Sensex Drops 400 Points, Nifty Falls Below 16,500; Axis Bank and Infosys Top Losers

Tue, 26 Jul 10:30 am

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Asian share markets zigzagged between positive and negative territory but traded mostly higher today, with market heavyweight Alibaba boosted by news it will seek a primary listing in the city.

The Nikkei fell 0.1% while the Hang Seng was up by 0.8%. The Shanghai Composite is trading higher by 0.5%.

Wall Street capped a choppy day of trading with a mixed finish for stock indexes on Monday, as investors braced for another sharp interest rate hike by the Federal Reserve this week as the central bank combats inflation.

The Dow Jones rose by 0.3% while the tech heavy Nasdaq was down 0.4%

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

Benchmark indices opened lower today following the trend on SGX Nifty. Soon as the session progressed, losses were extended.

At present, the BSE Sensex is trading lower by 383 points. Meanwhile, the NSE Nifty is trading down by 106 points.

Bajaj Finserv and Sun Pharma are among the top gainers today.

Dr Reddy's Lab and Infosys are among the top losers today.

Infosys share price is in focus after it reported Q1 results last week on Sunday.

Meanwhile, Zomato share price is falling as the IPO lock-in period ended.

Broader markets are trading on a negative note. The BSE Mid Cap index is down by 0.5% while the BSE Small Cap index is trading lower by 0.6%.

Sectoral indices are trading on a negative note with the exception of utilities and oil and gas sectors.

Stocks in the IT and metal sector witness selling. Chartist Brijesh Bhatia believes it's a good time to buy the dip in IT stocks.

Gujarat Fluorochemicals and Timken India hit their 52-week highs today.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

In the commodity markets, gold prices finally see a little rise. Today, gold prices are up by Rs 39 trading at Rs 50,575 per 10 grams.

Note that gold prices have fallen and taken quite a knock in recent weeks.

Meanwhile, silver prices are trading higher at Rs 54,486 per kg. Silver price too have fallen a lot in recent days.

The rupee is trading at 79.77 against the US dollar.

The rupee fell and closed at 79.6 against the US$ yesterday.

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

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After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

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In news from the finance sector, Bajaj Finserv may go for a stock split.

Bajaj Finserv board of directors will on Thursday may consider the proposal for a stock split of company's equity shares.

Through stock split, a company increases its number of outstanding shares while reducing the price of each share without affecting the firm's overall market capitalisation.

The proposal will be taken for approval by the board of directors for sub-division of equity shares of the company of face value of Rs 5 each on 28 July 2022.

Besides, it will also consider the proposal of issue of fully-paid bonus equity shares to the shareholders.

Bajaj Finserv will also announce the June quarter earnings on the same day.

Shares of Bajaj Finserv -- the flagship holding company of Bajaj group's financial services -- closed at Rs 12,610.65 apiece on BSE, down by 1%from previous close.

Bajaj Finserv is one of the 5 consistently compounding stocks that are available at discount.

Further in news from the steel sector, Tata Steel posted its Q1 results yesterday.

Tata Steel reported a consolidated net profit of Rs 77.7 bn for the quarter ended June, down 12.8% over the year-ago period. Sequentially, net profit was down 20.4%.

Revenue from operations at Rs 634.3 bn was higher by 18.6% year-on-year (YoY).

At a consolidated level, raw material cost increased to Rs 313.2 bn from Rs 199.6 bn in the year-ago period due to higher coking coal consumption cost across entities.

This has been a challenging quarter for the global and Indian economy with rising interest rates, supply chain constraints and slowdown in China due to Covid-19. Despite these multiple headwinds, Tata Steel has delivered a strong performance with an improvement in margins.

Net debt at the end of the quarter stood at Rs 545 bn and the financial metrics continued to remain strong with net debt to EBITDA <1.0x.

The company remained committed to its annual deleveraging target of $1 billion in line with the capital allocation strategy to reduce debt.

Tata Steel also said the 6 MTPA pellet plant at Kalinganagar will be commissioned in Q3 fiscal 2023, followed by the cold roll mill complex and the 5 MTPA expansion.

Tata steel is one of the top 6 undervalued stocks to add to your watchlist.

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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