Sensex Ends 179 Points Lower; Tata Steel and Adani Ports Among Top Nifty Losers

Thu, 17 Jun Closing | Nandini Mehta, TM Team

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

Benchmark indices edged lower in today's session, tracking losses across global peers, a day after the US Federal Reserve left rates unchanged but sped up their expected pace of policy tightening.

The US central bank projected at least two interest rate hikes in 2023, a year earlier than forecasted in the March meeting.

At the closing bell, the BSE Sensex stood lower by 179 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 76 points (down 0.5%).

UltraTech Cement and Asian Paints were among the top gainers today.

Tata Steel and Adani Ports, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,685, down by 91 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended down by 1.3% and 0.6%, respectively.

Sectoral indices ended on a negative note with stocks in the metal sector and power sector witnessing most of the selling pressure.

IT stocks, on the other hand, witnessed buying interest.

Shares of Radico Khaitan and Infosys hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng and the Shanghai Composite ended the day up by 0.4% and 0.2%, respectively.

The Nikkei ended down by 0.9% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 111 points.

The rupee is trading at 74.08 against the US$.

Gold prices for the latest contract on MCX are trading down by 1.9% at Rs 47,570 per 10 grams.

Speaking of the precious metal, India's #1 trader, Vijay Bhambwani talks about why gold and silver prices have become volatile lately, in his latest video for Fast Profits Daily.

He also shares how the price volatility affects his long-term view on both metals.

Tune in to the video below to find out more:

In news from the engineering sector, Greaves Cotton was among the top buzzing stocks today.

Greaves Cotton shares rallied over 10% to Rs 169.4 per share on the BSE today on the back of heavy volumes, in an otherwise range-bound market, amid expectations of a strong business outlook.

In the past one week, the stock of Greaves Cotton has soared 23% after the central government increased the subsidy on electric two-wheelers by 50%, under the second phase of the faster adoption and manufacturing of electric vehicles (FAME) India scheme, making them more affordable.

The stock was trading at its highest level since July 2017. It had hit a record high of Rs 178 on 4 May 2017.

The government had made a partial modification of the scheme for faster adoption and manufacturing of electric vehicles in India Phase II (FAME India Phase II), including increasing the demand incentive for electric two-wheelers to Rs 15,000 per KWh from the earlier uniform subsidy of Rs 10,000 per KWh for all EVs, including plug-in hybrids and strong hybrids, except buses.

The revision in the FAME (II) policy, increasing the subsidy by 50% per KWh, is likely to accelerate electric two-wheelers sales for Ampere Vehicles, a subsidiary of Greaves Cotton.

Ampere has more than half a dozen electric two-wheelers in its portfolio and with product for every customer price point in the affordable mobility and could further gain market share with new launches at varied price points.

As per a leading financial daily, electric mobility and new initiatives business of Greaves Cotton may provide much need growth uptick in long term amid languishing auto engine volumes.

Greaves Cotton share price ended the day up by 8.2% on the BSE.

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• '106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.'

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

BREAKING: It's Good Time to Invest in Gold, but Just Don't Go Blindfolded

Wipro Partners with Exaware to Streamline 5G Technology Upgrades

Wipro on Wednesday announced a partnership with Exaware, a leading provider of open network routing solutions.

The partnership will jointly develop advanced engineering solutions that foster innovation in the networking industry, streamline 5G technology upgrades, and open the door to future 6G compatibility.

Wipro and Exaware are developing engineering products and solutions that will decouple hardware from software, enabling communication service providers (CSPs) to select different hardware and software vendors.

This, in turn, will promote innovation by network equipment providers, advance disaggregated cell site gateways (DCSG), enable an end-to-end disaggregated open RAN infrastructure, and ultimately drive down network costs.

Leveraging the combined engineering expertise of Wipro and Exaware, operators will be able to build flexible, self-optimizing networks, and introduce services that equip them for future growth while reducing their total cost of ownership, said Thomas Muller, CTO - engineering and R&D Services, Wipro.

How this partnership pans out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

Wipro share price ended the day up by 0.8% on the BSE.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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