Sensex Opens Flat; Banking and Finance Stocks Lag

Mon, 7 Sep 09:30 am

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Asian stock markets are lower today. Japan's Nikkei is down 0.4% ahead of a heavy week of macroeconomic data. Australian shares slipped 0.4% while South Korea and New Zealand's benchmark index are off 0.1% each.

Meanwhile, the Nasdaq closed lower on Friday though well above its session low as selling eased late in the day after investors dumped heavyweight technology stocks due to concerns about high valuations.

Back home, Indian share markets have opened the day mixed.

The SGX Nifty was trading lower in the early morning session.

The BSE Sensex is trading up by 41 points.

The NSE Nifty is trading lower by 3 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.3%.

BSE Small Cap index is also trading higher by 0.1%.

Sectoral indices are trading mixed with BSE Bankex witnessing selling pressure.

BSE Telecom Index is trading in green with 1.1% gains.

Moving on, the rupee is currently trading at 73.29 against the US$.

Gold prices are currently trading down by 0.1% at Rs 50,678.

To know more about gold, just visit our Youtube Playlist on gold investing.

Moving on to the stock specific news...

Bharti Airtel is among the top buzzing stocks today after the company announced the launch of its new Airtel Xstream Bundle.

The Airtel Xstream Bundle combines the power of Airtel Xstream Fiber with speeds up to 1 Gbps, Unlimited Data, Airtel Xstream Android 4K TV Box and access to OTT content.

Airtel said all Xstream Fiber plans now come with unlimited data allowances. Xstream Fiber plans will now start at just Rs 499.

The Airtel Xstream bundle is available to customers starting 7 September 2020. Airtel claims to have 2.5 million broadband customers.

Last month, Reliance Jio had announced new plans for JioFiber broadband with no limit on data usage.

Bharti Airtel share price opened the day down by 0.1%.

Moving on to the news from automobiles sector.

Mahindra & Mahindra (M&M) has entered into a share purchase agreement for further investment in Carnot Technologies.

M&M plans to increase its stake by 9.1% in Carnot with the transaction value being Rs 120 million.

According to the regulatory filing, the share purchase agreement involves in two infusions. These are: Primary Infusion of approximately Rs 30 million and Secondary Purchase of approximately Rs 90 million.

M&M currently holds about 6.5% of the equity share capital in Carnot. After the latest proposed transaction, M&M's shareholding will enhance to approximately 15.6% in Carnot.

Reportedly, Carnot is expected to support company's strategy by developing information technology solutions for its products, customers and businesses.

The transaction is considered in cash and is expected to be completed on or before 30 September 2020.

M&M share price opened the day down by 0.6%.

Speaking of the automobile sector, note that the sector has rebounded sharply from its March lows.

Have a look at the chart below:

Healthcare sector is at the top, followed by the automobile sector.

As per Apurva Sheth, the auto index entered the greed phase in September 2019 and will stay there until December 2021. This means there is still a lot of fuel left for auto stocks.

How automobile stocks perform in the coming months remains to be seen. Stay tuned for more updates from this space.

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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