Sensex Falls 337 Points, Nifty Ends Below 17,650; Banking & Finance Stocks Witness Selling

Thu, 22 Sep Closing

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After opening the day on a negative note, Indian share markets continued the downtrend throughout the volatile session and ended 0.6% lower.

Benchmark indices declined for the second straight session, in line with Asian peers. This was on the back of the slide in global equities after US Federal Reserve hiked interest rate by 75 basis points for the third successive time to fight red-hot inflation.

Meanwhile, India's central bank is due to meet next week to decide on its own path for the monetary policy.

At the closing bell, the BSE Sensex stood down by 337 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 89 points (down 0.5%).

Titan, HUL, and Asian Paints were among the top gainers today.

Power Grid Corporation, Axis Bank, and HDFC Bank on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,647, down by 70 points, at the time of writing.

The broader markets ended on a negative note. The BSE Mid Cap index ended up by 0.3% and the BSE Small Cap index ended higher by 0.5%.

Sectoral indices ended on a mixed note today with stocks in the finance sector, banking sector, and energy sector witnessed maximum selling pressure.

While stocks in the auto sector, FMCG sector, and power sector witnessed maximum buying interest.

Investors were back to hunting the best FMCG stocks in India as those are considered defensive bets.

Shares of Page Industries, ITC, and Schneider Electric Infra hit their 52-week high today.

ITC shares continue to head higher as the company is exploring alternate structures for its hotel business.

Outside the home ground, Asian share markets ended on a weak note.

At the close in Tokyo, the Nikkei ended on a negative note, down by 0.6% while the Hang Seng dived 1.6%. The Shanghai Composite ended lower by 0.3%.

US stock futures are trading on a positive note today with Dow futures trading up by 0.2%.

The rupee is trading at 80.9 against the US$. Rupee today touched its all time low as the dollar index hit a 20 year high.

Gold prices are currently trading up by 0.7% at Rs 49,443 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.9% at Rs 57,298 per kg.

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This is no random assumption. Brijesh delves into the topic and with the help of charts, makes his case.

In news from the healthcare sector, Fortis Healthcare was among the top buzzing stocks today.

Share price of Fortis Healthcare tanked 16% today after supreme court ordered forensic audit for IHH healthcare share sale.

The Supreme Court also remanded the issue of the Fortis-IHH deal to the Delhi High Court which will decide on whether the open offer for Fortis can be allowed based on the evidence it gets and directed it to consider a forensic auditor's appointment.

Daiichi is seeking execution of US$500 m award against hospital chain's former owners, the Singh brothers, in Delhi High Court.

Malaysia's IHH Healthcare had acquired a 31% controlling stake in Fortis in 2018, which had triggered a mandatory open offer to acquire another 26% of the hospital chain shares from the market.

It had acquired the stake in Fortis Healthcare in August 2018 by paying US$1.1 bn in a bidding process overseen by an independent board.The open offer, however, could not move forward due to ongoing legal proceedings with respect to the transaction based on a plea filed by Daiichi Sankyo.

Commenting on it, Fortis Healthcare in exchange filing said,

• We understand that the proceedings before the Hon'ble Supreme Court have concluded with certain directions and the Suo-motu contempt has been disposed-off.
  
  We will go by the directions of the Hon'ble Supreme Court and will be seeking legal advice regarding our future course of action.

Fortis Healthcare ended the day 14% lower on the BSE.

Moving on to news from the IT sector, shares of Infosys were also buzzing today.

Infosys shares hit a 52-week low today amid growth concerns.

The US markets ended lower overnight, dragged by IT stocks, after the US Federal Reserve announced another 75-basis points rate hike.

Back home in India, mirroring the trend on Nasdaq, Indian IT stocks slumped sharply on the back of weak global cues as investors digested another rate hike by the Fed and its commitment to keep up increases into 2023 to fight red-hot inflation.

For April to June 2022 quarter, the operating margins of Infosys have dented due to wage hikes rolled out in the quarter, supply side challenges, increase in sub-contractor expenses, and travel & visa related expenses.

Also, the lower spending in the tech due to higher inflation and macro headwinds has added to the downward rally.

Another problem hurting Infosys is the high attrition rate. Infosys recorded an attrition rate of 28.4% for the June quarter, up from 27.7% sequentially.

This was the highest attrition rate among the top Indian IT companies.

On a YTD basis, Infosys share price has fallen more than 26%. Take a look at the chart below:

Infosys is a large Indian IT services company, having stakes in exciting unlisted stocks. It is also among the best IT stocks in India.

For an in-depth analysis on why Infosys shares have crashed, check out why Infosys share price is falling.

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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