Sensex Falls 500 Points, Nifty Drops Below 15,500; Tata Steel, JSW Steel & Hindalco Slump 5%

Wed, 22 Jun 10:30 am

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After three days of rise, Asian share markets opened lower today. The markets exhibited concern of inflation and increasing interest rates thereby increasing the fear of being pushed into recession.

The Nikkei fell by 0.1% while the Hang Seng is down 0.6%. The Shanghai Composite is down 0.2%.

In US stock markets, Wall Street indices ended on a positive note on Tuesday after suffering big losses from last week.

The Dow Jones rallied 2.2% while the tech heavy Nasdaq gained 2.5%.

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

Benchmark indices opened in red following the trend on SGX Nifty and extended losses as the session progressed.

FII & DII data is widely tracked as FIIs continue to offload Indian shares.

At present, the BSE Sensex is trading down by 580 points. Meanwhile, the NSE Nifty is trading lower by 196 points.

Dr Reddy's Lab and Maruti Suzuki are among the top gainers today.

Tata Steel, Axis Bank and Bharti Airtel are among the top losers today.

Broader markets are falling. The BSE Mid Cap index is down by 1.2%. The BSE Small Cap index is trading lower by 0.9%.

Sectoral indices are trading in the red with stocks in the energy sector and basic material sector witnessing most of the selling.

In the commodity markets, gold prices lowered by Rs 23, trading at Rs 50,760 per 10 grams.

Meanwhile, silver prices are trading lower at Rs 60,995 per kg.

Crude oil prices slipped lower today. US President Joe Biden took measures to control the rising fuel prices.

Cryptos are trading mixed today. Bitcoin dipped marginally but stayed above US$ 20,000 and Ethereum was also under pressure.

Investors in crypto markets are not having a good night's sleep these days as coins continue to tumble in the face of a global market selloff and rising interest rates.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

Nowadays, rising interest rates have made it to the headlines. Every other day you read in the news that somewhere or other the interest rates have gone up.

Rising interest rates are leading to fall in market indices. The markets are bleeding because of rising interest rates.

In its June meeting the US Federal raised its interest rates by 75 basis points. This is the largest hike since 1994.

Hence this will affect not only US market sentiments but also global markets. So should an investor do in this scenario.

Watch this video to know what to when interest rates are rising..

In news from telecom sector, Vodafone Idea share price is trading lower today ahead of its directors meeting.

Telecom operator Vodafone Idea informed that its board of Directors will meet this week on 22 June 2022 to consider a proposal for raising funds aggregating up to Rs 5 bn.

The funds will be raised by way of issuance of equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group, one of the promoters of the company.

The trading window for dealing in shares of the company shall remain closed for all designated persons under the company's Code of Conduct.

The same shall remain closed till 48 hours from the conclusion of the meeting of the Board, till June 24, 2022, both days inclusive. The trading window for dealing in the securities of the company will reopen on June 25, 2022.

Vi had reported a consolidated net loss of Rs 65.6 bn for the fourth quarter of 2021-22, which is lower than Rs 70.2 bn net loss recorded in the corresponding period of last year.

The company's revenue for the quarter ended March 2022 rose to Rs 102.4 bn, from Rs 96.5 bn recorded in the corresponding quarter of the last year, posting a year-on-year increase of 6%.

The fundraising by Vodafone will be key as the Indian government looks to launch 5G services this year, which will need additional investments by carriers towards spectrum acquisition and network infrastructure in the coming years.

Moving on to the news from IT sector, investors in Happiest Minds have not been very happy as Morgan Stanley investment fund offloaded shares of the company in the open market.

Morgan Stanley Investment Funds on Monday offloaded shares of IT company Happiest Minds Technologies for Rs 1.1 bn through an open market transaction.

According to the bulk deal data available with BSE, Morgan Stanley Investment Funds Emerging Leaders Equity Fund sold 13.1 m shares, amounting to 0.9 per cent stake in the company.

The shares were disposed of at an average price of Rs 800 apiece, valuing the transaction to Rs 1.05 bn.

Meanwhile, Plutus Wealth Management LLP picked up 19.4 m shares of the company.

Shares of Happiest Minds Technologies are 0.6% lower at Rs 821.65 on the BSE.

As of March 2022, Morgan Stanley Investment Funds held a 1.24% stake in the company, as per data available with the BSE.

Moving on to news from the banking sector, HDFC Bank is among the top buzzing stocks today.

India's largest private lender HDFC Bank is planning to facilitate a shift in its payments module from the existing core banking platform. This would ensure minimal payments downtime, even if core banking is not available.

In its annual report for fiscal 2022, the bank's MD and CEO Sashidhar Jagdishan said,

• This 15-month project will be followed by hollowing the customer-master modules from its existing core systems. It will ensure a single system of record for customers across various products.

The bank has partnered a new-age start-up to set up new core banking modules and the project will aid in setting up a fully-resilient active payments architecture, Jagdishan said in the report.

He also stated that it was imperative for the lender to have a long-term vision on overhauling core banking and mobile experiences.

Note that this will be a huge relief for the bank. These comments come at a time in the wake of a series of technical glitches that plagued HDFC Bank over the last couple of years.

Of late, HDFC Bank's customers faced incidents of outages in internet banking, mobile banking, and payment utilities of the bank.

Jagdishan also emphasised the role of branch banking. The private bank is planning to double its network of 6,000 plus branches in the next three-five years by opening 1,500 to 2,000 branches every year.

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.

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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