Sensex Tumbles Over 500 Points, Dow Futures Up by 26 Points

Tue, 28 Sep 12:30 pm

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Share markets in India are presently trading on a negative note.

The BSE Sensex is trading down by 583 points, down 1%, at 59,494 levels.

Meanwhile, the NSE Nifty is trading down 155 points.

Power Grid Corporation of India and Coal India are among the top gainers today. Bharti Airtel and Divi's Lab are among the top losers today.

The BSE Mid Cap index is trading down by 1%

The BSE Small Cap index is trading down by 0.8%.

On the sectoral front, stocks from the real estate sector are witnessing most of the selling pressure.

On the other hand, stocks from the power sector are witnessing most of the buying interest.

US stock futures are trading mixed today.

Nasdaq Futures are trading down by 99 points (down 0.6%) while Dow Futures are trading up by 26 points (up 0.1%).

The rupee is trading at 74.01 against the US$.

Gold prices are trading down by 0.2% at Rs 45,965 per 10 grams.

Gold prices eased in Indian markets today, hurt by a stronger dollar and rising US Treasury yields, while investors awaited more cues from Federal Reserve officials on the central bank's monetary policy shift.

On MCX, October gold contracts were trading higher by 0.4% at Rs 46,162 for 10 grams. September silver futures were up by 1% at Rs 60,578 a kilogram.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock-specific news...

Among the buzzing stocks today is Gujarat State Fertilizers and Chemicals.

Shares of Gujarat State Fertilizers and Chemicals (GSFC) rose over 4% on the exchanges today after the Directorate General of Trade Remedies (DGTR) recommended anti-dumping duty on Caprolactam (used in nylon-making) from the European Union, Korea, Russia and Thailand.The Gujarat-based firm had earlier filed an application for anti-dumping duty on Caprolactam as cheap imports by some countries were disrupting trade for domestic players.

Note that anti-dumping duty is a tariff imposed on imports from other countries that export products at a cheaper value thereby disrupting trade in the domestic market.

To ensure a level playing field in the domestic market, the government imposes anti-dumping duty on foreign imports when it believes that the goods are being dumped through the low pricing in the domestic market.

The duty is imposed to protect local businesses and markets from unfair competition.The imposition of anti-dumping duty is permissible under the World Trade Organisation (WTO) regime. The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a-vis foreign producers and exporters.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

At the time of writing, Gujarat State Fertilizers shares were trading up by 3% on the BSE.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani shares how you can profit from the alcohol stocks cycle, in his latest video for Fast Profits Daily.

Moving on to news from the banking sector...

RBI Imposes Rs 20 m Penalty on RBL Bank 

The Reserve Bank of India (RBI) on 27 September 2021 imposed a penalty of Rs 20 m on RBL Bank

for breaching deposit, board composition norms.

An examination carried out by the central bank showed that the private lender was non-compliant in opening five savings deposit accounts for a co-operative bank.It conducted a Statutory Inspection for Supervisory Evaluation (ISE) which took into the account the lender's financial position as on March 31, 2019.

In a statement, the RBI said,

• The examination of the Risk Assessment Report and Inspection Report and related correspondence in the matter, revealed, contravention of directions and non-compliance with opening of five savings deposit accounts in the name of a co-operative bank and failure to comply with the provisions of section 10A(2)(b) of the Act relating to composition of board of directors.

The RBI said it had also issued a notice to the bank asking it to explain why a penalty should not be imposed on it. After considering the bank's reply to the show cause notice (oral submissions were made during the personal hearing and examination of additional submissions made by the bank) RBI came to the conclusion that contravention warranted imposition of monetary penalty on the bank.

We will keep you posted on more updates from this space. Stay tuned.

Speaking of stocks, here is an illustration of the four phases that a stock goes through during its life cycle. The cycle repeats itself after the stock goes through all these for stages.

This cycle defines everything in markets. If you can master this cycle, then nothing can stop you from making huge profits.

If you're interested to know how a stock's life cycle can offer you the opportunity to make money in every phase, you can read about it in one of the recent editions of Profit Hunter: One Cycle That Defines Everything in the Markets

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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