Sensex Opens Marginally Lower; Tata Motors Slips 6% Post Q4 Results

Wed, 19 May 09:30 am

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Asian share markets fell today as uncertainties over inflation prompted investors to reduce exposure to riskier assets.

The Nikkei is trading down by 1.4% while the Shanghai Composite is trading lower by 0.4%.

In US stock markets, Wall Street indices slid late in the session to end lower, unable to sustain gains made after bumper earnings from Walmart and Home Depot.

The Dow Jones Industrial Average slipped 0.8% while the Nasdaq fell 0.6%.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty.

Market participants will track shares of IOC, Indiabulls Housing Finance, IRFC, Prism Johnson, TCI Express, and SML Isuzu as these companies are scheduled to announce their March quarter results today.

The BSE Sensex is trading down by 87 points. Meanwhile, the NSE Nifty is trading lower by 26 points.

Infosys is among the top gainers today. IndusInd Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.5%. The BSE Small Cap index is trading higher by 0.6%.

Sectoral indices are trading on a mixed note with stocks in the power sector and realty sector witnessing buying interest.

Automobile stocks and banking stocks, on the other hand, are trading in red.

Shares of Adani Transmission and Hindustan Zinc hit their 52-week highs today.

In cryptocurrencies, Bitcoin dropped as much as 5.3% to hit its lowest level since early February and last stood at US$ 40,973, having lost more than a third of its value from a peak of US$ 64,895 hit just over a month ago.

Ether, the second largest cryptocurrency, changed hands at US$ 3,199, down more than 25% from its record peak hit last Wednesday.

Major cryptocurrencies fell after China's fresh ban on their transactions.

The rupee is trading at 73.05 against the US$.

Gold prices are trading down by 0.1% at Rs 48,328 per 10 grams.

Meanwhile, silver prices are trading down by 0.6% at Rs 72,742 per kg.

Among gold ETFs, Axis Gold ETF and SBI Gold ETF are among the top gainers today.

Speaking of bullion, in his latest video for Fast Profits Daily, Vijay Bhambwani talks about why gold and silver prices are rising and why you should be bullish on them.

After a short correction, gold and silver prices have been trending upwards recently. As per Vijay, this is just the start of a long rally.

Tune in to the below video to find out more:

In news from the realty sector, as per an article in The Economic Times, real estate developers are hoping to see a quick recovery once the second wave of Covid subsidies, similar to the one seen post lifting of lockdown 1.0, due to pent up demand.

Kamal Khetan, CMD at Sunteck Realty said lockdown has made people realise the importance of home.

• "We have seen how people rushed to buy homes once the lockdown was lifted last year. Similar momentum is expected once the current Covid situation stabilizes."

According to multiple reports by international property consultants, the sales of housing units in the quarter to March had breached the pre-Covid levels.

But since April and May, sales have been impacted by the second wave and recovery is expected after June.

The real estate sector has lately been growing, not just recovering, with high demand for ready-to-move homes.

Arman Chaudhry, leadership team member and spokesperson at Omaxe said pandemic impacted sentiment and reduced voluntary spending.

• "However, people would still need homes built more around their needs, offices that are safe and congenial, and retail spaces that allow safe social relationships, no matter how hard the virus hits in this wave."

Real estate developers say the situation is not as bad as it was in April 2020.

How the realty sector recovers after the Covid situation improves, remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

Moving on to news from the banking sector, Axis Bank is among the top buzzing stocks today.

The government is selling up to 58 m equity shares held in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI) at a floor price of Rs 680, potentially fetching it close to Rs 40 bn.

The offer for sale (OFS) will open on 19 May for non-retail investors and on 20 May for retail investors with an option to additionally sell 22 m equity shares, Axis Bank said in a regulatory filing on Tuesday.

While the SUUTI is committed to selling up to 36 m equity shares representing 1.21% of the paid up equity share capital, it has the option of selling another 22 m shares representing 0.74% of paid up equity share capital in case of oversubscription.

Note that last year, the government had sold nearly 10 m shares of Axis Bank worth around Rs 6 bn last year held through SUUTI.

SUUTI held a 3.45% stake in the bank as of 31 March, according to exchange filings. After the latest sale, its shareholding in the lender is likely to come down to 1.5%.

Apart from Axis Bank, SUUTI also has minority stakes in several listed and unlisted companies, with most of its funds locked in ITC (7.93%) and construction engineering company L&T (1.8%).

SUUTI had earlier sold off most of its stake in L&T.

The government has set up a disinvestment target of Rs 1.75 trillion for FY22.

The government's ambitious disinvestment schedule for FY22 may get delayed because of the second wave of the Covid-19 pandemic, disinvestment secretary Tuhin Kanta Pandey said at Mint India Investment Summit 2021 last month.

Axis Bank share price has opened the day down by 0.5%.

Speaking of Axis Bank, have a look at the chart below which compares the share price performance of the private lender with the benchmark BSE Sensex over the last one year.

Have a look at the chart below which compares the share price performance of Axis Bank with the benchmark BSE Sensex over the last one year.

While Rs 100 invested in BSE Sensex a year back has turned out to be Rs 154, the same has turned out to be Rs 164 in Axis Bank.

It would be interesting to see how the stock performs in the coming months.

Stay tuned for more updates from this space.

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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