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Sensex Opens Lower; Realty & Auto Stocks Top Losers
Mon, 24 Sep 09:30 am | Rini Mehta, TM Team

Asian shares eased in holiday-thinned trading on Monday and the safe haven yen gained as China canceled upcoming tariff talks with the United States, while oil prices jumped after top producers including Russia ruled out boosting crude output. Meanwhile, the S&P 500 and Dow reached record highs on Friday ahead of today's major sector reshuffle, capping a week that largely shrugged off trade worries.

Back home, India share markets opened lower taking cues from their Asian peers. After Friday's crash, which was led by financial stocks, the Reserve Bank of India (RBI) and the market regulator are closely monitoring developments in financial markets and are ready to take appropriate steps if needed, a central bank statement stated on Sunday.

The BSE Sensex is trading down by 86 points while the NSE Nifty is trading down by 34 points. The BSE Mid Cap index and BSE Small Cap index opened the day down by 0.9% & 0.7% respectively.

Barring information technology stocks and energy stocks, all sectoral indices have opened the day in red with consumer durables stocks and realty stocks witnessing maximum buying interest.

The rupee is trading at Rs 72.23 against the US$.

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Recent woes of emerging markets seem to be never ending. Every day, a new country joins the 'fragile' list.

The latest to do so is South Africa a couple of weeks back. South Africa's economy shrank by an annualised 0.7% in the second quarter plunging the nation into depression.

South Africa joins Argentina, Turkey and Brazil in the list of emerging countries to have their currencies depreciated considerably against the US dollar. More could follow.

India has relatively fared better as compared to these countries.

Growing Uncertainty in Emerging Markets

The recent rally in crude oil has also not helped matters. We are seeing similar traits to the one seen five years back. Back in 2013, India was a part of 'fragile five' emerging markets along with Brazil, South Africa, Indonesia, and Turkey.

Political uncertainty, high inflation, slower growth and large fiscal deficits had dented investor confidence in Indian markets.

In the latest development, assuring lending support to non-banking financial companies (NBFCs), SBI Chairman Rajnish Kumar said there was no concern on liquidity of such firms, amid ongoing debt crisis in IL&FS Group.

Shares of housing finance companies came under sudden heavy selling pressure on Friday as investors raised concerns over rising cost of borrowing for the companies amid crisis at IL&FS.

Reportedly, the fall in NBFCs' scrips was attributed to tightness in money market and a lack of clarity on IL&FS exposure.

Earlier this month, it came to light that IL&FS group defaulted on a short-term loan of Rs 10 billion from SIDBI, while a subsidiary has also defaulted Rs 5 billion dues to the development finance institution.

While IL&FS has nearly Rs 350 billion consolidated debt, IL&FS Financial Services has Rs 170 billion of debt, which sits as standard asset for most of the lenders, the reports noted.

The group has seen its various long-term and short-term borrowing programmes downgraded to 'default' or 'junk' grades by credit rating agencies, even as the regulators are also probing alleged delay in disclosure about certain loan defaults.

Among others, capital markets regulator, the Reserve Bank, the Corporate Affairs Ministry and the Finance Ministry have received complaints about alleged wrongdoings at Infrastructure Leasing & Financial Services Ltd (IL&FS) and its various group entities, including the listed ones.

In our latest edition of the stock market podcast, Apurva Sheth, our lead Chartist and Editor of the premium newsletter, Profit Hunter Pro joins us to share his technical view on the massive stock market crash that we witnessed on Friday.

He also talks about the stocks that could create value in such times. Listen in... visit SoundCloudiTunes or Stitcher.

Moving on to the news from steel sector. As per an article in a leading financial daily, Tata Steel will acquire the steel business of Usha Martin Ltd for Rs 43-47 billion.

Reportedly, the sale of steel business to Tata Steel will help the company in "significant reduction" of its debt.

Further, Tata Steel has executed definitive agreements for the acquisition of Usha Martin's steel business through a slump sale on a going concern basis.

Usha Martin's steel business comprises the specialised 1 million-tonnes-per-annum (MTPA) alloy based manufacturing capacity in the long products segment based in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants.

opened the day down by 0.8%.

To know more about the company, you can access to Tata Steel's Q1FY19 result analysis and Tata Steel's Stock Analysis on our website.

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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Stock Market Updates

EDELWEISS FINANCIAL Plunges by 11%; BSE 500 Index Down 1.2% (Today's Market)

Sep 24, 2018 11:33 AM

EDELWEISS FINANCIAL share price has plunged by 11% and its current market price is Rs 239. The BSE 500 is down by 1.2%. The top gainers in the BSE 500 Index are IL&FS TRANSPORTATION (up 15.7%) and DHFL (up 11.3%). The top losers are EDELWEISS FINANCIAL (down 10.9%) and CENTRAL BANK (down 15.3%).

M&M Plunges by 5%; BSE AUTO Index Down 3.1% (Today's Market)

Sep 24, 2018 11:25 AM

M&M share price has plunged by 5% and its current market price is Rs 959. The BSE AUTO is down by 3.1%. The top gainers in the BSE AUTO Index is CUMMINS INDIA (up 0.6%). The top losers are M&M (down 5.2%) and MOTHERSON SUMI (down 6.2%).

HIND. CONSTRUCTION Plunges by 5%; BSE REALTY Index Down 3.9% (Today's Market)

Sep 24, 2018 11:23 AM

HIND. CONSTRUCTION share price has plunged by 5% and its current market price is Rs 12. The BSE REALTY is down by 3.9%. The top gainers in the BSE REALTY Index is OMAXE LTD . The top losers are HIND. CONSTRUCTION (down 5.2%) and DLF LTD (down 6.4%).

BAJAJ FINANCE Plunges by 6%; BSE 500 Index Down 1.0% (Today's Market)

Sep 24, 2018 11:23 AM

BAJAJ FINANCE share price has plunged by 6% and its current market price is Rs 2,420. The BSE 500 is down by 1.0%. The top gainers in the BSE 500 Index are GMR INFRA (up 3.7%) and CYIENT LTD (up 3.6%). The top losers are BAJAJ FINANCE (down 5.6%) and PIRAMAL ENTERPRISES (down 5.8%).

The BSE AUTO Index Down 3% ; MOTHERSON SUMI Among Top Losers (Today's Market)

Sep 24, 2018 11:23 AM

The BSE AUTO Index Down at 23,377 (down 3.0%). Among the top losers in the BSE AUTO Index today are MOTHERSON SUMI, M&M and MARUTI SUZUKI. Meanwhile, the BSE Sensex has plunged 0.6% to 36,946.

Stock Market's Sudden Crash; Rising Oil Prices; Banking Stocks and Top Cues in Action Today (Today's Market)

Sep 24, 2018 Pre-Open

Global stock market drivers, crashing of sensex, strengthening rupee; upcoming IPOs and top stocks to guide the markets today.

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