Home / Markets / Stock Markets /  Sensex, Nifty Trade Flat in Volatile Session; Tata Motors, Kotak Bank & IndusInd Bank Top Losers

Asian share markets traded lower today, extending falls on Wall Street ahead of a Federal Reserve meeting widely expected to produce a three-quarter-point interest rate hike.

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

Wall Street indices ended lower on Tuesday as the eve of a US Federal Reserve meeting expected to bring another large interest rate hike brought further evidence of the impact on corporate America from the inflation that the US central bank wants to tame.

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

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

At present, the BSE Sensex is trading lower by 123 points. Meanwhile, the NSE Nifty is trading down by 38 points.

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

IndusInd Bank and Infosys are among the top losers today.

Broader markets are trading on a negative note. Both, the BSE Mid Cap index and the BSE Small Cap index are trading lower by 0.2%.

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

Meanwhile, stocks in the IT sector and power sector are witnessing most of the selling.

Gujarat Fluorochemicals and Page Industries hit their 52-week high today.

In the commodity markets, gold prices fall. Today, gold prices are trading lower by 41. Currently, gold prices are trading at 49,134 per 10 grams.

The rupee is trading at 79.8 against the US dollar.

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

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

With the addition of this hotel, IHCL will have three hotels across brands in Himachal Pradesh including two under development.

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

Note that the travel and tourism industry was one of the worst affected industries during the Covid-19 period. Some of the stocks from the sector fell nearly 70% in less than two months.

However, in 2022, the Covid-19 situation eased out and hotel stocks are booming again.

The biggest gainer of this unlocking theme was IHCL. In 2022, it delivered gains of 80%.


Indian Hotels' Stellar YTD Performance
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Indian Hotels' Stellar YTD Performance (Equitymaster)

Taking benefit of the changed scenario, all the top companies have laid out their growth plans. Many speak of becoming debt free by 2025 and also adding a lot of rooms.

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

Moving on to the news from the agriculture sector, an individual offloaded a big chunk of shares of Best Agrolife.

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

Quant Mutual Fund picked up 5 lakh shares of the company on both NSE and BSE. Other buyers were not identified.

As of June quarter, Raj Kumar held a 16.6% stake in the company, shareholding data with the bourses showed.

Looks like Best Agrolife investors are rolling in money because the share price saw a sharp jump earlier this month too when ace investor Ashish Kacholia bought stock in this small-cap agrochemical stock.

Further, in news from the auto sector, Hero MotoCorp takes a step further into the electric vehicle (EV) sector.

Hero MotoCorp and Hindustan Petroleum Corporation (HPCL) on Tuesday said they have collaborated to set up charging infrastructure for electric vehicles (EVs) in the country.

As a part of the initiative, the companies will set up charging infrastructure for two-wheeled EV across the country, thereby providing a fillip to mass mobility’s transition towards an electrified future.

The two companies will first establish charging infrastructure at HPCL’s existing network of nationwide energy stations, with the likelihood of subsequently broadening the collaboration for supplementary business opportunities.

In the first phase, charging stations will be set up in select cities, which will then be expanded to other key markets with the aim of establishing a high density of EV charging station network across the country.

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

The entire user charging experience will be controlled by a Hero MotoCorp Mobile-App based on a cashless transaction model, it said.

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

This article is syndicated from Equitymaster.com



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