Sensex Today Falls 1,000 Points From Day's High, Slides For 4th Day

It was indeed a volatile trading session for Indian share markets today.

Benchmark indices swung between gains and losses throughout the day as dimming hopes of US rate cuts and geopolitical tensions in the Middle East added to the volatility.

Apart from this, markets were volatile as over 19 companies were expected to post their Q4 results today.

Here's a quick chart of the benchmark Sensex to show you how volatile the markets were -

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Vodafone Idea shares were also in focus as its FPO opened for subscription.

At the closing bell, the BSE Sensex stood lower by 455 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 152 points (down 0.7%).

Bharti Airtel, Power Grid, and Infosys were among the top gainers today.

Nestle, Titan, and Axis Bank, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,068, down by 43 points, at the time of writing.

The BSE MidCap index, which was up around 0.7% at a point, reversed course and fell 0.4%. The BSE SmallCap index ended on a flat note.

Sectoral indices ended mixed with stocks in the healthcare sector, energy sector, banking sector and consumer durables sector witnessing heavy selling.

While telecom stocks and auto stocks witnessed buying.

Shares of Voltamp Transformers, KSB, and Shilchar Tech hit their respective 52-week highs today.

The rupee is trading at 83.52 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 72,580 per 10 grams.
 

Adani Stocks that GQG Partners Bought Recently

US-based foreign investor (FII) GQG Partners was net buyer in 6 stocks of Adani Group and is believed to have spent around US$1 billion on the conglomerate in March 2024.

The latest shareholding pattern shows that GQG's ownership rose 202 basis points (bps) from 2.51% in December to 4.53% in the March 2024 quarter.

In the case of Adani Power, the FII's stake rose from 1.33% to 5.2% sequentially.

During the March 2024 quarter, GQG also bought more of Adani Enterprises, Adani Green Energy, Adani Ports and Ambuja Cements.

Not just GQG but other FIIs are also buying Adani stocks now.

During the quarter, FII ownership went up by 26 bps to 14.98% in Adani Ports.

Adani Green Energy and Adani Wilmar also saw a rise of 12 bps each in FII holding.

Other stocks in which foreign ownership rose quarter-on-quarter are Adani Power, Adani Total Gas, and NDTV.
 

Tata Motors to Make JLR Cars in Tamil Nadu

According to reports, Tata group company Tata Motors is planning to manufacture Jaguar Land Rover (JLR) luxury cars at a US$1 billion plant that it's planning to build in the southern state of Tamil Nadu.

Last month, Tata Motors had announced to invest in a new plant in Tamil Nadu but did not give details on which models would be manufactured there.

While it's not clear which JLR models will be built at the factory, more details could emerge later today.

Note that Tata Motors is the market leader in the commercial vehicle segment. It also has a leading market share in India's passenger electric vehicle (EV) segment.

The company has a clear plan to transition to a mostly EV company by 2030 and has backed the plan with billions in funding, leadership support, and technology partnerships.

A good example of the company's EV push is the expansion of their Sanand plant in Gujarat. This plant is Tata Motors' largest manufacturing facility in India. It currently produces a wide range of vehicles which includes the Tiago, Nexon, and Altroz.

The expansion of the Sanand plant will see the addition of a new lithium-ion battery production facility, expected to be operational by as early as 2025.

For now, Tata Motors continues to remain in a sweet spot and it should come as no surprise that shares of the company are rising.

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The company's only concern right now is debt. The company's debt to equity is 2. But that should not be as big of a problem as long as the cash keeps flowing in.
 

Deepak Parekh Steps Down as HDFC Life's Chairman

HDFC Life Insurance's chairman Deepak S Parekh stepped down from his role, the company said in an exchange filing today.

Following Parekh's resignation, the company has appointed Keki M Mistry as the new chairman of the board.

HDFC Life Insurance is a joint venture (JV) between HDFC Limited and Standard Life (UK).

It is one of the top three private life insurers in India, with a market share of 15% in the private life insurance industry. On an industry-wide basis (APE), the company has >7% market share.

HDFC Life also enjoys a country-wide presence and provides a comprehensive suite of products such as protection, savings, investment and health through its diverse distribution network.

Note that the insurance company has been growing steadily in the last five years while improving its margins.

Registering robust growth in total premiums and APE, the company has been charging ahead of the industry growth. It has been growing organically and inorganically, acquiring Exide Life Insurance, a first of its kind in the life insurance industry in India.

The new business margins have also been strong in comparison to its peer LIC, giving it a leg up.

Besides, the private insurer enjoys a strong legacy with the HDFC brand name. HDFC Life has also reported a higher solvency ratio and persistency ratios in comparison to LIC.


More By This Author:

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

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