Indian Indices Continue to Trade Lower; SBI & ONGC Fall Over 4%

Wed, 9 Sep 12:30 pm

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Share markets in India continued to witness selling pressure and are presently trading on a negative note.

Benchmark indices fell in early trade today tracking global markets following routing in tech stocks in the US.

Rising tensions between US-China and news in vaccine development also dampened sentiment.

AstraZeneca Plc paused a late-stage trial of one of the leading Covid-19 vaccine candidates due to an unexplained illness in a study participant, disappointing investors who were pricing in a vaccine by the end of the year.

The BSE Sensex is trading down by 341 points at 38,000 levels.

Meanwhile, the NSE Nifty is trading down by 93 points.

ONGC and SBI are among the top losers today. Meanwhile, Asian Paints is among the top gainers today.

The BSE Mid Cap index is trading down by 1.2%.

The BSE Small Cap index is trading down by 1.7%.

On the sectoral front, banking stocks are witnessing most of the selling pressure.

Oil & gas stocks and paint stocks are in focus today as crude oil prices tumbled after Saudi Arabia cut its October selling prices.

Oil futures fell sharply on Tuesday, with Brent tumbling below US$ 40 a barrel for the first time since June.

The rupee is trading at 73.69 against the US$.

Gold prices are currently trading down by 0.4% at Rs 51,125.

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

Speaking of stock markets, in his latest video, Rahul Shah talks about how the current rally in stock markets is out of sync with reality and his preferred strategy to deal with it.

Tune in to find out more:

In news from the mutual funds space, equity schemes saw net outflows for the second straight month in August, as the market's upward trajectory and the need for cash amid the Covid-19 pandemic prompted investors to pull out money.

Equity schemes witnessed outflows to the tune of Rs 40-42 billion in August, led by withdrawals from large-cap and multi-cap schemes, said sources in the know, basing their estimates on the data collected from 88% of the industry.

Open-ended scheme outflows have surpassed Rs 24.8 billion outflows seen in July - their first after over four years.

It will be interesting to see if the outflows signal the turn of a cycle for an industry that has largely witnessed robust inflows since 2014 or if the contribution from systematic investment plans (SIPs) start to slip as well.

SIPs, which have become a favourite route for retail investors to invest in mutual funds (MFs), had slid for the fourth successive month in July to Rs 78.3 billion, down 1% from the previous month.

Note that investor sentiments have improved following a sharp revival in markets over the past few months.

As a result, the retail entry into capital markets through mutual funds witnessed a significant revival as new systematic investment plan (SIP) registrations jumped to 9.13 lakh in June 2020.

The registrations had dropped to 7.5 lakh in April and 8.08 lakh in May 2020 after the Covid-19 pandemic resulted in a sharp fall in the markets in March.

The trend of inflow of new SIP registrations is in line with the rising retail participation in the stock market trade.

Speaking of SIPs, have a look at the chart below which shows the trend in annual SIPs and SIPs in the April-June quarter:

This market crash has provided a once in a decade opportunity in the Indian stock market. A huge wealth creating opportunity lies ahead for investors who get their stock picking right.

Moving on to stock specific news...

Reliance Industries is among the top buzzing stocks today.

In a major investment, Silver Lake is set to infuse Rs 75 billion in Reliance Retail for 1.75% stake in the company, which is a subsidiary of Reliance Industries (RIL).

The investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore, RIL said in an exchange filing.

This is the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the US$ 1.35 billion it invested in Jio Platforms earlier this year.

Silver Lake is the global leader in large-scale technology investing. It has previously invested in Airbnb, Alibaba, Alphabet's Verily and Waymo units among others.

Reliance Retail operates India's largest and fastest growing retail business serving close to 640 million footfalls across its nearly 12,000 stores nationwide.

Reliance Industries share price is presently trading up by 0.9%.

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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