Sensex Opens Over 220 Points Down; Yes Bank Surges 18%

Thu, 3 Oct 09:30 am

   Previous Close   

   Pre-Open   

   12:30 pm   

   Closing   

Asian shares tumbled today after New York markets slumped overnight because the United States opened a new trade war front by saying it will impose tariffs on US$7.5 billion of goods from the European Union. Wall Street's main indices suffered their sharpest one-day declines in nearly six weeks on Wednesday after employment and manufacturing data suggested that the US-China trade war is taking an increasing toll on the US economy.

Back home, India share markets opened on a negative note. The BSE Sensex is trading down by 224 points while the NSE Nifty is trading down by 73 points. Both, the BSE Mid Cap index and BSE Small Cap index opened down by 0.6%.

Barring automobiles stocks, IT stocks, and energy stocks, all sectoral indices have opened the day on a negative note with telecom stocks, capital goods, metal and bank stocks witnessing maximum selling pressure.

The rupee is currently trading at 71.24 against the US$.

The rupee dropped 20 paise to close at 71.07 against the US dollar on Tuesday as heavy selling in domestic equities, unabated foreign fund outflows kept investors edgy.

Market sentiment remained fragile ahead of US-China trade meet on October 10. Besides, rising crude oil prices also put pressure on the domestic unit.

At the interbank foreign exchange market, the local currency opened on a strong note at 70.75 but during the day it lost ground and fell to a low of 71.16.

It finally settled at 71.07, lower by 20 paise against its previous close.

Speaking of foreign investor inflows, one of the top reasons for depreciation in rupee, will they come back to Indian stock markets?

Let's have a look at the monthly foreign investor inflow trend over the last five years.

Will Foreign Investors Make a Comeback Now?

During the entire period, the net foreign investor inflows into Indian equities are worth Rs 1,182.8 billion. For a five-year period, that's not a significant amount at all. The reason being that, foreign investors have also done some heavy selling during this period.

Foreign investors have been net sellers in 27 out of the last 61 months. Even in the ongoing financial year, foreign investors have been net sellers.

Will that change after the latest announcement by the Finance Minister?

Research analyst at Equitymaster, Ankit Shah believes that corporate tax cuts have the potential to revive the business and investment climate in the economy.

In his premium newsletter Insider, Ankit focuses on cherry-picking the best investing opportunities. Even after the jump in stock prices on Friday, many stocks are still trading below their best buy prices.

He believes, the best strategy in the current market is to accumulate quality stocks in a staggered manner as and when prices are attractive.

Moving on to the news from the banking sector. Shares of Yes Bank slumped as much as 23% on Tuesday on account of forced sale of 10 crore equity shares, representing 3.9% of the bank's equity share capital.

The bank said a large stakeholder invoked shares pledged with it, following which the entire pledge stood extinguished.

The Yes Bank stock has also taken a beating recently due to these concerns.

Shares of Yes Bank on Monday tumbled 15% on amid concerns over its exposure to Indiabulls Housing Finance. And on Tuesday, the stock lost 29.9% intraday. It closed at Rs 32 on the BSE, making it the worst hit.

The stock was down for the fifth consecutive session on Tuesday, with Rs 48.3 billion worth of market cap eroded during the period.

In the opening session today, the stock is trading up by 18%.

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

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers