Auto was among the top gainers today. Axis Bank, on the other hand, was among the top losers today.

SGX Nifty was trading at 14,375, down by 265 points, at the time of writing.

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

Sectoral indices ended on a negative note with stocks in the banking sector, finance sector and metal sector witnessing maximum selling pressure.

Shares of Cyient and Ceat hit their respective 52-week highs today.

Asian stock market fell today as investors took a breather following a strong week for global equities. As of the most recent closing prices, the Nikkei retreated from 30-year peaks and fell 0.4% while the Hang Seng ended down by 1.6%.

US stock futures slipped today, signaling a muted end to a strong week on Wall Street as investors awaited data on how the economy performed at the start of 2021.

Nasdaq Futures are trading down by 76 points (down 0.5%), while Dow Futures are trading down by 238 points (down 0.8%).

European stock markets fell today, hit by tighter travel restrictions in the euro zone and weak UK retail sales numbers, while investors awaited the latest batch of business activity data to gauge the pace of recovery from the coronavirus crisis.

The rupee is trading at 72.95 against the US$.

Gold prices are trading down by 0.5% at Rs 49,224 per 10 grams.

Speaking of stock markets, note that the BSE Sensex crossed the historical milestone of 50,000 yesterday as benchmark indices scaled fresh lifetime highs on the back of favourable global cues.

The BSE Sensex rose from 40,000-mark hit on October 8, 2020 to 50,000 in just 74 sessions. Developments on the vaccine front, a change of guard in the United States, FII buying and recovery in economic growth are the key factors behind this rally.

Our editors have been pointing out for many weeks now about the risky nature of the market as Covid-19 remains an overhang and the economic outlook remains uncertain. The Sensex valuation is at nearly 40 times.

Have a look at the two charts below, in the order they have been placed.

Near Term Volatility in Sensex Compensated by Long Term Gains

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

As per Co-head of Research at Equitymaster, Tanushree Banerjee, 2021 could be one of the best years for individual investors.

Here's what she wrote in one of the editions of Profit Hunter:

• 2021 could be one of the best years for individual investors.
  
  You read that right. Investing is one of those rare pursuits where amateurs can have an advantage over professional fund managers.
  
  It happens in almost no other field. If you compete against a professional sports person, you'd lose every time. As an amateur doctor or scientist, you need years of training before performing highly specialised tasks.
  
  However, individual investors who have a strategy to create long term wealth, stand a good chance at outperformance.
  
  Most professional fund managers can't afford to have long time horizons. A year or two of poor performance and they risk the sack.
  
  But an individual investor can sit tight over high conviction stocks and invest consistently to see the magic of compounding.
  
  Just like the investors in Titan saw their wealth creation unfold since 2004.
  
  So, 2021 could be extremely profitable, over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.
  
  For the next decade, your best fund manager could none other than you!
  
  Prepare well and ensure you make the most of it.

In her latest video, Tanushree discusses the best safe assets for 2021.

Tune in to the video here:

In news from the IPO space, the initial public offer of Indigo Paints received strong response from investors as the issue was subscribed 113 times so far on January 22 at the time of writing, the final day of bidding.

The issue received bids for 625.4 million equity shares against the IPO size of 5.5 million shares (excluding anchor book).

The portion set aside for qualified institutional buyers witnessed a subscription of 186 times and that of non-institutional investors was subscribed 251 times. The retail investors have put in 15.6 times bids against their reserved portion.

Meanwhile, the IPO of Home First Finance Company was subscribed 1.8 times by noon hours today, the second day of bidding.

The Rs 11.5-billion IPO received bids for 27.9 million equity shares against an offer size of 15.6 million. The offer size excluded the anchor book portion through which the company mopped up Rs 3.5 billion on January 20.

The price band for the issue, which will close on Monday, has been fixed at Rs 517-518 per share.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

In news from the automobile sector, auto and auto-ancillary stocks witnessed huge buying interest today, with the Nifty Auto and the BSE Auto index surging nearly 4% following a strong performance during the quarter ended December 2020 (Q3FY21).

Shares of Motherson Sumi Systems, Ashok Leyland, Tata Motors, Hero MotoCorp, Exide Industries, Bosch and TVS Motor Company gained in the range of 4-8%.

Individually, Bajaj Auto share price hit a record high of Rs 4,130, surging over 11% after the company reported its highest-ever profit and turnover during the December quarter (Q3FY21). The company's standalone net profit went up by 23% year-on-year (YoY) to Rs 15.5 billion, while revenues rose 17% to Rs 87.3 billion.

The company said it has posted its highest-ever turnover during the December quarter and for the first time exceeded the Rs 90 billion mark to reach Rs 92.7 billion, a rise of 16%. Revenue from consolidated operations of the company was up 17% at Rs 89.1 billion while consolidated profit after tax stood at Rs 17.1 billion.

To know more, you can read Bajaj Auto's Q3FY21 result analysis on our website.

Meanwhile, JK Tyre & Industries share price hit a fresh 52-week high of Rs 138.70 after the company reported highest-ever quarterly sales and net profit for Q3FY21. With today's gains, the stock of tyre & rubber products maker has surged as much as 55% in the past four trading days.

How automobile stocks perform in the coming months remains to be seen.

Moving on to news from the finance sector, SBI Cards and Payment Services was among the top buzzing stocks today.

Shares of SBI Cards rallied 5% today after a sharp improvement in asset quality during Q3FY21.

Stock of the company was trading at the highest level since its listing on March 16, 2020.

SBI Cards said the gross non-performing assets (GNPA) were at 1.61% of gross advances as on Q3FY21 as against 2.47% as on Q3FY20.

Net non-performing assets (NNPA) were at 0.56% as against 0.83% in a year ago quarter.

The company reported 50% year-on-year (YoY) decline in net profit at Rs 2.1 billion, led by 3% YoY decline in operating revenues and 70% increase in provisions.

SBI Cards share price ended the day up by 5.1%.

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!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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