Indian share markets trade flat with the Sensex down by 52 points, while the Nifty is trading lower by 19 points.
Asian share markets are lower today tracking another Wall Street rout on fears over rising US interest rates and inflation, with investors eyeing earnings reports.
The Nikkei dropped 0.8% while the Hang Seng is down over 3%. The Shanghai Composite is trading up by 0.2%.
In US stock markets, Wall Street indices ended sharply lower on Monday, led by declines in mega-cap growth shares as the benchmark 10-year yield hit fresh 3-1/2 year highs and investors grew more concerned about the interest rate outlook.
The Dow Jones plunged 2% while the Nasdaq Composite fell a massive 4.3%.
Back home, Indian share markets are trading on a flat note.
Benchmark indices opened with marginal gains even as markets across the global tumbled.
Market participants are tracking share of Petronet LNG, Relaxo Footwear, Adani Ports, and Balaji Amines as these companies will announce their March quarter results today.
Meanwhile, Rainbow Children's Medicare made its debut at the bourses today. The company raised ₹15,8 bn between 27-29 April by selling its shares in the range of ₹516-542 apiece.
The BSE Sensex is trading down by 52 points. Meanwhile, the NSE Nifty is trading lower by 19 points.
HUL and Bharti Airtel are among thetop gainers today. Tata Steel, on the other hand, is among thetop losers today.
The BSE Mid Cap index is down 0.4%. The BSE Small Cap index is trading lower by 0.2%.
Sectoral indices are trading mixed with stocks in the auto sector, telecom sector and FMCG sector witnessing most of the buying.
Metal stocks and energy stocks, on the other hand, are trading in red.
Shares of Power Grid hit their 52-week highs today.
The rupee is trading at 77.23 against the US$.
Gold prices are trading up by 0.2% at ₹51,055 per 10 grams.
Meanwhile, silver prices are trading up by 0.6% at ₹61,879 per kg.
Crude oil prices edged lower today, adding to a 6% slump in the previous session, as Covid lockdowns in top oil importer China and potential economic ructions in Europe fed worries about the demand outlook.
In crypto market, Bitcoin fell to its lowest level since July 2021 on Monday as slumping equity markets continued to hurt cryptocurrencies.
Bitcoin dropped to as low as US$32,763 in its fifth consecutive session of falling.
The cryptocurrency has dropped 13% so far in May and has lost more than half its value since it hit an all-time high of US$69,000 in November last year.
Amid this bloodbath, El Salvador has bought the dip it seems. The Salvadoran president announced that his country has purchased 500 more bitcoins.
Reportedly, since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased 2,301 bitcoins altogether.
In latest developments from the IPO space, as many as five companies, including Aadhar Housing Finance, TVS Supply Chain Solutions and Landmark Cars, have received capital markets regulator’s approval to raise funds through initial share sales.
Apart from these, Bikaji Foods International and Kids Clinic India too have obtained the regulator's approval to float IPOs.
These five companies, which filed their IPO papers with the regulator between January 2021 and February 2022, obtained its observations during 2-5 May.
Going by the draft papers, Blackstone-backed Aadhar Housing, which filed preliminary papers in January last year, is looking to raise ₹73 bn through its IPO.
The IPO comprises fresh issuance of shares worth ₹15 bn and an OFS of up to ₹58 bn by promoter BCP Topco VII Pte.
The IPO of TVS Supply Chain Solutions, which is a part of TVS Mobility Group, consists of fresh issue of equity shares aggregating up to ₹20 bn and an OFS of up to 59.5 m equity shares by promoter and existing investors.
The equity shares of all these five companies will be listed on the BSE and NSE.
The IPO market is all set to see a flurry of companies tapping the primary markets even as the volatility prevails.
We will keep you updated on the latest developments from this space. Stay tuned.
Moving on to news from the cement sector, the Holcim Group has begun negotiating a detailed share purchase agreement (SPA) with two Indian contenders – the Adani Group and the JSW Group – as the near US$10 bn sale of listed Ambuja Cement and ACC approach the final leg of negotiations.
Holcim group is the world’s largest cement maker.
According to sources in the know, the third likely contender, Kumar Mangalam Birla’s UltraTech Cement, has not yet held any such deliberations, though it’s pushing to join the fray despite anti-trust worries.
UltraTech is still weighing options to join the fray and disallow any domestic rival to straightaway emerge as a strong challenger. But a bid by UltraTech will face scrutiny from India’s anti-trust watchdog, the Competition Commission of India (CCI).
The SPA talks are expected to be completed by end May, within which all suitors are expected to furnish full details of financing.
Speaking of the Holcim-Adani buyout, we did an editorial recently explaining why it makes sense if Adani acquires Holcim’s India stake.