Sensex Tumbles 850 Points as IT Stocks Fall, Nifty Below 17,300; Tech Mahindra & Infosys Top Losers

Mon, 29 Aug 10:30 am

   Previous Close   

   Pre-Open   

   Closing   

Major Asian share markets opened lower today after US Federal Reserve Chair Jerome Powell declared his commitment to rate hikes to fight inflation last week.

The Nikkei fell by 2.8% while the Hang Seng was up by 0.9%. The Shanghai Composite is trading higher by 0.5%.

Wall Street indices ended Friday deep in the red with all three benchmarks more than 3% lower, as Powell's signal that the central bank would keep hiking rates to tame inflation nixed nascent hopes for a more modest path among some investors.

The Dow Jones was fell by 3% while the tech heavy Nasdaq was trading lower by 3.9%.

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

Benchmark indices opened deep in the red today following the trend on SGX Nifty. However, as the session progressed, some losses were erased.

At present, the BSE Sensex is trading lower by 813 points. Meanwhile, the NSE Nifty is trading down by 248 points.

The BSE fell more than 1,400 points in pre-opening trade.

HUL and UltraTech Cement are among the top gainers today.

Tech Mahindra and Infosys are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down by 1.1% while the BSE Small Cap index is trading lower by 1.1%.

Sectoral indices are trading on a negative note, with stocks in the metal sector and IT sector witnessing most of the buying.

IT stocks are falling once again mirroring the huge fall on Nasdaq index.

Most of the steel stocks in India are also trading lower today. Companies in the steel sector are waiting for the government to withdraw export duty so they can proceed further with their capex plans.

Keep an eye out on these 5 multibagger stocks to watch out for in 2023.

Thermax and Mazagon Dock Shipbuilders hit their 52-week high today.

The auto sector stands under the roof of revolution because of electric vehicles (EVs). Even public transport mode is changing. In this situation these companies are critical to the success of India's electric bus revolution...

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Also check out our editorial on the 5 consistent dividend paying midcap stocks to add to your watchlist.

In the commodity markets, gold prices fall. Gold prices are trading lower by Rs 454. Currently, gold prices are trading at Rs 51,248 per 10 grams.

Note that gold prices have fallen and have taken quite a knock in recent weeks.

Meanwhile, silver prices are trading higher at Rs 54,850 per kg. Silver price too have fallen a lot in recent days.

The rupee is trading at 80.04 against the US dollar.

After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

In the below video, Brijesh Bhatia does a complete analysis of today's market.

Speaking of stock markets, on Friday, the Nifty 50 saw a sharp fall in the last hour of trading. However, the small-cap index stood against the odds and ended in gains.

Overall, the market correction ended in June 2022. After that the small-cap index has rallied over 20%. Take a look at the chart below.

 

Chartist Brijesh Bhatia believes that small-cap stocks are just starting a new innings.

He concludes this on the basis of Fibonacci Time-Cycle breakout. To understand more about this in detail, you can read his editorial on: the small-cap index break out: track top small-caps closely.

In news from the cement sector, UltraTech Cement expands capacity.

UltraTech Cement, an Aditya Birla group company, has completed expansion of 1.3 mtpa capacity at Dalla Cement Works in Uttar Pradesh.

This is part of the first phase of capacity expansion announced in December 2020.

With this commissioning, the company's total cement manufacturing capacity in India now stands at 115.85 mtpa.

UltraTech Cement, the cement flagship company of the Aditya Birla Group, is the third largest cement producer in the world, outside of China.

On consolidated basis, the cement major reported a 7% decline in net profit to Rs 15.8 m in Q1 of financial year 2022-23 as against Rs 17 bn recorded in Q1 of financial year 2021-22.

Net sales surged 28.3% to Rs 150.1 bn in quarter ended 30 June 2022 as against Rs 117 bn posted in the same quarter a year ago.

Further in from the agriculture sector, all subsidised fertilizers will be sold under single brand.

All subsidised fertilisers including urea and Di-ammonium Phosphate (DAP) will be sold under the single brand 'Bharat' from October, a move aimed at ensuring timely availability of soil nutrients to farmers and reducing the freight subsidy.

Announcing the new initiative 'One Nation One Fertiliser' under the fertiliser subsidy scheme 'Pradhanmantri Bhartiya Janurvarak Pariyojna (PMBJP)', Chemicals and Fertilisers Minister Mansukh Mandaviya said,

"The companies are allowed to display their name, brand, logo and other relevant product information only on one-third space of their bags."

On the remaining two-thirds space, the Bharat brand and PMBJP logo will have to be shown. The companies have been given time till year-end to clear their old stock.

In the last financial year, the central government incurred a fertiliser subsidy bill of Rs 1.62 tn.

In view of a sharp rise in global prices in the last 5-6 months, the government's subsidy bill is estimated to rise to Rs 2.25 tn in the current fiscal.

The government subsidises 80% of the retail price of urea, 65% of DAP, 55% of NPKs and 31% of Muriate of Potash (MoP) prices. Freight subsidy is also provided in the range of Rs 600-900 bn annually.

Although the specifications of fertilisers manufactured by different companies are same as per the Fertiliser Control Order 1985 across the nation, the products are manufactured and marketed under different brands in different states.

There is a criss-cross movement of fertilisers across states, causing delays in transportation of soil nutrients and putting a freight subsidy burden on the government.

For instance, cooperatives IFFCO and KRIBCO have their manufacturing units in Uttar Pradesh but they transport and sell their products in Rajasthan and Madhya Pradesh.

In some cases, fertilisers are manufactured in western India for marketing in the Eastern region of the country.

The agriculture industry is ramping up in automation given that India still has some of the most archaic farm systems in the world.

You must have already heard about how agriculture companies are using drone technology in the agriculture sector to boost crop production. This is a classic example of multiplier effect which will benefit agriculture companies as well as Indian companies in the exploding drone market.

Keep an eye out for these fertilizer stocks as India goes on a gradual transition.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers