Indian Share Markets Open Flat; ONGC Jumps 4%

Tue, 5 Oct 09:30 am

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Asian stock markets plunged today following overnight losses on Wall Street. Japan's Nikkei dropped 3.2% before recovering.

This decline left the Nikkei in correction territory, more than 10% off its mid-September high. Meanwhile, the Hang Seng is trading higher by 0.3%.

In US stock markets, Wall Street indices ended sharply lower on Monday as investors dumped big tech and other growth stocks in the face of rising treasury yields.

Concerns about a potential US government debt default also dented sentiment.

The Dow Jones Industrial Average fell 0.9% while the Nasdaq tanked 2.1%.

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

The BSE Sensex is trading down by 56 points. Meanwhile, the NSE Nifty is trading lower by 10 points.

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

The BSE Mid Cap index has opened up by 0.2%. The BSE Small Cap index is trading higher by 0.4%.

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

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

Shares of Tejas Networks and Gujarat Narmada hit their 52-week high today.

The rupee is trading at 74.60 against the US$.

Gold prices are trading up by 0.1% at Rs 46,286 per 10 grams.

Crude oil prices eased today after climbing to their highest levels in years in the previous session on the decision by OPEC and allied major oil producers to maintain restraint on supply.

Speaking of stock markets, Rahul Shah talks whether IRCTC's valuations are running ahead of its fundamentals, in his latest video.

In the video, Rahul discusses whether investors should buy more shares of IRCTC or should they partially exit.

In news from the banking sector, HDFC Bank is among the top buzzing stocks today.

While announcing its quarterly update, India's largest private lender HDFC Bank said its advances aggregated to approximately Rs 119.9 bn as of September 2021.

This represents a growth of around 15.4% year-on-year (YoY) from Rs 103.8 bn in the same quarter last year. Sequentially, the bank saw a growth of around 4.4% over Rs 114.8 bn.

As per the bank's internal business classification, retail loans grew by around 13% on a yearly basis and around 5.5% on a sequential basis.

Its commercial & rural banking loans grew by around 27.5% over September 2020 and around 7.5% over June 2021.

Other wholesale loans grew by around 6% YoY and were lower by around 0.5% sequentially.

HDFC Bank's deposits aggregated to approximately Rs 140.6 bn as of September 2021, a YoY growth of around 14.4%.

Its retail deposits grew by around 17.5% whereas wholesale deposits grew by around 2% over last year's September quarter.

The bank further informed that during the quarter, it purchased loans aggregating Rs 71.3 bn through the direct assignment route under the home loan arrangement with HDFC.

HDFC Bank share price has opened the day up by 0.2%.

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.

Moving on to news from the electric vehicles (EV) space, Greaves Cotton is actively focusing to cut its dependence on automotive engines with diversification into electric mobility, a clutch of other B2C businesses as well as non-automotive engines.

So far, engines are still the only business segment to turn a profit at the 162-year-old company. Greaves Cotton is one of the largest suppliers of engines to the three-wheeler industry.

It is now looking to diversify into new businesses. It has acquired electric two-wheeler maker Ampere and electric three-wheeler company Bestway.

Recently, the company also bought a stake in electric three-wheeler maker MLR Auto.

Greaves Cotton is also planning to apply for the recently announced production-linked incentives (PLI) scheme for the automotive sector as an EV components maker.

It has also launched a new franchise model of multi-brand EV retail outlets - AutoEVMart.

The company has a B2C arm called Greaves Retail, where it handles businesses like after-market spares and servicing of multi-brand three-wheelers.

All these diversifications have led to revenue from automotive engines going down to 37% of its topline from more than 60% five years ago.

It remains to be seen how the company's strategy and new-initiatives will drive long-term growth.

Greaves Cotton share price has opened the day up by 0.8%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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