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Sensex Trades Marginally Lower, Nifty Near 17,300; ICICI Bank, Tata Steel & SBI Top Losers
Fri, 7 Oct 10:30 am

 Sensex Trades Marginally Lower, Nifty Near 17,300

Asian share markets are lower today as worries about the US rate hike campaign to fight inflation has affected investor sentiment.

The Nikkei is down 0.6% while the Shanghai Composite is trading lower by 0.5%. The Hang Seng declined 1.1%.

In US stock markets, Wall Street's major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due later today that the Federal Reserve's aggressive interest rate stance will lead to a global recession.

The Nasdaq fell 0.7% while the Dow Jones dropped 1.2%.

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

The BSE Sensex is trading down by 126 points. Meanwhile, the NSE Nifty is trading lower by 43 points.

Titan and Maruti Suzuki are among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index is down 0.4% while the BSE Small Cap is trading higher by 0.2%.

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Barring consumer durable stocks, all sectoral indices are trading on a negative note with stocks in the banking sector, oil & gas sector and energy sector witnessing most of the selling.

Telecom stocks are trading on a flat note. As 5G rolls out in several Indian states, be on the look out for best 5G stocks in India.

Shares of Solar Industries and Ujjivan SFB hit their 52-week highs today.

The rupee is trading at 82.22 against the US$.

The rupee plunged 55 paise to close at an all-time low of 82.17 against the US dollar on Thursday due to a stronger dollar in overseas markets and firm crude oil prices.

Crude oil prices rose today, continuing an upward trend after OPEC+ this week agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (bpd).

The cut from OPEC and allies including Russia, comes ahead of a European Union embargo on Russian oil.

Gold prices are trading down by 0.1% at Rs 51,950 per 10 grams.

Meanwhile, silver prices are trading up by 0.3% at Rs 61,537 per kg.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below.

In news from the commodities space, gold jewellery sales have shot up by 30% this Dussehra compared to last year, setting the tone for better sales in the upcoming Diwali and Dhanteras period.

Jewelers attribute this surge in sales to falling gold prices coupled with an upbeat mood among consumers as the economy has opened and the fear of covid waning across the country.

A jewellery chain said that there has been a lot of pent-up demand in the market and consumers have spent on gold.

Note that gold price has seen an up move in recent days. Today, prices held steady ahead of the US jobs report that could help investors gauge the Federal Reserve's rate-hike path.

Gold is headed for its biggest weekly gain since March 2022.

Discover: How to Grow Your Wealth in a Stress-Free Way

Despite the recent up move, 2022 has not been a good year for investors in gold and silver.

To know more, check out our editorial on when will gold and silver prices recover.

Speaking of gold and stock markets, to understand what our readers are thinking in the current market environment, we ran a poll on Equitymaster's telegram channel.

This is what we asked our readers:

image

With a response from 980 participants, the answer is right in front of you. Majority of investors are looking to buy stocks. These investors could be of the view that the current momentum in stock market could continue.

As we're dealing with extreme volatility these days, it's always important to keep some money off the table rather than going all-in.

While this period may seem like is a good opportunity to double down on your investments or even put some fresh funds in the market, you should keep your head on a swivel.

Moving on to stock specific news...

Indian Hotels is among the top buzzing stocks today.

As per a leading financial daily, Tube Investment, ABB India, Varun Beverages, Bajaj Holdings, and Indian Hotels are among the stocks likely to enter the MSCI India Standard index as part of the gauge's November 2022 semi-annual review.

Global index services provider MSCI will announce the changes on 10 November, while the adjustments will take place from 30 November.

A brokerage report shows that these changes are expected to result in flows of about US$1.5 bn into these stocks.

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Indian Hotels could see inflows of US$190 m.

Note that the travel and tourism industry has started to see signs of a revival as the government lifted curbs and people stepped out of their homes.

Hotel stocks are booming and Indian Hotels is no exception. Take a look at its share price performance in 2022.

chart

Strong earnings and aggressive expansion plans have helped the Tata group company become one of the favourite stocks of 2022.

In the June 2022 quarter, Indian Hotels reported a consolidated net profit of Rs 1.7 bn as compared to a loss of Rs 2.8 bn in the year ago quarter. The improved performance showed was amid a surge in demand as the occupancy and rates exceeded pre-Covid levels.

The annual results also showed that losses were narrowed amid surge in revenues.

With demand expected to be strong in the upcoming festive season and occupancies also improving, the hotel industry is a sector to watch out for in the coming months.

Our detailed note on the best hotel stocks in India can help you get started.

To know what's moving the Indian stock markets, 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!

Read the latest Market Commentary


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