Sensex Tanks 750 Points as Energy, Auto Stocks Fall; Reliance, ONGC & Titan Top Losers

Fri, 1 Jul 10:30 am

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Asian share markets erased early gains and fell in the negative territory tracking a sharp fall on Wall Street.

The Nikkei fell 1.8% while the Hang Seng is down 0.6%. The Shanghai Composite is trading lower by 0.2%.

In US stock markets, Wall Street indices fell on Thursday after US data showed persistently high inflation pinching consumer spending.

This year marked the worst first half year in more than half a century for the S&P 500 index.

The Dow Jones tanked 0.8% while the Nasdaq tumbled 1.3%.

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

Benchmark indices opened on a negative note tracking the trend on SGX Nifty live chart and amid unsupportive global cues.

Sensex and Nifty extended losses as the selloff intensified.

The BSE Sensex is trading down by 564 points. Meanwhile, the NSE Nifty is trading lower by 165 points.

Asian Paints and Bajaj Finserv are among the top gainers today. Reliance and Titan, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 0.4%. The BSE Small Cap index is trading lower by 0.6%.

Sectoral indices are trading mixed with stocks in the energy sector, IT sector and auto sector witnessing most of the selling.

FMCG stocks, on the other hand, are trading in green.

Auto stocks are tracked today as the automobile manufacturers report their number of units sold for the month of June 2022.

Shares of Varun Beverages and Axita Cotton hit their 52-week highs today.

HDFC Life is trading in the green today after falling for the past consecutive sessions. HDFC Life share price is falling lately owing to a slowdown in new business premium.

Rice stocks in India are in focus lately after reports suggested India's rice stock could be barely over the buffer norms come 1 October.

Gold prices are trading up by 2.8% at Rs 51,904 per 10 grams.

Crude oil prices edged higher in early trade after sinking in the previous session as OPEC+ said it would stick to its planned oil output hikes in August.

The rupee is trading at 79.08 against the US$.

As the rupee falls, check out these five companies which stand to gain big from a weakening rupee.

Speaking of stock markets, India's #1 trader Vijay Bhambwani explains whether you should be bullish on gold after the new sanctions on Russia, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

In news from the gaming space, Delta Corp is among the top buzzing stocks today.

Shares of Delta Corp are under intense pressure for the past few days amid the uncertainty over taxation on casinos.

Today, Delta Corp shares are trading higher by 1.7%.

Earlier this week on Wednesday, the GST Council decided to refer the report of the GoM (Group of Ministers) on casinos, online gaming and horse racing back to the panel of ministers for further deliberation.

The finance minister of Goa wanted further discussions on GST rate to be applicable on casinos and in that context both online gaming and horse racing too would be relooked.

The stock has fallen over 20% this month.

Apart from uncertainty, there's also another negative sentiment that's affecting Delta Corp.

Ace investor Rakesh Jhunjhunwala has reduced his stake in Delta Corp by 2.15% through block deals this month.

Post transactions, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala's holding in Delta Corp has now declined to 1.2%.

You can check our editorial on why Rakesh Jhunjhunwala offloaded shares of this gaming company.

Have a look at the chart below to see the company's 1 year performance.

Promoters and foreign institutional investors (FIIs) have also been decreasing their stake in the company for the past year.

Moving on to news from the banking sector, Yes Bank share price is in focus today.

Multiplex chain Carnival Cinemas has been classified as a non-performing asset (NPA) by its sole lender Yes Bank and the group is now seeking to restructure the debt, which now stands at over Rs 8 bn.

Yes Bank has given an ultimatum to either find a buyer and infuse around Rs 5 bn, or the bank will convert debt into equity and sell it.

According to reports, as most of the cinema halls are on lease, and the security that Yes bank has is much lower than the value of the loan given, an out-of-court restructuring of Carnival's loans is a better option for Yes Bank, rather than referring the company for insolvency proceedings.

Note that Yes Bank is one of the companies which turned profitable this in 2022.

The crisis hit private sector lender returned to profitability in the financial year 2022 after posting losses for the last couple of years.

In financial year 2022, the bank witnessed strong growth in deposits and advances. Sanctions stood at Rs 700 bn across various segments.

During the same period, the bank's asset quality improved. The bank's NPAs improved to 13.9% of gross advances from 15.4% in 2021.

The net NPAs also progressed to 4.5% as against 5.9% in the previous year.

To know more about the company, check out Yes Bank's financial factsheet and its quarterly results.

And 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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