Home Trade industry Sensex, Nifty Trade Flat in volatile session; Tata Motors, Kotak Bank and IndusInd Bank are the main losers

Sensex, Nifty Trade Flat in volatile session; Tata Motors, Kotak Bank and IndusInd Bank are the main losers

0

The Nikkei fell 1.4% while the Hang Seng fell 1.3%. The Shanghai Composite is trading down 0.6%.

Wall Street indices ended lower on Tuesday as the eve of a US Federal Reserve meeting that is expected to lead to another big hike in interest rates provided further evidence of the impact on US businesses of the inflation that the US central bank wants to control.

The Dow Jones rose 1% while the tech-heavy Nasdaq ended down 1%.

At home, Indian stock markets are trading on a negative note. Benchmarks opened on a negative note following the trend on SGX Nifty.

Currently, the BSE Sensex is trading down 123 points. Meanwhile, the NSE Nifty is trading down 38 points.

HUL and Dr. Reddy’s Laboratories are among the top winners today.

IndusInd Bank and Infosys are among the big losers today.

The broader markets are trading on a negative note. The BSE Mid Cap Index and the BSE Small Cap Index are both trading down 0.2%.

Sector indices are trading on a mixed note, with shares in the FMCG sector showing buying interest. Among the best FMCG stocks in India, Marico and Adani Wilmar lead with gains of 2%.

Meanwhile, IT and energy stocks are seeing the most sell-off.

Gujarat Fluorochemicals and Page Industries hit their highest level in 52 weeks today.

In commodity markets, gold prices are falling. Today, gold prices are trading lower than 41. Currently, gold prices are trading at 49,134 for 10 grams.

The rupee is trading at 79.8 against the US dollar.

In travel and tourism industry news, Indian Hotels (IHCL) signs another hotel in Dharamshala.

The hotel group announced on September 20 the signing of its second hotel in Dharamshala, Himachal Pradesh, under the SeleQtions brand.

With the addition of this hotel, IHCL will have three all-brand hotels in Himachal Pradesh, two of which are under development.

A franchised hotel under management with Sohum Hotels & Resorts, the operational hotel will be rebranded under the IHCL SeleQtions brand.

Note that the travel and tourism industry has been one of the hardest hit industries during the Covid-19 period. Some stocks in the sector have fallen nearly 70% in less than two months.

However, in 2022, the Covid-19 situation has subsided and hotel stocks are starting to rise again.

The biggest winner of this unlock theme was IHCL. In 2022, it made gains of 80%.

Show full picture

Outstanding performance of Indian hotels since the beginning of the year (Equitymaster)

Taking advantage of the change in scenario, all major companies presented their growth plans. Many are talking about getting out of debt by 2025 and adding lots of rooms.

It remains to be seen how the above developments play out.

Turning to news from the agricultural sector, an individual sold a large part of the shares of Best Agrolife.

Raj Kumar on Tuesday sold a 3.3% stake in Best Agrolife for more than 980 m through open market transactions.

Quant Mutual Fund acquired 5 lakh shares of the company on NSE and BSE. The other buyers have not been identified.

In the June quarter, Raj Kumar held a 16.6% stake in the company, according to shareholding data with exchanges.

Looks like investors in Best Agrolife are rolling in cash because the share price also saw a big rally earlier this month when ace investor Ashish Kacholia bought shares in this small-scale agrochemical stock. capitalization.

Also, in automotive news, Hero MotoCorp is taking another step into the electric vehicle (EV) space.

Hero MotoCorp and Hindustan Petroleum Corporation (HPCL) announced on Tuesday that they have collaborated to set up electric vehicle (EV) charging infrastructure in the country.

Under the initiative, the companies will set up charging infrastructure for two-wheeled electric vehicles across the country, kickstarting the transition from mass mobility to an electrified future.

The two companies will first establish charging infrastructure on HPCL’s existing network of national energy stations, with the likelihood of expanding the collaboration later for additional business opportunities.

In the first phase, charging stations will be installed in selected cities, which will then be expanded to other key markets with the aim of establishing a high-density network of electric vehicle charging stations across the country.

Hero MotoCorp will lead the development of the charging network infrastructure. Each charging station will feature multiple smart and fast chargers, including DC and AC chargers that will be available for all two-wheeled electric vehicles.

The entire user charging experience will be controlled by a Hero MotoCorp mobile app based on a cashless transaction model, he said.

Disclaimer: This article is for information only. This is not a stock recommendation and should not be treated as such..

This article is syndicated from Equitymaster.com

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

Post your comment