Sensex Today Trades Flat; Nestle & Tata Motors Top Gainers

Asian share markets are struggling today in the wake of a slump on Wall Street after treasury secretary Janet Yellen rattled bank shares and the Federal Reserve pushed back against bets for interest rate cuts this year.

Benchmark indexes fell in Japan, South Korea, and Australia while a gauge of US-listed Chinese companies fell earlier.

The Nikkei is down 0.3% while the Hang Seng is trading higher by 0.8%. The Shanghai Composite is trading flat.

Wall Street indices ended sharply lower on Wednesday after the US Federal Reserve delivered a widely expected 25 basis point policy hike while hinting that it was on the verge of pausing future increases in view of the recent turmoil in the financial sector.

The Dow Jones Industrial Average ended 1.6% lower while the tech-heavy Nasdaq Composite tumbled 1.4%.

Here's a table showing how US stocks performed on Wednesday:

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 104.22 -1.62 -1.53% 107.51 104.21 144.16 83.45
Apple 157.83 -1.45 -0.91% 162.14 157.81 179.61 124.17
Meta 199.81 -2.35 -1.16% 207.37 199.67 236.86 88.09
Tesla 191.15 -6.43 -3.25% 200.66 190.95 384.29 101.81
Netflix 293.90 -11.89 -3.89% 306.45 293.54 396.50 162.71
Amazon 98.70 -1.91 -1.90% 102.10 98.61 170.83 81.43
Microsoft 272.29 -1.49 -0.54% 281.04 272.18 315.95 213.43
Dow Jones 32,030.11 -530.49 -1.63% 32,761.89 32,020.46 35,492.22 28,660.94
Nasdaq 12,567.15 -174.29 -1.37% 12,943.62 12,563.78 15,265.42 10,440.64

Source: Equitymaster

Back home, Indian share markets are trading on a flat note tracking the trend of global markets and SGX Nifty.

At present, the BSE Sensex is trading higher by 58 points. Meanwhile, the NSE Nifty is trading up by 19 points.

Nestle and L&T are among the top gainers today.

Asian Paints and Wipro on the other hand are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is down 0.1% and the BSE Small Cap index trading higher by 0.2%.

Sectoral indices are trading on a positive note with the exception of the IT sector and realty. Stocks in the auto sector and power sector witness buying.

The rupee is trading at Rs 82.24 against the US dollar.

In the commodity markets, gold prices are trading higher by Rs 480 at Rs 59,236 per 10 grams.

Meanwhile, silver prices are trading higher by 0.8% at Rs 69,873 per 1 kg.

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

Speaking of share markets, projecting a company's position and market share 10 years out or for that matter even 10 months ahead isn't an exact science.

However, with an unchallenged dominance in a particular segment, investors can find certain companies which are unlikely to lose their leadership anytime soon and are potential winners.

The magic of compounding

Lately, Indian share markets have been wild, turbulent, and volatile. Amid the ongoing volatility, 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.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

As an individual investor, you need to sit tight over high-conviction stocks and invest consistently to see the magic of compounding.

Government to sell stake in defense PSU Hindustan Aeronautics (HAL)

The government of India will be selling up to a 3.5% stake in its aerospace and defense company, Hindustan Aeronautics (HAL) through an offer for sale (OFS).

The offer will open today and will continue till 24 March 2023. The 3.5% stake sale comprises of 1.75% as the base offer and 1.75% as an additional option. The government seeks to raise more than Rs 28.7 billion (bn) through this transaction.

Today, on the first day of the OFS will be available for non-retail investors for bidding in HAL. These non-retail investors have the option to willingly carry forward their unallotted bids for allocation to them in the unsubscribed portion of the retail category.

That being said, on 24 March 2023, the retail category will be allowed to bid. Also, those non-retail investors who chose to carry forward their unallotted bids can bid on this day.

10% of the offered size will be reserved for retail investors.

Shares of HAL slipped 5% today. Did you know that HAL is one of the top 5 defense companies in India by growth?

Nazara Technologies' subsidiary acquires Pro Football Networks

Nazara Technologies announced that Sportskeeda, a wholly owned subsidiary of Sportskeeda, a material subsidiary of the Company, signed definitive agreements yesterday for the acquisition of 73.4% of the capital stocks of Pro Football Network, a Connecticut limited liability Company.

The IT company acquired Pro Football Network at a consideration of USD 1.8 million (m) (about Rs 148.1 m), to be paid in cash.

Pro Football Network LLC is a US sports digital media publisher focusing on publishing content related to the National Football League in the United States.

Pro Football Network is widely recognized as one of the best NFL-focused sports sites and is ranked 3rd amongst the top NFL-focused media sites in the US. NFL is the most watched sport in the US.

Sportskeeda Inc reserves an option to acquire up to 10% and up to 8% additional stock of the Pro Football Network in the calendar year 2024 and calendar year 2025 respectively.

The acquisition is being funded out of the internal cash reserves of Sportskeeda which have been advanced as a loan to its wholly-owned subsidiary Sportskeeda Inc.

BHEL and Indraprastha Gas enter into an MoU

Bharat Heavy Electricals (BHEL) and Indraprastha Gas on Wednesday signed a memorandum of understanding (MoU) for joint collaboration for the development, manufacturing & deployment of Type-IV Cylinders.

BHEL is one of the largest engineering and manufacturing companies of its kind in India engaged in the design, engineering, construction, testing, commissioning, and servicing of a wide range of products and services with over 180 product offerings.

More By This Author:

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Sensex Today Trades Higher, Nifty Above 17,100
Sensex Today Zooms 446 Points, Nifty Above 17,100

Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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