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Sensex Opens Lower; Banking Stocks Under Pressure
Mon, 29 Jun 09:30 am | Rini Mehta, TM Team

Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.7% while the Hang Seng is down 0.6%. The Nikkei 225 is trading down by 1.3%.

Wall Street's major indices tumbled more than 2% on Friday as several US states-imposed business restrictions in response to a surge in coronavirus cases.

Back home, Indian share markets opened on a negative note.

The BSE Sensex is trading down by 276 points. The NSE Nifty is trading down by 68 points.

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Meanwhile, the BSE Mid Cap index has opened down by 0.5%.

BSE Small Cap index is trading lower by 0.7%.

All sectoral indices are trading in the red with BSE Bankex witnessing maximum selling pressure.

Speaking of the current stock market scenario, note that the coronavirus impact has shaken markets worldwide.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

Here's a look at the chart showing year-to-date (YTD) Sensex gainers and losers.

Largest Positive and Negative Point Contributions of Sensex Components

Moving on, the rupee is currently trading at 75.62 against the US$.

Gold prices are currently trading up by 0.8% at Rs 48,305.

Moving on to the stock specific news...

Axis Bank and Piramal Enterprises are among the top buzzing stocks today.

Axis Bank came in focus after the bank on Saturday clarified that global rating agency Standard and Poor had made an error by inadvertently mentioning that the bank was on credit watch and that it is on Stable outlook.

The bank clarified that S&P had made an editorial error.

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As per the rating action letter by S&P Global Ratings Axis Bank's current issuer ratings stands at BB+/Stable/B from previous BBB-/Negative/A-3 rating.

The S&P stated that, it lowered ratings on Axis to reflect the expectation that heightened economic risks facing India's banking system will affect the bank's asset quality and financial performance. While Axis' asset quality is superior to the Indian banking sector average, its level of non-performing assets (NPAs) will likely remain high compared to international peers'.

The stable rating had been given considering that the bank must have factored in the deterioration in its asset quality over the next 12 months, the reports noted.

S&P had recently downgraded the ratings of Axis Bank along with four non-bank financiers (NBFC)s stating that the increased risks posed by the Covid-19 pandemic will worsen operating conditions.

Axis Bank share price opened the day down by 3.5%.

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In another news, Piramal Enterprises informed that US-based investment firm Carlyle Group will purchase a 20% stake in its pharmaceutical unit for around US$490 million.

Piramal Enterprises will integrate its pharmaceuticals businesses into its wholly owned subsidiary Piramal Pharma, which will use the capital raised through the deal to accelerate its organic and inorganic growth plans.

The conglomerate said the transaction, expected to close in 2020 and subject to regulatory clearance, is one of the largest private equity deals in the country's pharmaceutical sector.

Reportedly, the deal values its pharma business at an enterprise value of US$2,775 million, with an upside component of up to US$360 million depending on the company's performance in the current financial year.

The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal.

Piramal Enterprises share price opened the day down by 0.2%.

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!

Read the latest Market Commentary


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Stock Market Updates

Sensex Trades Marginally Lower, Dow Futures Up by 174 Points (Today's Market)

May 14, 2021 12:30 pm

BSE Sensex is trading down by 29 points, while the NSE Nifty is trading down by 39 points.

Sensex Opens Flat; Asian Paints Rallies 7% Post Q4 Results (Today's Market)

May 14, 2021 09:30 am

Indian share markets open flat. The BSE Sensex opened down by 33 points, while the Nifty is trading lower by 14 points.

ADANI TOTAL GAS Share Price Down by 5%; BSE 500 Index Down 0.1% (Today's Market)

May 14, 2021 09:34 AM

ADANI TOTAL GAS share price is trading down by 5% and its current market price is Rs 1,330. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are ASIAN PAINTS (up 6.7%) and BANK OF INDIA (up 5.7%). The top losers are ADANI TOTAL GAS (down 5.2%) and VINATI ORGANICS (down 7.1%).

JINDAL STEEL & POWER Share Price Down by 5%; BSE METAL Index Down 2.4% (Today's Market)

May 14, 2021 09:32 AM

JINDAL STEEL & POWER share price is trading down by 5% and its current market price is Rs 466. The BSE METAL is down by 2.4%. The top losers are JINDAL STEEL & POWER (down 5.3%) and NMDC (down 5.3%).

BANK OF INDIA Share Price Up by 5%; BSE BANKEX Index Up 0.3% (Today's Market)

May 14, 2021 09:28 AM

BANK OF INDIA share price is trading up by 5% and its current market price is Rs 77. The BSE BANKEX is up by 0.3%. The top gainers in the BSE BANKEX Index is BANK OF INDIA (up 5.2%). The top losers is HDFC BANK (down 0.2%).

GRINDWELL NORTON Share Price Up by 8%; BSE CAPITAL GOODS Index Up 0.4% (Today's Market)

May 14, 2021 09:26 AM

GRINDWELL NORTON share price is trading up by 8% and its current market price is Rs 1,259. The BSE CAPITAL GOODS is up by 0.4%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 7.7%). The top losers are L&T (down 0.3%) and V GUARD INDUSTRIES (down 0.4%).

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