The Nikkei fell 0.2% while the Hang Seng is down 0.5%. Shanghai Composite is trading with a gain of 2.4%.
In US stock markets, the Wall Street index fell on Friday to its deepest daily loss since 2020, as the biggest rise in monthly inflation since 2005 left investors worried about rising interest rates.
Sentiment was also hit by a fall in Amazon shares amid a disappointing quarterly report.
The Dow Jones fell 2.8% and the Nasdaq 4.2%.
Back home, Indian stock markets are trading deep in the red. Benchmark indices staged a gap-down opening today amid weak global sentiment.
Market participants are tracking the stocks of Devyani International, Alembic Pharma, Castrol India and Saregama India as these companies announce their March quarter results today.
BSE Sensex is trading down 342 points. Meanwhile, NSE Nifty is trading with a fall of 110 points.
IndusInd Bank is among them Today’s Top Beneficiaries, On the other hand, Wipro and Titan are the biggest losers today.
BSE Mid Cap Index is down 0.8% while BSE Small Cap Index is trading down 1%.
All sectoral indices are trading with the biggest selloff in the metal sector, IT sector and consumer durables sector.
Vinati Organics and Adani Power shares hit 52-week high today.
Rupee is trading at 76.42 against US Dollar.
With the fall of 1.4% in gold prices 51,031 per 10 grams.
Meanwhile, silver prices declined by 1.3% and is trading at 62,680 per kg.
Crude oil prices fell today as worries of slowing economic growth in China, the world’s top oil importer, far outweighed fears of a potential supply disruption from the European Union’s embargo on Russian crude.
In news from the electronics space, the International Semiconductor Consortium (ISMC), a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor, will invest US$3 billion in Karnataka to set up India’s first chip-making plant .
The state government announced this yesterday. This indicates that the incentive structure is being implemented by the government Make India a semiconductor hub Interest is starting to show.
The state government said ISMC’s proposed 65-nanometer analog semiconductor fabrication unit is expected to directly employ 1,500 people over seven years, and create 10,000 more jobs in the supporting ecosystem.
The chip makers’ association has requested 150 acres of land for the unit in the Kochanahalli industrial area of Mysuru.
Note that India is moving towards becoming a global semiconductor hub in the coming years. For this, the government has announced a massive PLI scheme, which is already attracting customers.
Union Finance Minister Nirmala Sitharaman during her recent visit to the US called upon American semiconductor firms AMD, Western Digital and Micron Tech to boost investments in India. 760 billion production-linked incentive (PLI) scheme for large chip makers.
Apart from these firms and Intel, New Delhi has also urged GlobalFoundries and Taiwan Semiconductor Manufacturing Company (TSMC) to scale up their operations in the country.
Last week, Vedanta said it was in advanced talks with Gujarat, Maharashtra and Telangana to choose a site by mid-May. It has a planned investment outlay of US$20 billion for its semiconductor and display push.
We will keep you informed about the latest developments in this field. stay tuned.
Speaking of semiconductors, note that TSMC is the largest contract manufacturer of semiconductor chips in the world. The company manufactures chips for major tech firms like Apple, Nvidia, Intel, Qualcomm, etc.
It is one of the most successful companies whose stock has been a big money maker.
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Stocks are moving up on specific news…
Tata Consumer is one of the top buzzing stocks today.
The merger of Tata Coffee with Tata Consumer Products will be completed in 12-14 months and the companies are in the early stages of filing the regulatory process.
According to sources close to the development, the two companies do not see any impediment in the process of merger.
Tata Consumer has announced the merger of all Tata Coffee businesses, either by itself or with its subsidiaries, as part of a restructuring plan in line with its strategic priority to unlock synergies and potential.
Under this scheme, the shareholders of Tata Coffee will receive a total of 3 equity shares of Tata Consumer for every 10 equity shares held by them.
Speaking about the demand scenario under the ongoing geopolitical crisis, the management said that the demand for Russia and Europe also remained stable.
However, the company acknowledged inflationary pressure and logistics concerns for shipments to certain markets.
The people who spoke said that the company expects to double the pepper business in the next 3-4 years.
Tata Consumer share price is currently trading with a decline of 1%.
This article is syndicated from Equitymaster.com