Sensex Opens Flat; ONGC and Power Grid Top Losers

Thu, 30 Sep 09:30 am

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Asian share markets fell today as investors remained cautious ahead of the deadline for the US debt ceiling bill later in the day, fearing a potential government shutdown.

The Hang Seng and the Nikkei are trading down by 1.1% and 0.1%, respectively. Meanwhile, the Shanghai Composite is up 0.4%.

In US stock markets, Wall Street indices ended mixed on Wednesday in a partial rebound from the previous day's broad sell-off, with remarks from US Federal Reserve Chairman Jerome Powell keeping a lid on gains.

The Dow Jones Industrial Average added 0.3% while the Nasdaq declined 0.2%.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty.

The BSE Sensex is trading down by 72 points. Meanwhile, the NSE Nifty is trading lower by 131 points.

Dr Reddy's Lab is among the top gainers today. Power Grid and Bajaj Auto, on the other hand, are among the top losers today.

The BSE Mid Cap index has opened up by 0.4%. The BSE Small Cap index is trading higher by 0.7%.

Sectoral indices are trading on a mixed note with stocks in the energy sector and banking sector witnessing selling pressure.

Realty stocks and consumer durable stocks, on the other hand, are trading in green.

Shares of Solar Industries and Oberoi Realty hit their 52-week high today.

The rupee is trading at 74.26 against the US$.

Gold prices are trading up by 0.4% at Rs 45,782 per 10 grams.

Speaking of the stock market, Brijesh Bhatia, Research Analyst at Fast Profits Report discusses whether the metals sector is still the best sector of 2021, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the FMCG sector, Emami has embarked on various distribution initiatives and rural expansion drive to boost growth in the current fiscal, its Chairman RS Agarwal said yesterday.

Addressing shareholders at the company's annual general meeting, he said in the first quarter of the current financial year, the company continued to face market challenges due to the second wave from mid-April onwards.

To augment the current distribution strength, Emami outlined a clear strategy to drive growth aggressively in the rural market, he said, adding digitalisation of rural sales force was completed successfully last fiscal.

Emami has also decided to have a strong omnichannel presence beyond wholesale, with a focused growth in direct retail reach, modern trade, ecommerce and D2C channels.

Elaborating on the D2C ecommerce platform Zanducare has successfully garnered almost 10 m unique visitors and last year the offtake of Zandu Healthcare improved by 45%.

Emami share price has opened the day down by 1.2%.

Moving on to news from the media sector, Zee Entertainment (ZEE) is among the top buzzing stocks today.

Invesco Developing Markets Fund, a foreign portfolio investor in ZEE that holds 17.88% in the company, has moved the National Company Law Tribunal (NCLT) in the ongoing tussle with the media firm.

The move comes after ZEE failed to convene an EGM to seek shareholders' approval to remove certain directors, including Punit Goenka.

At present, Goenka, son of Essel Group founder and chairman Subhash Chandra, is the chief executive & MD at ZEE.

Further, the fund had also sought induction of its nominees on ZEE's board.

The petition, which has been listed with the tribunal's Mumbai bench, is slated to come up for hearing today.

Invesco, together with its subsidiary OFI Global China Fund earlier also asked ZEE to convene an EGM. Apart from the ouster of the directors, whom the fund said were in breach of corporate governance norms, the fund had also sought a reconstitution of the present board.

The move followed a board approval by ZEE for merger of the company with rival Sony Pictures Networks India (SPNI), a subsidiary of Japan's Sony Corp, to create India's largest media and entertainment company.

Speaking of ZEE, shares of the company have been in focus ever since the shareholder activism and merger news came out.

Over the last 30 days, Zee Entertainment share price is up as much as 80%. Over the last one year, it has gained 50%.

To know more, check out the latest shareholding pattern of Zee Entertainment.

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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Indian Share Market Update: Top Gainers and Losers