Sensex Opens Over 570 Points Lower; Realty and Telecom Stocks Under Pressure

Thu, 24 Sep 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.3% while the Hang Seng is down 1.6%. The Nikkei 225 is trading down by 0.6%.

Wall Street's main indices fell sharply on Wednesday after data showing a cooling of US business activity and the stalemate in Congress over more fiscal stimulus heightened concerns about the economy while the coronavirus pandemic remains unchecked.

Back home, Indian share markets plunged in the opening session.

The BSE Sensex is trading down by 558 points.

The NSE Nifty is trading lower by 176 points.

HCL Technologies and TCS are among the top gainers today.

Meanwhile, the BSE Mid Cap index has opened down by 1.4%.

BSE Small Cap index is also trading lower by 1.6%.

All sectoral indices are trading in the red with BSE Telecom Index witnessing maximum selling pressure.

Moving on, the rupee is currently trading at 73.51 against the US$.

Gold prices are currently trading down by 1.7% at Rs 49,508.

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.

He is buying stocks too...but not the ones you might expect.

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

Tune in here:

Moving on to the stock specific news...

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

Amid the race to develop a potential vaccine against novel coronavirus in India, Reddy's Lab, which has recently been roped in for Covid-19 vaccine manufacturing, said that it could begin late-stage clinical trials of Russia's potential coronavirus vaccine in the next few weeks.

The trials are part of a deal between the Russian Direct Investment Fund (RDIF) and Dr Reddy's, in which the Indian firm will conduct Phase III studies in the country.

Sputnik-V doses supplied in India will likely be a combination of Indian- and Russian-made doses that RDIF and Dr Reddy's would soon identify potential manufacturers in India.

Earlier, RDIF confirmed reaching an agreement to supply 100 million doses of Russian COVID-19 vaccine Sputnik V to India's Dr. Reddy's Laboratories.

How this pans out remains to be seen.

Dr. Reddy's share price opened the day down by 1%.

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 another news. As per bulk deal data on the NSE, Tata Sons raised stake in Tata Chemicals and Tata Motors DVR shares on Wednesday.

Tata Sons bought 22.1 lakh shares of Tata Chemicals at an average price of Rs 287.6 per share and purchased 37.6 lakh shares of Tata Motors DVR 'A' ordinary shares at 59.8 per share, the data showed.

Promoters held 5.4% in Tata Motors DVR at the end of June, and this includes Tata Sons' 5.3% holding.

Tata Sons held 28.5% in Tata Chemicals and total promoter holding in Tata Chemicals stood at 34.6% as of June.

Tata Chemicals share price and Tata Motors DVR share price opened the day up by 0.3% and 2% respectively.

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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