Sensex Opens Lower; Banking and Finance Stocks Under Pressure

Thu, 17 Sep 09:30 am

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Asian stock markets are lower today after Federal Reserve Chair Jerome Powell highlighted uncertainty about the economic rebound.

The Hang Seng is down 1.9%, while the Nikkei 225 is trading down by 0.7%.

The Bank of Japan and the Bank of England will announce their respective policy decisions later in the day.

US shares rose yesterday with the Fed's statement but then reversed gains as Fed Chairman Jerome Powell said the pace of the ongoing economic recovery is expected to slow.

Overnight, the US Federal Reserve pledged to hold interest rates near zero until at least 2023. The Fed said it would keep interest rates near zero until inflation is on track to "moderately exceed" the central bank's 2% inflation target "for some time," with the aim of offsetting years of weak inflation and allowing the economy to add jobs for as long as possible.

Back home, Indian share markets have opened on a negative note, tracking weak global cues.

The BSE Sensex is trading down by 219 points. Meanwhile, the NSE Nifty is trading lower by 49 points.

ONGC and HCL Tech are among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 0.2%. The BSE Small Cap index is trading down by 0.1%.

Sectoral indices are trading on a negative note with stocks in the banking sector and finance sector witnessing most of the selling pressure.

The rupee is currently trading at 73.48 against the US$.

Gold prices are currently trading down by 0.9% at Rs 51,377 per 10 grams.

Over the last three weeks, gold is trading in a narrow range since hitting record highs of Rs 56,200 last month.

Even with the recent volatility in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

So, is it time to book profits in gold and silver?

In our latest episode of Investor Hour Podcast, Jim Rogers joins Rahul Goel to talk about gold and more...

In the podcast, he tells that he was buying gold and silver and would buy even more. He believes you can get rich with investments in gold and silver.

In this freewheeling chat, he also talks about China, his view on the US dollar, the opportunities in agriculture, the bubble in tech stocks, bonds, bitcoin...and more.

Listen in to the podcast here.

You can also watch the podcast video here:

Moving on to stock specific news...

Dr Reddy's Lab is among the top buzzing stocks today.

Dr Reddy's and the Russian Direct Investment Fund (RDIF) have agreed to conduct clinical trials and distribute 100 million doses of Russia's Sputnik V Covid-19 vaccine in India.

"Upon regulatory approval in India, the RDIF shall supply to Dr Reddy's 100 million doses of the vaccine," said Dr Reddy's in a statement.

The Sputnik V vaccine, which is based on human adenoviral vector platform, is undergoing clinical trials.

Deliveries could potentially begin in late 2020, subject to completion of successful trials and registration of the vaccine by regulatory authorities in India.

Dr Reddy's Lab share price has opened the day up by 1%.

To know more, you can access Dr Reddy's latest quarterly results on our website.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

Moving on to news from the engineering sector, the Shapoorji Pallonji group has told group company Sterling and Wilson Solar that it is unable to repay pending dues to the tune of over Rs 10 billion that were due in June and September.

The repayment is part of dues worth Rs 26.44 billion that the promoters owe to Sterling & Wilson Solar. The loan was to be repaid within 90 days of Sterling and Wilson Solar's IPO, which ended mid-November 2019.

The promoters had sought an extension for repaying the loans, blaming significant and rapid deterioration in the credit markets.

The promoters have so far repaid Rs 15 billion to the company, with Rs 5 billion due on 30 June and rest due by 30 September.

On Wednesday, the company told stock exchanges that it has been paid an amount of Rs 1 billion as on date out of June 2020 instalment of Rs 5 billion, and that the promoters have sought time till September 2021 to repay the rest of the dues.

Note that Shapoorji group's inability to repay the dues comes at a time when its efforts to raise funds by pledging its shares in Tata Sons have been challenged by the Tata group. Shapoorji holds around 18% in Tata Sons.

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!

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