Sensex Ends 483 Points Lower; Power Stocks Outperform

Mon, 11 Apr Closing

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   10:30 am   

Indian share markets witnessed negative trading activity throughout the day today and ended lower.

Benchmark indices were back in the red after a one-day hiatus as tepid global sentiment and rising bond yields dented the rally in equities.

Yields on 10-year government securities hit their 3-year high of 7.192% in the money market, reflecting inflationary concerns and expectations of faster rate hikes by the RBI in months ahead.

At the closing bell, the BSE Sensex stood lower by 483 points, down 0.8%. Meanwhile, the NSE Nifty fell 109 points.

NTPC and ICICI Bank were among the top gainers today. HCL Tech and L&T, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,740, down by 151 points, at the time of writing.

Both, the BSE Midcap index and the BSE Smallcap index bucked the trend and ended higher by 0.4%.

On the sectoral front, capital goods stocks, IT stocks and finance stocks were among the hardest hit.

Power stocks, on the other hand, witnessed huge buying interest.

Shares of Page Industries and Linde India hit their respective 52-week highs today.

Asian share markets ended on a negative note today. The Nikkei ended lower by 0.6% while the Hang Seng plunged 3%.

US stock futures are trading in red indicating a negative opening for Wall Street indices with the Nasdaq Futures trading down by 96 points.

Gold prices for the latest contract on MCX are trading up by 0.8% at Rs 52,505 per 10 grams.

The rupee is trading at 75.87 against the US$.

Speaking of stock markets, Research Analyst at Equitymaster Aditya Vora talks about his contra investment for 2022, in his latest video.

Tune in to find out more:

Moving on to stock specific news...

Adani group stocks were in focus today.

Adani group companies traded higher by up to 8% today, extending their previous week's rally, after UAE's International Holding Company (IHC) agreed to invest 7.3 bn dirhams (US$2 bn) in three group companies through preferential issue.

IHC will invest Rs 38.5 bn in Adani Green Energy, Rs 38.5 bn in Adani Transmission, and Rs 77 bn in Adani Enterprises.

The transaction is expected to be completed in a month, after all necessary approvals are obtained.

Adani Green hit a new high after the company's board approved allotment up to 20.02 m equity shares at a price of Rs 1,923.25 per share to IHC Capital Holding.

Adani Transmission also surged after the company said it will allot 15.68 m equity shares at a price of Rs 2,454.95 per share.

Speaking of the Adani group, we recently wrote an article, explaining the reasons and hype behind the rally in Adani stocks.

You can read it here: Making Sense of the Sharp Rally in Adani Group Stocks.

In news from the commodities space, Sandur Manganese share price ended 20% higher today, hitting its 52-week high, after the company said its board has approved Rs 180 m rights issue and a capex plan of Rs 9-9.5 bn.

The trading volumes on the counter jumped over five-fold with 86,000 equity shares changing hands on the BSE, as against an average of less than 20,000 shares that were traded in past two weeks.

The company said the capacity expansion plan is in line with their strategic diversification and growth plans and this capacity and product addition by the company will help to cater growing demands for the product and meets internal consumption requirements.

Meanwhile, the company also announced it entered into power purchase agreement and share subscription and share holding agreement with Renew Green Energy Solutions (ReNew) for supply of solar and wind power.

Moving on to news from the IPO space, Veranda Learning Solutions made a solid debut today and surprised many as the stock surged more than 20% despite weakness in the market.

Shares opened with over 14% gains at Rs 157 on the BSE, against the issue price of Rs 137, and climbed further.

Market experts have advised investors to use the uptrend by booking profits and exit the stock, citing the loss-making status with negative operating cash flows and expensive valuations.

Veranda Learning Solutions posted a loss of Rs 83 m in the year ended March 2021 and recorded revenue of Rs 25.4 m. In the six months ended September 2021, its loss was Rs 183 m on revenue of Rs 154.6 m.

The company provides a wide range of learning solutions, including competitive exams courses, professional courses, short-term upskilling and reskilling courses to students and professionals.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of IPO, lead smallcap analyst at Equitymaster Richa Agarwal had recorded a video back in September 2021 explaining what you should look for in an IPO.

You can watch the video here: What to Look for in an IPO.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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