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- Indian Stock Market News September 8, 2021
Sensex Trades Marginally Lower, Dow Futures Down by 48 Points Wed, 8 Sep 12:30 pm
Share markets in India are presently trading marginally lower.
The BSE Sensex is trading down by 222 points, down 0.4%, at 58,057 levels.
Meanwhile, the NSE Nifty is trading down by 75 points.
Gratin Industries and BPCL are among the top gainers today. Divi's Lab and TCS are among the top losers today.
The BSE Mid Cap index is trading up by 0.3%
The BSE Small Cap index is trading up by 0.4%.
On the sectoral front, stocks from the power sector are witnessing most of the buying interest.
On the other hand, stocks from the software sector are witnessing most of the selling pressure.
US stock futures are trading lower today, indicating a negative opening for Wall Street.
Nasdaq Futures are trading down by 7 points (down 0.04%) while Dow Futures are trading down by 48 points (down 0.1%)
The rupee is trading at 73.56 against the US$.
Gold prices are trading up by 0.2% at Rs 47,030 per 10 grams.
Gold prices were flat in Indian markets today after a sharp fall in the previous session. On MCX, gold futures prices were trading marginally higher at Rs 46,980 per 10 grams. In the previous session, gold had slumped 1% tracking weak global cues.
In global markets, gold prices were below the important level of US$ 1,800 an ounce, as a stronger US dollar and higher bond yields hurt the precious metal's safe-haven appeal. Spot gold was flat at US$ 1,796 per ounce, after falling to US$ 1,791.9 in the previous session.
To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?
Speaking of the stock market, Brijesh Bhatia, Research Analyst at Fast Profits Report shares the best window for trading successfully, in his latest video for Fast Profits Daily.
Moving on to stock-specific news...
Among the buzzing stocks today is HDFC Bank.
Continuing its efforts to support MSMEs, HDFC Bank has signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC) to offer credit support to MSMEs across the country.
The MoU was signed by Gaurang Dixit, Director of Finance, NSIC and Akhilesh Kumar Roy, National Head - Sales Excellence and Transformation, HDFC Bank.
The event was digitally attended by Rahul Shukla, Group Head - Commercial and Rural Banking, HDFC Bank.
In a statement Shukla said,
- We believe this partnership with NSIC will help expedite the MSME Sector growth which is the backbone of the country both in terms of economic development and job creation.
As part of this collaboration, HDFC Bank will provide MSMEs with schemes to enhance their competitiveness and will extend support to projects in the areas they are located or other industrial sectors across the country.
HDFC Bank is an Indian banking and financial services entity, headquartered in Mumbai. It is India's largest private sector bank by assets and by market capitalisation.
We will keep you posted on more updates from this space. Stay tuned.
At the time of writing, HDFC Bank shares were trading up by 0.2% on the BSE.
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 automobile sector...
TVS Motor-Backed EV Maker Ultraviolette to Set Up Manufacturing Plant in Bengaluru
TVS Motor-backed electric vehicle (EV) startup Ultraviolette said that it plans to set up a new manufacturing facility in Bengaluru with the target of selling its performance motorcycles in the market in the next six months.
Spread over 70,000 square feet of land at Electronics City in Bengaluru, the new plant will have an annual capacity of manufacturing 120,000 vehicles.
Construction on the new site has already begun and the plant should be operational by the end of this quarter.
While the majority of EV manufacturers in the country are focusing on the scooter segment, Ultraviolette is one of the few players to build motorcycles.
Called F77, the company's maiden product was first showcased in November 2019, but its launch got delayed due to the Covid-19 pandemic.
Ultraviolette said that it will limit production in the first year to just 15,000 units to resolve any teething problems in the supply chain or manufacturing, before ramping up the production to full capacity.
It will source most of the components on its motorcycle locally except the cells used in its batteries and the magnets used in its motors.
Other players manufacturing electric motorcycles in India include One Electric and Revolt Intellicorp.
Bharat Forge-backed Tork Motors is also developing an electric motorcycle.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
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
Indian Share Market Update: Top Gainers and Losers
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