Sensex Falls 400 Points, Nifty Near 17,100; Divi's Lab, TCS and Tech Mahindra Top Losers

Tue, 11 Oct 10:30 am

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Asian share markets declined today following a fourth straight drop in US equities amid persistent concern that rising interest rates and geopolitical threats will crimp global growth.

The Nikkei fell by 1.4% while the Hang Seng was down 0.9%. The Shanghai Composite is trading higher by 0.1%.

US stocks fell on Monday, with the Nasdaq posting its lowest close since July 2020, as investors worried about the impact of higher interest rates and pulled out of chipmakers after US announced restrictions aimed at hobbling China's semiconductor industry.

The Dow Jones fell by 0.3% while the tech heavy Nasdaq ended lower by 1%.

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

Benchmark indices opened on a negative note today following the trend on SGX Nifty. As the session progresses, the selloff intensified.

At present, the BSE Sensex is trading lower by 398 points. Meanwhile, the NSE Nifty is trading down by 112 points.

Axis Bank and Wipro are among the top gainers today. IT stocks fell following TCS' result declaration.

Titan and Reliance Industries are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down by 0.4% and the BSE Small Cap index is trading flat.

If you are looking for smallcaps, start your search with the fundamentally strong smallcap stocks that offer cushion in this volatile period.

Sectoral indices are trading on a negative note. Stocks in the consumer durables sector and realty sector witness heavy selling.

Even the best FMCG stocks are trading lower today with Godrej Agrovet and HUL down 1% each.

Shares of Shoppers Stop and Tata Chemicals hit their 52-week high today.

In the commodity markets, gold prices trade lower. Today, gold prices are trading lower by Rs 191 at Rs 50,832 per 10 grams.

Meanwhile, silver prices are trading lower at Rs 58,421 per 1 kg.

The rupee is trading at 82.4 against the US dollar. The rupee touched record low yesterday. 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.

In news from the IT sector, IT major TCS declared interim dividend yesterday.

In its quarterly results, TCS' directors declared a second interim dividend of Rs 8 per equity share of Rs 1 each of the company. The company had declared Rs 8 per share in dividend in the first quarter too.

The second interim dividend will be paid on 7 November 2022 and the record date for the same is 18 October 2022.

The company's net profit for the quarter under review rose by 8.3% to Rs 104.3 bn. This compared to Rs 96.2 bn in the year-ago quarter.

Note that TCS share price was falling recently owing to the global tech stocks selloff, selling by FIIs and attrition concerns among other reasons.

However, despite the selloff, it continues to be one of the favourite stocks of investors because of the performance it has delivered since its listing.

Take a look at the chart below to see why TCS still makes it to investors' portfolio.

In news from the banking sector, Axis Bank filed a petition of insolvency against GVK infrastructure.

In a BSE filing filed on 10 October, GVK Power & Infrastructure said that the National Company Law Tribunal (NCLT), Hyderabad bench has admitted an insolvency proceeding petition filed by Axis Bank against its arm GVK Power (Goindwal Sahib).

It explained that the complete judgement orders of the NCLT are yet to be received and upon receipt of the same the said subsidiary company intends to approach the concerned appellate authority within the stipulated time.

If no relief is given to that company by the appellate, the insolvency resolution professional (IRP) will immediately take charge of the affairs of GVK Power as per the IBC (Insolvency and Bankruptcy Code) 2016.

Further in news from the renewable energy sector, Adani Green Energy acquired stake in three special purpose vehicles.

Inox Wind reported that its arm Inox Green Energy has sold its entire equity stake in three special purpose vehicles to the Adani firm.

Inox Wind, through its subsidiary arm, Inox Green Energy Services has sold the entire equity shareholding held in Wind One Renergy, Wind Three Energy and Wind Five Renergy, to Adani Green Energy.

Moving on to latest developments from the IPO space, the initial public offering of Tracxn Tech was subscribed 23% on the first day of bidding.

The IPO received bids for 49,56,520 shares against 2,12,69,714 shares on offer, according to a NSE data.

The portion for retail investors got subscribed 1.23 times. The category for non-institutional investors received 4%.

The Bengaluru-headquartered company operates on a Software as a Service (SaaS) model and is among the leading market intelligence providers for private company data.

Since IPOs interest you, check out the upcoming IPOs in India on our website.

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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