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SGX Nifty Up 79 Points, 5 Factors Why Stock Markets Crashed, Dish TV's AGM, and Buzzing Stocks Today
Tue, 21 Sep Pre-Open

Indian share markets ended deep in the red yesterday.

Tracking a rout in the global markets, benchmark indices tumbled for the second day as investors were spooked by a possible spill over of China's Evergrande's debt woes and fall in commodity prices ahead of US Federal Reserve policy meet outcome.

At the closing bell yesterday, the BSE Sensex stood lower by 525 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 188 points (down 1.1%).

Hindustan Unilever and ITC were among the top gainers.

Tata Steel and JSW Steel, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 1.8%.

Sectoral indices ended on a negative note with stocks in the metal sector, realty sector and power sector witnessing most of the selling pressure.

FMCG stocks, on the other hand, witnessed buying interest.

Shares of Tata Elxsi and KEI Industries hit their respective 52-week highs.

At 8:00 am today, the SGX Nifty was trading up by 79 points, or 0.5% higher at 17,435 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 46,159 per 10 grams at the time of closing stock market hours yesterday.

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Here are 5 Factors Why Indian Stock Markets Plunged:

China's Lehman moment: The fate of Chinese property giant Evergrande, and its US$300 bn in liabilities, is in the balance with a bond interest payment due on Thursday. If it fails to pay, it can have wider repercussions.

Weak global cues: Asian stock markets ended on a negative note yesterday due to concerns about the health of China's economy and Beijing's crackdown on tech firms continued to haunt the region, with stocks in Hong Kong's Hang Seng index skidding more than 3% to their lowest in almost 11 months.

That apart, US stock futures fell, pointing to an extension of recent losses on Wall Street as concerns regarding China's indebted property sector rippled into global markets.

Interest rate decisions: Central banks in the EU, Japan, UK, Switzerland, Sweden, Norway, Indonesia, the Philippines, Taiwan, Brazil, South Africa, Turkey and Hungary all have meetings this week, which will induce some uncertainties.

The Norges Bank is expected to be the first in the G10 to raise interest rates.

Consumer sentiment: US consumer sentiment steadied in early September, but consumers continue to have a bleak view of the outlook amid a stiff bout of inflation, a survey showed on Friday.

Profit booking: Apart from the above, losses were also seen as share market succumbed to profit-booking.

Most of the profit-booking was seen in the metal sector yesterday with stocks such as Tata Steel and JSW Steel dragging the benchmark index lower.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

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Top Stocks in Focus Today

Among the buzzing stocks today will be Nazara Technologies.

Shares of Nazara Technologies rose as much as 4.4% after its independent subsidiary NODWIN Gaming acquired the gaming and adjacent intellectual property (IP) business of OML Entertainment.

NODWIN Gaming bought the business for a consideration of Rs 730 m.

In a press release, the company said,

  • The transaction will provide partial liquidity to OML Entertainment shareholders, including CA Media.

    Ajay Nair, MD of OML Entertainment, will join the NODWIN Gaming board as part of this transaction and will work with Akshat Rathee, MD of NODWIN Gaming and the NODWIN Gaming management team to ensure smooth integration of the OML IPs with NODWIN Gaming and help with growing NODWIN Gaming's business.

While NODWIN Gaming is known for its esports and gaming expertise, OML Entertainment is known for managing some of India's biggest gaming & entertainment creators and for owning and executing storied IPs such as the Bacardi NH7 Weekender.

Nazara Technologies shares have more than doubled from the IPO price of Rs 1,101 to hit a record high of Rs 2,239.9.

Dish TV share price will also be in focus today.

The board of Dish TV has sought more time to convene the next annual general meeting (AGM), citing the regulatory clearances required for accommodating Yes Bank's proposals for a board change.

It has approved the application for postponing the AGM scheduled on 27 September.

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The registrar of companies under the Company Law Board is the authority empowered to give permission for the extension.

Dish TV has not disclosed the new date for the AGM. However, according to regulations, there should be a maximum gap of 15 months between AGMs.

So, Dish TV needs to hold its next AGM by 29 December 2021 as it had conducted its last AGM in September 2020.

Earlier this month on 6 September, Dish TV shared with BSE, a 28-page letter from Yes Bank that proposed to replace five directors on the company's board, including managing director Jawahar Goel.

In their place, the bank seeks to appoint two nominee directors and five independent directors.

The letter also had Dish TV's response which said new board members can be inducted only after the information and broadcasting ministry approves the recommendations.

Then on 13 September, Yes Bank replied that Dish TV can first table the resolution at the AGM before getting the ministry's approval.

Reportedly, Yes Bank has started to reach out to other large shareholders of Dish TV to get the minimum 51% votes to replace its directors.

Yes Bank believes it will get support from IndusInd Bank, which owns about 12.4% stake in the company.

Other shareholders include HDFC and L&T Finance, which own about 5% and 1.95%, respectively.

Wipro Launches Wipro-Google Cloud Innovation Arena

Wipro has partnered with Google cloud to launch the Wipro-Google cloud innovation arena in Bangalore to facilitate cloud services, ensure seamless cloud adoption and accelerate innovation.

The innovation centre will offer a unique combination of people, processes and platforms to create a futuristic experience for customers globally.

Jason Eichenholz, Senior Vice President, Global Head of Ecosystems and Partnerships, Wipro said,

  • We are excited to strengthen our partnership with Google Cloud and look forward to leveraging the Wipro-Google cloud innovation arena to increase cloud capabilities, build solutions across industries, and help our customers simplify their processes and workflows.

The innovation arena is the latest example of Wipro's continued commitment to providing customers with world-class resources and support and a vision for their cloud future, he added.

Hindustan Copper Undertakes Projects to Increase Output

Hindustan Copper is taking necessary actions to increase the output from its mines. It is also in the process of augmenting the mining capacity through expansion projects.

In its annual report, the company said,

  • Against the contract awarded for taking ore production from underground mine at Malanjkhand Copper Project (MCP) through decline route, the contractor has built up the infrastructure and development work is in progress.

During 2010-11, the state owned company had envisaged increasing the mine production capacity from 3.4 m tonne per annum (MTPA) to 12.2 MTPA.

This was subsequently revised to 20.2 MTPA in order to boost domestic production of copper metal to reduce dependence on imports.

The expansion plan will be implemented in a phased manner and in the first phase, a capacity up to 12.2 MTPA would be targeted. It would be scaled up to 20.2 MTPA in the second phase.

How this pans out remains to be seen. Meanwhile, 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.

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