Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Indian Share Markets Open Flat; IT & Power Stocks Under Pressure
Fri, 2 Jul 09:30 am

Asian share markets are trading on a cautious note today as investors globally awaited US non-farm payrolls data due later in the day.

The Hang Seng is down 1.8% while the Nikkei is trading higher by 0.3%. The Shanghai Composite is down by 1.6%.

In US stock markets, stocks edged higher on Thursday with the S&P 500 closing at record highs for the sixth day in a row.

Weekly jobless claims fell to another pandemic-era low of 364,000, beating estimates of 388,000.

Stocks managed to close higher amid the busiest week in IPO debuts since 2004.

The Dow Jones Industrial Average rose 131 points, or 0.4% while the Nasdaq Composite added 18 points, or 0.1%.

Back home, Indian share markets have opened on a flat note, following the trend on SGX Nifty.

Market participants will track auto stocks today as they come out with their vehicle sales data for June 2021.

--- Advertisement ---
Click Here to Watch the Replay of the Great Indian Wealth Project Event

At our Great Indian Wealth Project special event, we gave away these valuable resources virtually FREE.

This bundle includes our comprehensive wealth creation guide titled- Eight Steps to Your Eight Figure Fortune

And 3 high-potential stocks covered in our latest special reports...

To immediately get you started towards accumulating Rs 7 crore in wealth over the long-term

If you missed this event for some reason, then you can watch the special replay of this event.

Click Here to Watch the Replay...

The BSE Sensex is trading down by 21 points. Meanwhile, the NSE Nifty is trading lower by 4 points.

ICICI Bank is among the top gainers today. TCS, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 0.1%. The BSE Small Cap index is trading higher by 0.5%.

Sectoral indices are trading mixed with stocks in the healthcare sector and realty sector witnessing buying interest.

Power stocks and IT stocks, on the other hand, are trading in red.

Shares of Coforge and Redington hit their 52-week highs today.

The rupee is trading at 74.61 against the US$.

Gold prices are trading up by 0.3% at Rs 47,165 per 10 grams.

Meanwhile, silver prices are trading up by 0.4% at Rs 68,155 per kg.

Watch Now: A Massive 15x Opportunity in Electric Vehicles

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about the basics of short selling, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the telecom sector, Vodafone Idea (Vi) is among the top buzzing stocks today.

Vodafone Idea has approached the government to seek one year moratorium on payment of spectrum instalment of over Rs 82 bn, which is due in April 2022.

In a letter to the telecom secretary on 25 June 2021, the company said it would be unable to pay the instalment of Rs 82.9 bn due on 9 April 2022 due to "cash being used for payment of AGR (adjusted gross revenue) dues and the inability of the operations to generate the required cash in a predatory pricing situation.

According to the letter, the company has requested the Department of Telecom (DoT) to grant it another year of the moratorium to pay this instalment in April 2023 instead of April 2022 and has made it clear that it is almost inevitable that the firm will not be able to pay the said amount in April 2022.

Note that the company has been working on raising new funding for the past six months.

In the letter, the company further added that investors are not willing to invest because they believe that unless there is a significant improvement in consumer tariffs, the health of the industry will not recover, and they will incur a loss on their investment.

--- Advertisement ---
REVEALED: How to Grow and Protect Your Wealth in 2022 and Beyond...

Interested in growing and protecting your wealth in the next decade?

Then Register for The Equitymaster Conference 2022 Right Now

Where the top investment minds of this generation will reveal their most lucrative money-making investment and wealth-protection strategies for the next decade.

Click Here to Get More Details...

The company further highlighted the poor health of the telecom industry, saying it's a result of a prolonged period of prices remaining below the costs.

Shares of the telecom company plunged 10% yesterday after it posted a loss of Rs 70.2 bn for the March 2021 quarter on the back of an exceptional item.

Vodafone Idea share price has opened the day down by 2.3%.

Speaking of Vodafone Idea, note that its shares have been among the biggest wealth destroyers.

In the last five years, its stock price has fallen more than 88%.

Widening losses, pending AGR dues and a rating downgrade have cast a shadow on the company's future.

What efforts the company makes for its survival remains to be seen.

Moving on to news from the banking sector, gross non-performing assets (GNPAs) of banks may rise to 9.8% by March 2022 under a baseline scenario, from 7.48% in March 2021, according to the Financial Stability Report (FSR) released by the Reserve Bank of India (RBI).

Under a severe stress scenario, GNPA of banks may increase to 11.22%.

The RBI publishes FSR bi-annually which shows the collective assessment of the sub-committee of the Financial Stability and Development Council (FSDC-SC) on risks to financial stability.

The FSR which was published in January this year had said the GNPAs may rise to 13.5% by September 2021.

However, the latest FSR said banks have sufficient capital, both at the aggregate and individual level, even under stress.

The FSR said that public sector banks (PSBs) GNPA ratio of 9.54% in March 2021 edging up to 12.52% by March 2022 under the baseline scenario is an improvement over earlier expectations and indicative of pandemic proofing by regulatory support.

The impact of second wave on the balance sheets of Indian banks has been less than what was projected before and capital buffers are "reasonably" resilient to withstand future shocks, RBI Governor Shaktikanta Das said in the foreword of the report.

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

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

What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Indian Share Markets Open Flat; IT & Power Stocks Under Pressure". Click here!


Stock Market Updates

Sensex Zooms 800 Points, Nifty Tops 17,400; RBI Keeps Repo Rate Unchanged at 4% (Today's Market)

Dec 8, 2021 10:30 am

Indian share markets trade firm with the Sensex up by 838 points, while the Nifty is trading higher by 237 points.

SGX Nifty Up 114 Points, FabIndia IPO, Tanla Platforms' Partnership with Vodafone Idea, and Buzzing Stocks Today (Today's Market)

Dec 8, 2021 Pre-Open

Top cues to track in today's stock market session.

View More Indian Share Market News

Most Popular

Infosys vs TCS: Which is Better?(Views On News)

Nov 26, 2021

In the post pandemic era, the top two IT companies in India are fighting to capture the growing demand for IT.

6 Popular Stocks that Turned into Penny Stocks(Views On News)

Nov 27, 2021

A look at popular stocks that crashed big time and never recovered, i.e. which went from 'Multibaggers to Multibeggers'.

India's Top 5 Monopoly Stocks to Watch Out for(Views On News)

Nov 30, 2021

These 5 companies dominate their sectors with a huge piece of the pie.

6 Penny Stocks that Rallied 1,000%+ in One Year(Views On News)

Dec 6, 2021

These penny stocks shed their penny status by surging 1,000% or more in the last one year.

The Biggest Winners and Losers in India's Transition to Electric Vehicles(Profit Hunter)

Nov 26, 2021

How India's EV transition could be a major headwind for the incumbents.


Become A Smarter Investor
In Just 5 Minutes

Multibagger Stock Guide 2022
Get our special report Multibagger Stocks Guide (2022 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Dec 8, 2021 (Close)