Sensex, Nifty Erase Gains after a Positive Start; Tata Steel, Infosys & Kotak Bank Top Losers

Tue, 15 Mar 10:30 am

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Asian share markets are lower today as surging Covid-19 cases in China hit investors' confidence who are already worried about the Russia-Ukraine war.

The expected first US interest rate rise in three years also dampened sentiment.

The Nikkei fell 0.1% while the Shanghai Composite slumped 3%. The Hang Seng stood as the biggest loser and plunged over 4%.

In US stock markets, Wall Street indices ended lower on Monday, led by a drop in the Nasdaq, as investors sold tech and big growth names ahead of this week's Federal Reserve meeting and an expected hike in interest rates.

The Dow Jones ended flat while the Nasdaq Composite dipped 2%.

Back home, Indian share markets are trading on a negative note.

In early trade today, benchmark indices extended their rally to a sixth straight session and gained half a percent amid a sharp fall in crude oil prices from their record highs.

But they erased gains as IT and steel stocks came under pressure.

Currently, the BSE Sensex is trading down by 180 points. Meanwhile, the NSE Nifty is trading lower by 48 points.

Tata Consumer and Cipla are among the top gainers today. ONGC, on the other hand, is among the top losers today.

Both, the BSE Mid Cap and the BSE Small Cap index are trading higher by 0.4%.

Sectoral indices are trading mixed with stocks in the automobile sector, realty sector and healthcare sector witnessing most of the buying.

Metal stocks and IT stocks, on the other hand, are trading in red.

Shares of Cipla and JK Paper hit their 52-week highs today.

The rupee is trading at 76.38 against the US$.

Gold prices are trading down by 0.8% at Rs 51,888 per 10 grams.

Meanwhile, silver prices are trading down by 0.7% at Rs 68,266 per kg.

Gold fell to the lowest in more than a week as US Treasury yields surged ahead of an expected rate hike from the Federal Reserve.

Crude oil prices slid to a two-week low on continued ceasefire talks between Russia and Ukraine and concerns about demand in China after a surge in Covid-19 cases.

The selling was in line with broader asset selling. Brent crude was down over 2% to US$104.42 per barrel.

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In news from the banking sector, HDFC Bank is expected to sharpen its digital play for both potential and existing relationships after the RBI eased all curbs last week.

Following the lifting of curbs, HDFC Bank's stock surged yesterday. It drove the Bank Nifty index to gains in excess of 2% and surged 3.3%.

Several media reports suggest that the bank is now expected to gain market share across most products where it had slipped in the past 12 months and enhance its mobile app besides other apps, such as Payzapp and Smartbuy platforms. The bank is also expected to launch a digital credit card soon.

In an interview, Parag Rao, HDFC Bank's country head-payments said,

• One immediate change over the next couple of months will be the relaunch of PayZapp 2.0 on a completely new platform.
  
  Our aim is to be among the top three payment apps in the country. PayZapp will also be a significant engine for new customer acquisition using the payments route.

Note that the relief comes 15 months after the curbs were imposed. HDFC Bank, which issues more than 200,000 credit cards a month, was directed by the RBI in December 2020 to stop issuing fresh cards until it had sorted out its tech problems.

The bank also couldn't launch any new digital initiatives.

HDFC Bank has now highlighted that it has set down medium and long-term goals. In the short run, the bank is focusing on critical services like payments, cards and customer experience.

The bank also plans to triple its IT outlay. CEO Sashidhar Jagdishan had said last April that the bank was heavily investing in IT infrastructure that would help it to bear the potential load for the next five years.

HDFC Bank share price is currently trading down by 0.6%.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company which has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long-run.

Moving on to news from the telecom sector, Vodafone Idea is among the top buzzing stocks today.

Eyeing growth in average revenue per user, Vodafone Idea on Monday made a foray in the online gaming segment in partnership with Nazara Technologies.

The debt-ridden telecom operator sees gaming as a highly monetizable segment with a significant growth potential.

The company's chief marketing officer Avneesh Khosla said this while announcing the foray into the gaming segment:

• Gaming is perfectly aligned with our strategic focus of driving higher engagement quotient with our consumers transitioning from offline to online world, and for sure upgrading ARPU and therefore monetization.

Khosla said the company will strategically build the gaming ecosystem through this partnership.

He said the company plans to launch e-sports in the next couple of weeks followed by social gaming in next 3-4 months.

The games will be available for its subscribers on both free and paid basis. The paid plans of the company are in the range of Rs 25-56 per month.

Note that the cash-strapped telco last week said its board has approved raising Rs 45 bn via issuing shares to its promoters Vodafone Inc and Aditya Birla group entities on a preferential basis.

The firm will issue up to 3.39 bn shares at Rs 13.30 a share.

As of December 2021, promoters of the company have 72.1% stake in the company while FIIs have 4.2% exposure.

To know more, check out Vodafone Idea's latest shareholding pattern.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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