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Sensex Tanks 500 Points on Weak Global Cues; Finance & Banking Stocks Under Pressure

Wed, 29 Sep 09:30 am

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Asian share markets plunged today, extending global market jitters, as traders worried about rising oil prices and fears of a US debt default.

The Hang Seng and the Shanghai Composite are trading down by 0.8% and 1.8%, respectively. Meanwhile, the Nikkei tanked 2.7%.

In US stock markets, Wall Street indices drifted lower, with tech shares falling the most as Treasury Secretary Janet Yellen urged the US Congress to quickly raise the debt ceiling to keep the US government operating.

The Dow Jones ended down by 1.6% while the Nasdaq Composite tanked 2.8% to 14,547.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty.

The BSE Sensex is trading down by 480 points. Meanwhile, the NSE Nifty is trading lower by 131 points.

Dr Reddy's Lab is among the top gainers today. HDFC Bank and ICICI Bank, on the other hand, are among the top losers today.

The BSE Mid Cap index has opened down by 0.2%. The BSE Small Cap index is trading lower by 0.3%.

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

Healthcare stocks and FMCG stocks are trading in green.

Shares of Himatsingka Seide and Nalco hit their 52-week high today.

The rupee is trading at 74.19 against the US$.

Gold prices are trading up by 0.2% at Rs 45,930 per 10 grams.

Speaking of stock markets, Brijesh Bhatia talks about why auto stocks are set to rally, in his latest video for Fast Profits Daily.

As per Brijesh, charts are suggesting that auto stocks have a good chance of outperforming and could be on the verge of going up again.

Tune in to the below video to find out more:

In news from the electric vehicle (EV) space, Bharat Petroleum Corp (BPCL) is planning to add 1,000 EV charging stations in the short term to tap new business opportunities and as a hedge against displacement of auto fuels.

Here's what chairman Arun Kumar Singh said,

• We will leverage our nationwide network of fuel stations to support electric mobility, by converting around 7,000 conventional retail outlets into Energy Stations providing multiple fuelling options like petrol, diesel, flexi fuels, EV charging facility, CNG and eventually hydrogen in the medium to long term.

Currently, BPCL operates 44 EV charging stations.

BPCL plans to offer multiple fueling options at 7,000 petrol pumps, or about a third of its network of 19,000 outlets, to facilitate owners of vehicles powered by gas, electricity, and hydrogen.

BPCL also plans to spend Rs 50 bn to build its renewable power portfolio of 1,000 MW over the next five years largely through the inorganic route.

Note that another state-run fuel retailer HPCL recently announced plans to build 5,000 EV charging stations, mostly at its existing pumps.

Overall, BPCL is planning a capex of Rs 1 lakh crore over the next five years on a range of projects in upstream, refining, marketing, natural gas, and renewables.

The plan to add charging stations just means the company wants to be ready should EVs gain in popularity going forward.

BPCL share price has opened the day down by 0.6%.

Speaking of electric vehicles, after the government announced the extension of the FAME II scheme, several states like Maharashtra, Gujarat, Rajasthan, and Delhi have announced their own policies for the faster adoption of EVs.

Under the FAME II scheme, 350 new EV charging stations have been installed across the country.

Here's a summary of stations that have been installed in each city.

The government is actively formulating guidelines such as setting EV charging infrastructure by the Ministry of Power, amendment in model building bye-laws (MBBL-2016) for EV charging infrastructure by Ministry of Housing and Urban Affairs, etc.

Moving on to news from the IPO space, Aditya Birla Sun Life AMC's Rs 27.7 bn initial public offering (IPO) opens for bidding today.

The IPO is an offer for sale of up to 2.9 m shares by Aditya Birla Capital and up to 36 m shares by Sun Life AMC.

The offer will close for subscription on 1 October.

The company has fixed the price band at Rs 695-712 per share.

A total of 50% of the issue size has been reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Aditya Birla Sun Life AMC is a joint venture between the Aditya Birla Group and the Sun Life Financial Inc of Canada.

It had average assets under management (AUM) of Rs 2.93 lakh crore as of the June quarter and manages 118 schemes.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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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