Indian Share Markets Open Lower; IndusInd Bank & Wipro Top Losers

Fri, 5 Mar 09:30 am

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Asian stock markets are trading on a negative note today as rising US Treasury yields again rattled equity investors while hoisting the dollar to a three-month high, which in turn dragged the Japanese yen to an eight-month trough.

The Nikkei is trading down by 2% while the Hang Seng is down 0.9%. The Shanghai Composite is trading on a flat note.

In US stock markets, Wall Street's main indexes dropped sharply on Thursday after Federal Reserve Chair Jerome Powell disappointed some investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates.

The 10-year Treasury yield jumped back above 1.5% following Powell's comments. The benchmark rate had stabilized earlier this week after a spike to 1.6% last week amid higher inflation expectations.

The Dow Jones Industrial Average ended lower by 1.1%. Meanwhile, the tech-heavy Nasdaq Composite tumbled 2.1%, taking it down about 10% from its record closing high on February 12 and putting it in correction territory.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty and amid weak signals from Asian markets.

Heranba Industries is slated to list its shares on bourses today. The issue price has been fixed at Rs 627 per share. The issue was subscribed 83 times, with the retail investors portion getting subscribed 11 times.

The BSE Sensex is trading down by 279 points. Meanwhile, the NSE Nifty is trading lower by 83 points.

ONGC is among the top gainers today. IndusInd Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down 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 oil & gas sector witnessing buying interest.

Banking stocks, finance stocks and metal stocks, on the other hand, are trading in red.

Shares of Adani Gas and Balrampur Chini hit their 52-week highs today.

The rupee is trading at 72.99 against the US$.

Gold prices are trading down by 0.4% at Rs 44,381 per 10 grams.

Gold slumped to near nine-month low and is headed for a third straight weekly decline after Federal Reserve Chair Jerome Powell disappointed investors with his view on rising yields that pushed up the dollar and bond yields.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about how inflation is affecting your money in the market and why you need to keep a close eye on it.

Tune in to the video below to find out more:

In news from the automobile sector, putting at rest all speculation around a partnership with Tesla, Tata Sons chairman N Chandrasekaran said on Wednesday that there is "no dialogue" with the Elon Musk-owned car company for a partnership in India.

"There is no dialogue with Tesla. With us, there is nothing," Chandrasekaran told as he spoke about the aggressive plans of Tata Motors and its British subsidiary Jaguar and Land Rover in the electric vehicles space.

The Tata Sons chief said products under Tata Motors and JLR have been performing well, and there is no need for any outside partner at this time.

Note that there have been widespread speculation in the media about an impending partnership between the Tata Group and Tesla as the latter is now entering the Indian market.

The above news had also contributed to the spike in Tata Motors share price. But it had also moved up due to the strong performance of the company's car business in India.

Tesla has registered an office in India (Tesla Motors India & Energy Pvt Ltd) and this has been done in Bangalore. It is expected that the company is currently laying the groundwork.

Tata Group is going strong in electric vehicles business. Chandrasekaran said all electric products of JLR will be in India too.

We will keep you updated on all the latest developments from this space. Stay tuned.

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what Co-Head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India.

Moving on to news from the IT sector, Wipro is among the top buzzing stocks today.

Wipro, in its biggest acquisition so far, has signed an agreement to buy London-based Capco, a global management and technology consultancy, for US$ 1.45 billion.

Capco provides digital, consulting and technology services to financial institutions in the Americas, Europe, and the Asia Pacific.

The deal is an all-cash one and will be funded through internal accruals and debt. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the June quarter.

Rishad Premji, chairman, Wipro, said, "With this deal we are joining select service providers that bring end-to-end consultative, digital cloud, and IT-driven solutions at scale to our customers. This deal will bring scale to Wipro's BFSI (banking financial services, and insurance) play."

The company said this acquisition would make Wipro one of the largest end-to-end global consulting, technology and transformation service providers to the banking and financial services industry.

It will add revenues of US$ 700 million and will see 5,000 technology and business consultants joining Wipro.

Wipro share price has opened the day down by 2%.

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

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Indian Share Market Update: Top Gainers and Losers