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Sensex Falls 412 Points, Nifty Ends Below 18,000; Metal & IT Stocks Witness Selling

Thu, 15 Sep Closing

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   10:30 am   

After opening the day on a positive note, Indian share market slipped in the afternoon session and ended on a weak note.

Markets were on edge, as investors assessed the possibility of the US Federal Reserve going for a 100-basis-point interest rate hike next week to tackle elevated inflation.

Auto index was the only index which remained stable throughout the session with Maruti Suzuki leading the rally with a gain of 2.5%.

The fall was heightened by IT and metal stocks, as worries of global economic growth kept investors on tenterhooks.

At the closing bell, the BSE Sensex stood lower by 412 points (down 0.7%).

Meanwhile, the NSE Nifty closed down by 127 points (down 0.7%).

Maruti Suzuki, Eicher Motors, and Adani Ports and SEZ were among the top gainers today.

Hindalco, Infosys, and Tech Mahindra on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,884, down by 106 points, at the time of writing.

The broader markets ended on a positive note, BSE Mid Cap index was up by 0.3% and the BSE Small Cap index traded higher by 0.1%.

Sectoral indices ended on a mixed note with stocks in the power sector, and auto sector witnessing buying interest.

While stocks in the realty sector, metal sector, and IT sector witnessed selling pressure.

Shares of Maruti Suzuki, Navin Fluorine, and CEAT hit their 52-week high today.

ITC share price is rising constantly following news around its hotel business.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Outside the home ground, Asian share markets ended on a strong note.

At the close in Tokyo, the Nikkei ended on a positive note, up by 2.8% while the Hang Seng inched higher by 0.4%. The Shanghai Composite ended lower by 1.2%.

US stock futures are trading on a positive note today with Dow futures trading up by 0.2%.

The rupee is trading at 79.7 against the US$.

Gold prices are currently trading down by 0.3% at Rs 50,018 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.1% at Rs 56,986 per kg.

Note that gold prices have fallen and have taken quite a knock in recent weeks. Silver is not far behind.

Speaking of stock markets, Yazad Pavri talks about the company that can possibly become India's first trillion dollar stock, in his latest video.

No, it's not Reliance or TCS. This company could beat Reliance and TCS to become the first 'trillion dollar' stock of India.

In news from tyre sector, Ceat share price was in focus today.

Shares of Ceat jumped 20% on back of strong demand and margin expansion.

Shares of the company surged to 4 years high today on the back of healthy business outlook.

The company expects the overall tyre industry to perform well due to easing of pandemic-led curbs, pent-up demand from OEMs, and replacement segment.

The cool off in key raw materials prices from their highs, too, will contribute to improved margins from quarter 3 for financial year 2023 onwards.

The fall in raw material and controlled capital expenditure will drive an improvement in free cash flows, financial gearing and return on capital employed (RoCE).

After two years of contraction, the Indian tyre industry has recovered in FY22. The growth in FY22 is driven by increase in volumes.

Ceat is one of the largest tyre manufacturers and is one of the fastest growing tyre companies in India.

The company is revising some of its capital expenditure programs. It aims to grow the businesses in three segments - two-wheeler, passenger car, and off highway (OHT) tyre segments.

Apart from that, in the two-wheeler (2W) segment, where it claims a market share of about 30%, the company has also achieved leadership position in the electric two-wheeler category with a market share of about 60%. It's working with all major electric 2-wheeler makers.

Even after the prevailing volatility in the markets, shares of Ceat have surged 38% on a YTD basis.

Moving on to news from the engineering sector, Larsen and Toubro (L&T) was among the top buzzing stocks today.

Share price of Larsen and Toubro jumped 1% as the company secures significant order.

Larsen and Toubro's construction arm secured a significant contract for its water and effluent treatment business.

The water & effluent treatment business of L&T construction has secured a repeat order from the Department Of Water Resources, Government of Odisha, to execute a pressurized underground pipeline irrigation network system for the Right Command of Lower Suktel Irrigation project.

As per the classification done by the company, the value of the project stands at Rs 10bn to Rs 25 bn.

Commenting on it, Larsen and Toubro in exchange filling said,

The project envisages to provide water to irrigate 27,000 hectares (Ha) of Culturable Command Area (CCA) in the Balangir district of Odisha.

The project scope involves survey, design, engineering, supply, laying, installation & commissioning of MS, DI & high-density polyethylene (HDPE) pumping main & distribution network with all allied electromechanical & automation works.

The water & effluent treatment business falls under L&T Construction, which in turn is part of the infrastructure business. As of the quarter ended June, the infrastructure business contributed 40% to company's overall topline and comprises of 73% of the order book.

L&T has been an investor's favorite stock for a long time, and also a stock that makes it in the list of top 5 infrastructure stocks.

Moving on to the news from IPO space, Harsha IPO was oversubscribed today.

The public issue of Harsha Engineers International, the largest manufacturer of precision bearing cages in organized sector in India, has seen a healthy subscription so far.

Investors have bought 117 m equity shares against an offer size of 16.8 m, helping the offer subscribe 7.28 times on September 15, the second day of bidding.

The IPO has an issue size of Rs 7,550 m. The valuation consists of fresh issue worth Rs 4,550 m and offer for sale worth Rs 3,000 m.

For more details, check out our editorial on Harsha Engineers IPO.

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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