Sensex Trades Lower; Maruti Suzuki and Kotak Mahindra Bank Top Losers

Wed, 3 Aug 10:30 am

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Asian share markets traded with healthy gains today, recovering some of the previous day's plunge fuelled by Nancy Pelosi's visit to Taiwan, though traders remain on edge over the impact on China-US relations.

The Nikkei rose by 0.7%, while the Hang Seng was up by 0.8%. The Shanghai Composite is trading higher by 0.6%.

Major US stock indices ended lower on Tuesday in choppy trading as rising tensions between the United States and China and Federal Reserve rate expectations dominated investors' minds.

Risk appetite improved after US House of Representatives Speaker Nancy Pelosi arrived in Taiwan.

The Dow Jones fell by 1.2% while the tech heavy Nasdaq was down 0.2%

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

Benchmark indices opened in green today following the trend on SGX Nifty. But, as the session progressed, erased gains.

At present, the BSE Sensex is trading lower by 336 points. Meanwhile, the NSE Nifty is trading down by 103 points.

HCL Technologies and Bharti Airtel are among the top gainers today.

Maruti Suzuki and ITC are among the top losers today.

Bajaj Finserv share price is rising after it reported good results last week.

Meanwhile, TVS Motor Company share price is also rising post declaring highest ever net profit and EBITDA.

M&M share price touched its all-time high recently as the company received superb response to its new vehicle launch.

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 0.2%.

Sectoral indices are trading on a negative note, with exception of healthcare, IT, and Tech sectors.

Meanwhile, stocks in the telecom and auto sector witness most of the selling.

Ahead of its MPC meeting, the Reserve Bank of India (RBI) can take some solace from the softening food commodity prices.

A Reuters report said that local wheat prices jumped to a record Rs 23,547 per tonne on Wednesday last week. That is a 12% rise from the recent lows that followed the government's surprise ban on exports on 14 May.

Wheat and rice stocks in India are gaining traction lately due to this reason.

Adani Transmission and Blue Dart Express hit their 52-week highs today.

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Also check out our editorial on the 10 fundamentally strong small cap stocks.

In the commodity markets, gold prices remain flat. Today, gold prices are trading at Rs 51,310 per 10 grams.

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

Meanwhile, silver prices are trading lower at Rs 57,487 per kg. Silver price too have fallen a lot in recent days.

The rupee is trading at 78.7 against the US dollar.

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In news from the FMCG sector, ITC divests its stake from one of its businesses.

Diversified group ITC on Tuesday said it has exited from lifestyle retailing business following a strategic review of the business portfolio.

The company entered the lifestyle retailing business more than two decades ago under the Wills Lifestyle brand. It sold a range of apparel including formal, casual, evening and designer wear under the brand.

It also had John Players menswear range of casuals, denims, formals and accessories.

However, in 2019 the company undertook a restructuring of the lifestyle retailing business and scaled down the operations of the vertical and sold the John Players brand to Reliance Retail for an undisclosed amount.

Last month, ITC Chairman Sanjiv Puri said that the company was liquidating some old inventory of the Wills brand left in a few stores and there were no further plans to continue the business.

In the past, ITC had said that its lifestyle retailing business was adversely impacted by e-commerce players which aggressively pushed to capture market share amongst value-seeking consumers by offering heavy discounts and launching exclusive labels and brands.

Following the news of divestment ITC share has opened in the red today.

ITC recently posted its Q1 results. Q1 was a stellar for ITC. Shares of ITC surged yesterday by 1.6% ahead of its results.

Here's how ITC performed recently.

Further in news from the banking sector, Axis Bank is set to acquire stake in a Fintech company.

The bank will acquire 8,921 equity shares, equivalent to 5.1% of face value of Rs 10 each for Rs 550 m in CredAble. The acquisition is expected to be completed by September 30, 2022, Axis Bank said in a regulatory filing.

CredAble is a fintech platform which enables working capital financing for vendors, distributors, dealers and retailors through its network of financial institutions. It also offers licensing of its technology to financial institutions as a co-branding solution.

Incorporated in July 2018, CredAble had a total income of Rs 83.5 m in 2021-22. In FY2021, its income stood at Rs 24.6 m and Rs 276.4 m in 2019-20.

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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