Sensex Falls 400 Points on Weak Global Cues, Nifty Below 17,500; Maruti & HDFC Bank Top Losers

Fri, 1 Oct 09:30 am

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Asian stock markets started October on the back foot, after their US peers capped their biggest monthly selloff since March 2020 with further losses.

The Nikkei is trading down by 2.4%. China begins a week-long holiday and Hong Kong's market is shut today.

In US stock markets, Wall Street indices fell on Thursday even after confirmation that the House passed a nine-week spending bill to avert a US government shutdown.

After climbing steadily for much of the year, the stock market became unsettled in recent weeks with the spread of the more contagious delta variant of Covid-19, a sudden spike in long-term bond yields and word that the Federal Reserve may start to unwind its support for the economy.

The Dow Jones Industrial Average fell 547 points, or 1.6%, while the Nasdaq Composite dipped 0.4%. The Dow and the Nasdaq recorded their worst months in 2021.

Back home, Indian share markets have opened deep in the red, following the trend on SGX Nifty.

The BSE Sensex is trading down by 388 points. Meanwhile, the NSE Nifty is trading lower by 116 points.

Power Grid is among the top gainers today. Maruti Suzuki and Bajaj Finserv, on the other hand, are among the top losers today.

The BSE Mid Cap index has opened down by 0.3%. The BSE Small Cap index is trading on a flat note.

Sectoral indices are trading on a mixed note with stocks in the telecom sector and metal sector witnessing most of the selling pressure.

Power stocks, on the other hand, are trading in green.

Shares of Tejas Networks and Delta Corp hit their 52-week high today.

The rupee is trading at 74.29 against the US$.

Gold prices are trading up by 0.1% at Rs 46,323 per 10 grams.

Gold eased today after rallying to a one-week high above the key US$1,750 level in the previous session, as the dollar rebounded and made the metal expensive for holders of other currencies.

Crude oil prices dropped today on the prospect that the organization of the petroleum exporting countries (OPEC+) supplier alliance might step up a planned increase in output to ease supply concerns, with soaring gas prices spurring power producers to switch from gas to oil.

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In news from the energy sector, the center on Thursday raised the price of domestically produced gas by 62% to US$2.90 per m British thermal units (mmBtu) as lower production amid higher demand increased North American and European gas prices.

The ceiling price for gas to be produced from difficult fields, which have higher pricing and marketing freedom, has been raised by 69% to US$6.13/mBtu.

The new prices will be effective for six months starting today.

Natural gas price is set every six months on 1 April and 1 October each year, based on rates prevalent in surplus nations such as the US, Canada and Russia in one year with a lag of one quarter.

As per reports, this move will have adverse implications for use industries including power and fertilizers. It could also spike inflation and strain India's current account.

The domestic gas price is linked to the weighted average price of four global benchmarks (US, UK, Canada and Russia). Spot US LNG prices have risen from around US$2.4/mBtu in April to US$4.2/mBtu in August.

The centre had slashed domestic gas price by a sharp 25.1% to the all-time low rate of US$1.79/mBtu in September 2020, and had kept the rate unchanged in the last price revision in April.

State-run companies including Oil & Natural Gas Corp (ONGC) are likely to benefit from this price rise as it produces about 80% of the domestic natural gas.

The price rise also coincide with gas production being ramped up at the difficult fields of Reliance Industries and BP's ultra-deep-water KG-D6 Block in the Krishna Godavari basin and ONGC's U1B deep-water gas located in KG-DWN 98/2 block on the east coast.

It remains to be seen how this would impact the company's earnings in fiscal 2022.

Moving on to stock specific news...

HDFC Bank is among the top buzzing stocks today.

HDFC Bank and its brokerage arm HDFC Securities have invested US$ 1 m in Borderless Softtech Pvt. Ltd., a subsidiary of US based Borderless Investing Inc., which runs Stockal, India's largest global investment platform as part of its Pre-Series A funding.

This partnership will widen the company's subscriber base by expanding growth opportunities to allow Indian investors get access to over 5,500 US-listed companies fractional stocks, and expert-curated Stacks & ETFs.

HDFC Securities was the first financial institution to partner with the platform to help drive its growth in the country post its onset in India making it the No.1 platform for seamless investments in the US markets.

In other news, HDFC Bank has issued 4 lakh credit cards since the Reserve Bank of India (RBI) lifted a regulatory embargo on issuance of new cards by the lender in August.

The bank is also planning to relaunch three credit card products, which will be available to customers in October.

It is also looking to partner with other entities to expand customer base. Just last week, HDFC Bank had announced a strategic tie-up with Paytm to deliver financial solutions to consumers and merchants across the country.

HDFC Bank share price has opened the day down by 1.7%.

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.

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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