ndian share markets defy global mood and open in green. The BSE Sensex opened up by 149 points, while the Nifty is trading higher by 38 points
Asian share markets are trading mostly lower today, extending Wall Street falls on contagion fears from the expected collapse of Chinese property giant Evergrande.
The Hang Seng is down 0.2%. Markets in China, South Korea and Taiwan are closed today for holidays.
In US stock markets, Wall Street indices slid overnight and had their biggest drop since May.
The Dow Jones Industrial Average fell 1.8% while the Nasdaq Composite declined 2.2%.
Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.
The BSE Sensex is trading up by 149 points. Meanwhile, the NSE Nifty is trading higher by 38 points.
HCL Tech and HUL are among the top gainers today. Maruti Suzuki, on the other hand, is among the top losers today.
The BSE Mid Cap index has opened on a flat note while the BSE Small Cap index is trading lower by 0.5%
Sectoral indices are trading mixed with stocks in the realty sector and metal sector witnessing most of the buying.
Power stocks, on the other hand, are trading in red.
Shares of Godrej Properties and Avenue Supermarts hit their 52-week highs today.
The rupee is trading at 73.58 against the US$.
Gold prices are trading down by 0.2% at ₹46,196 per 10 grams.
Meanwhile, silver prices are trading down by 0.1% at ₹59,635 per kg.
In news from the finance sector, SBI Cards is among the top buzzing stocks today.
Private equity firm Carlyle Group will nearly offload half of its stake in SBI Cards and Payment Services for as much as US$443 m.
CA Rover Holdings, a Carlyle entity, which as of June 2021 held a 6.5% stake in SBI Cards, will sell around 32 m shares through a block trade.
It will offer the shares at an indicative price band of ₹1,021 to ₹1,072.3 apiece.
This sale follows Carlyle selling a 5.1% stake in SBI Cards for ₹48.1 bn in June, while in March, it offloaded a little more than 4% for about ₹38 bn through block deals.
The stake sales followed SBI Cards’ public listing in March last year. Carlyle divested a 10% stake in SBI Cards for around ₹70 bn, marking the largest private equity exit through an initial share sale in India.
Note that last month, Carlyle undertook a block trade to sell its remaining stake in life insurer SBI Life Insurance for around US$289 m.
SBI Cards share price has opened the day down by 4.5%.
Moving on to news from the banking sector, HDFC Bank and Paytm on Monday announced plans to launch a range of credit cards powered by global card network Visa in October.
The above developments come a month after the Reserve Bank of India (RBI) partially lifted a ban on HDFC Bank, allowing it to restart issuance of credit cards.
The credit cards will be customized to meet distinct needs of retail customers, from new-to-credit users to affluent users and offer one of the best-in-class rewards and cashback for users.
This launch is planned in October to coincide with the festive season to tap into potentially higher consumer demand for credit card offers, EMIs and buy now pay later options.