Sensex Trades Marginally Lower, Nifty Below 17,500; Tata Steel & IndusInd Bank Top Losers

Fri, 2 Sep 10:30 am

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Asian share markets are trading mixed today ahead of US jobs data release due later in the day and amid concerns about rising interest rates.

The Nikkei fell by 0.1% while the Hang Seng was up by 0.6%. The Shanghai Composite is trading on a flat note.

A late burst of buying erased some of the stock market's losses, leaving indexes mixed on Wall Street at the closing bell.

The S&P 500 managed to eke out a gain of just over a quarter of 1%, all of it coming in the last 10 minutes of trading. The narrow gains ended a four-day losing streak for the benchmark index.

The Dow Jones rose by 0.5% while the tech heavy Nasdaq ended lower by 0.3%.

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

Benchmark indices opened in the green today following the trend on SGX Nifty. But as the session progressed, gains were erased.

At present, the BSE Sensex is trading lower by 163 points. Meanwhile, the NSE Nifty is trading down by 47 points.

NTPC and Maruti Suzuki are among the top gainers today.

IndusInd Bank and Tata Steel are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is up by 0.3% while the BSE Small Cap index is trading higher by 0.2%.

Sectoral indices are trading mixed with stocks in the industrials and capital goods sectors witnessing buying interest.

While stocks in the IT sector and metal sector witness most of the selling.

Lakshmi Machine and SKF India hit their 52-week high today.

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

In the commodity markets, gold and silver prices rise marginally.

Yesterday gold prices fell to their lowest level in two months. Today, gold prices are trading higher by Rs 14. Currently, gold prices are trading at Rs 50,120 per 10 grams.

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

Meanwhile, silver prices are trading higher at Rs 52,300 per kg, down by around Rs 700 today. Silver price too have fallen a lot in recent days.

The rupee is trading at 79.6 against the US dollar

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In news from the pharma sector, Piramal Enterprises share price is in focus of late, post it started trading ex-demerger.

Take a look at the chart below which shows the company's 1 year performance:

One of the primary reasons for the fall is the demerger. The pharma business of the company is demerged as Piramal Pharma.

However, there are other reasons too. To know in detail, read our editorial on why Piramal Enterprises share price is falling.

Further in news from the pharma sector, Aurobindo Pharma is planning capacity expansion.

On Thursday, Aurobindo Pharma's wholly-owned arm, CuraTeQ Biologics, plans to invest around Rs 3 bn on capacity expansion of biologics manufacturing facilities.

The board of directors of CuraTeQ Biologics, at its meeting held on Thursday, approved the expansion of its operations by establishing another mammalian cell culture manufacturing facility of higher capacity to cater to the future requirements.

Since you are interested in pharma stocks, read our editorial on top 4 pharma stocks to add to your watchlist.

Moving on, Adani Enterprise will now be included in the Nifty 50 index.

Adani Enterprises (AEL), the flagship entity of Adani Group, has been included in the National Stock Exchange's benchmark index, Nifty 50, from 30 September, replacing Shree Cement.

After Adani Ports' inclusion, Adani Enterprises will be the second Adani stock to be included in the Nifty.

The index maintenance sub-committee of NSE indices has decided to make the changes as a part of its periodic review.

Meanwhile, seven stocks namely Adani Total Gas, Bharat Electronics, Hindustan Aeronautics, IRCTC, Mphasis, Samvardhana Motherson and Shree Cements will be included in the Nifty Next 50 index.

These stocks will replace Adani Enterprises, Jubilant Foodworks, Lupin, Mindtree, Punjab National Bank, Steel Authority of India, Zydus Lifesciences.

Apart from Nifty 50, changes have been announced in several indices, including Nifty Next 50, Nifty 500, Nifty 200, and Nifty 100.

All these stocks which will rejig in indices will be in focus over the coming weeks as these stocks usually see inflows and outflows when moving coming out of an index.

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

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