Sensex Today Ends 139 Points Lower | ITC Gains 2% to Hit Record High | Zomato, Delhivery Fall 4%

Thu, 23 Feb Closing

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Indian share markets traded in a range throughout the trading session and ended marginally lower. Benchmark indices exhibited volatility on the back of monthly F&O expiry.

During afternoon hours, markets declined, falling for the fifth straight session amid concerns that the US Federal Reserve might raise interest rates further to curb inflation.

Meanwhile, FII selling and a mixed trend in the US market dampened sentiment.

At the closing bell, the BSE Sensex stood lower by 139 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 43 points (down 0.3%).

Axis Bank and SBI were among the top gainers today.

Asian Paints and L&T, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,510, down by 48 points, at the time of writing.

The BSE MidCap index fell 0.3% while the BSE SmallCap index gained 0.1%.

Sectoral indices ended on a mixed note with stocks in the realty sector, consumer durables sector and power sector witnessing most of the selling.

While metal and FMCG stocks witnessed buying.

Shares of ITC, Finolex Cables and Equitas Small Finance Bank hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian stock markets ended on a negative note today. The Hang Seng and the Nikkei ended down by 0.4% and 1.3%, respectively. The Shanghai Composite declined 0.1%.

US stock futures are trading on a positive note today with Dow Futures trading up by 92 points.

The rupee is trading at 82.70 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.5% at Rs 55,798 per 10 grams.

Speaking of stock markets, everyone is focused on looking for alternatives of crude oil and petroleum lately. As a result, people are now actively using ethanol and focusing more on electronic vehicles.

However, an important alternative is being missed out.

Green hydrogen is not a fuel everyone talks about. Hydrogen is not just another fuel. Hydrogen is expected to serve as a primary industrial fuel in the 21st century, just as coal drove the 19th century and oil drove the 20th century.

Hence, it's clear that green hydrogen stocks should be an important part of an investor's watch list.

In the below video, Co-head of Research at Equitymaster Tanushree Banerjee shares three critical factors that decide if green hydrogen stocks make money.

Tune in to the below video to find out more:

Zee Entertainment Shares Slump. What Next?

In news from the media sector, one of the top media stocks in India Zee Entertainment (ZEE) was in focus today.

Shares of Zee Entertainment plunged 14% in today's intraday trade as NCLT admitted the media firm to corporate in insolvency resolution process.

In a BSE filing, the company said NCLT's Mumbai Bench has pronounced its order on the petition filed by IndusInd Bank against ZEE under Section 7 of the Insolvency & Bankruptcy Code.

Earlier this month, NCLT directed to initiate insolvency proceedings against group firm Zee Learn, following a petition filed by private sector lender Yes Bank.

Yes Bank had claimed a default of Rs 4.7 billion (bn) by the Essel group company.

Zee Entertainment share price ended the day lower by 3%.

Speaking of ZEE, according to Chartist Brijesh Bhatia, the next support for its shares is placed at Rs 160 at the previous swing low. If broken, it may accelerate the bearish momentum.

Traders and investors should stay cautious once the support level is taken out. Zee shares could fall some more...

According to Brijesh, since its breakdown from 200WEMA (Weekly Exponential Moving Average), ZEE's share price has failed to sustain above the long-term average.

ZEE Technical Chart

 

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

Shipping Corporation Zooms 9% amid Demerger Reports

Moving on to news from the shipping sector, shares of Shipping Corporation of India rallied today after reports suggested that the government has approved the demerger of the core and non-core assets of the company.

According to reports, the Ministry of Corporate Affairs has today approved the revised demerger plan of Shipping Corporation of India, wherein Rs 10 bn will be transferred to the non-core assets.

Shipping Corp, along with NMDC Steel, BEML, Container Corporation of India, among others are the entities where the government is looking to divest stake to raise Rs 650 bn in FY24.

The government has pegged divestment target of Rs 510 bn for the next fiscal year.

Speaking of shipping stocks, note that the shipping sector was and continues to be one of the few sectors that benefits enormously from the current Russia-Ukraine war. Spot freight rates in the key tanker segments in November 2022 have risen nearly 8 to 9 times from a year ago.

The shipping industry is inherently cyclical with Dalal Street remaining cautious on how long the current uptrend in spot freight rates in the tanker segment will last.

Adani's Big Bet in Sri Lanka

Sri Lanka today announced its first major foreign investment since it declared bankruptcy. The country approved a US$442 million wind power project by the Adani group.

Sri Lanka's Board of Investment said Adani Green Energy will set up two wind farms in the island's north.

The total investment will reach US$442 million and the two plants will be supplying power to the national grid by 2025.

Note that this project comes after Sri Lanka awarded Adani a US$700 million strategic port terminal project in Colombo in 2021.

According to reports, that concession was widely seen as a bid to address New Delhi's growing concern over China's expanding influence in the region.

Value Stocks: Stocks with Limited Downside but Good Upside Potential

The Latest on Tata Motors and its EV Business

Moving on to news from the electric vehicles (EV) sector, one of the top EV stocks in India Tata Motors has begun discussions with sovereign wealth funds and private equity investors to sell a significant minority stake in its EV division.

According to reports, Tata Motors plans to raise up to US$1 bn through the equity sale and will use the bulk of proceeds to retire a part of its outstanding debt.

Tata Motors is seeking a valuation of close to US$10.5 bn, which is at a 15% premium to the last round which valued the EV arm at US$9.1 bn.

The latest round of fundraise comes at a time when the company is likely to miss its target of becoming a zero debt company at a consolidated level by FY24.

Speaking of Tata Motors, interestingly, the company is one of the top gainers within the Tata group in 2023 so far.

For more on Tata Motors, check out the new section in our Stock Screener where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks. This should help you get a better grip on fundamentals, business group wise.

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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