Sensex Tumbles 500 Points, Nifty Below 17,000; Hindalco, Kotak Mahindra Bank & Maruti Suzuki Top Losers

Mon, 3 Oct 10:30 am

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Asian share markets opened lower today, extending falls on Wall Street, where fears grew that monetary tightening could lead to a global recession.

The Nikkei fell by 0.6% while the Hang Seng was down 0.9%. The Shanghai Composite is trading lower by 0.6%.

Wall Street and global stocks slumped further on Friday last week, with government bond yields and the dollar holding near recent peaks, as higher-than-expected inflation capped a nasty third quarter for world markets.

The benchmark indices ended the month with a loss of up to 9.3% and posted its third straight losing quarter.

The Dow Jones fell by 1.7% while the tech heavy Nasdaq ended lower by 1.5%.

Back home, Indian share markets are trading on a negative note.

Benchmark indices opened deep in the red today following the trend on SGX Nifty. As the session progressed, losses were extended.

At present, the BSE Sensex is trading lower by 454 points. Meanwhile, the NSE Nifty is trading down by 112 points.

NTPC and Sun Pharma are among the top gainers today.

Kotak Mahindra Bank and Nestle are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down by 0.6% and the BSE Small Cap index is trading lower by 0.3%.

Sectoral indices are trading on a mixed note with stocks in the consumer durable sector, banking sector and IT sector witnessing heavy selling.

Pharma and telecom stocks, on the other hand, are trading in green.

Among the best IT stocks in India, Infosys, Tech Mahindra and TCS all are trading 1-2% lower.

Eicher Motors and Cipla hit their 52-week high today.

In the commodity markets, gold prices trade flat. Today, gold prices are trading at Rs 50,094 per 10 grams.

Note that gold prices have fallen and have taken a big knock in recent months.

Meanwhile, silver prices are trading higher at Rs 57,410 per kg. Silver prices too have fallen a lot.

The rupee is trading at 81.8 against the US dollar. After touching record low last week, the rupee stabilized.

If you're wondering how to profit from a falling rupee, check out our editorial on how a weaker rupee benefits you.

After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

In the below video, Brijesh Bhatia does a complete analysis of today's market.

Speaking of stock markets, since December 2021, the Indian stock market has been seeing a massive downfall. A huge sell off by FIIs, fear of global recession, geopolitical tensions etc. were responsible for the drop.

Interest rate hikes by RBI was another sign that scared people. With the term recession being coined around every corner, layman feared a slowed economy.

However, interestingly, the consensus opinion of all the economists surveyed by Bloomberg in July is this:

'India has ZERO probability of slipping into a recession'

The chart below shows recession probability forecasts of various countries.

From the looks off it, India is nowhere near recession. The markets have also not suffered much compared to global peers.

In news from the pharma sector, Zydus Lifesciences receives good news.

Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to market Sildenafil for Oral Suspension USP 10 mg/ml.

Sildenafil for oral suspension is used to treat high blood pressure in the lungs (pulmonary hypertension). It works by relaxing and widening the blood vessels in lungs which allows the blood to flow more easily.

The drug will be manufactured at the group's formulation manufacturing facility at Baddi, Himachal Pradesh, India.

Sildenafil for Oral Suspension had annual sales of US $ 65 m in the United States according to IQVIA data (IQVIA MAT Aug 2022).

Further in news from the mining sector, Coal India reported increase in production.

Continuing to maintain the double digit growth in production beginning the financial year 2023, Coal India (CIL) closed the first half of the current fiscal with 299 m tonnes (MTs) output.

This is a sharp upward swing of 49 MTs, the highest incremental growth for any period. Compared to 250 MTs of first half in last year, the growth was 19.7%. All CIL's subsidiaries recorded growth with BCCL topping at 31.3%.

Achieving nearly 43% of the fiscal 700 MT production target in six months, CIL is aiming to close on the rest in the second half. Customarily, CIL's second half of the fiscal production yield is much higher than the first half of fiscal.

The coal major's total coal off-take at 332 MTs in April-September surpassed the target, achieving 101.7% satisfaction. CIL supplied 24 MT more coal compared to 308 MTs of same period last year at a growth of 7.8%.

Supplies to power plants, buoyed by increased production and higher loading, have risen sharply to 285.5 MTs in first half of FY'23. The year-on-year jump is 41 MTs logging 16.8% growth. CIL's supplies stood at 244.5 MTs in first half of fiscal.

On an average loading to power sector was up by 56.5 rakes per day from CIL's sidings, goods sheds and private washeries during April-September'22.

As of September end (till 29th) coal inventory at domestic coal based plants stood at 24 MTs with bulk of the stock boosted by CIL's supplies. The stock is up by 2.4 fold compared to 10 MTs of September 2021 when a sudden spike in generation pushed up the coal demand. Ending September CIL's pitheads have a stockpile close to 28 MTs.

You must be aware that Coal India is among the prominent dividend paying stocks as it has a rich dividend history.

So do check out our editorial on ITC or Coal India - which is the better dividend stock?

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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