Asian share markets traded deep in the red following another big interest rate hike by the US Federal Reserve and a warning that there were more to come.
The Nikkei fell by 0.9% while the Hang Seng was down 1.8%. The Shanghai Composite is trading lower by 0.2%.
US stocks rose, then slumped sharply while treasury yields surged and then fell on Wednesday as markets reacted wildly to a bleak economic picture next year after the Federal Reserve adhered to a tough stance to fight inflation by jacking up interest rates.
The Dow Jones fell by 1.7% while the tech heavy Nasdaq ended lower by 1.8%.
Back home, Indian share markets are trading on a negative note.
Benchmark indices opened on a negative note today following the trend on SGX Nifty and tracking weak global cues.
ITC and HUL are among the top gainers today.
Bajaj Finserv and HDFC are among the top losers today.
Broader markets are trading on a mixed note. The BSE Mid Cap index is trading up by 0.3% and the BSE Small Cap index is trading higher by 0.6%.
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 ITC are up more than 1%.
ITC continued its uptrend today too and hit a new high of Rs 349.
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Meanwhile, stocks in the energy sector and banking sector are witnessing most of the selling today.
Shares of Laxmi Machine and Page Industries hit their 52-week high today.
In the commodity markets, gold prices trade flat. Today, gold prices are trading higher by Rs 1. Currently, gold prices are trading at Rs 49,442 per 10 grams.
Note that gold prices have fallen and have taken quite a knock in recent weeks.
Meanwhile, silver prices are trading lower at Rs 57,250 per kg. Silver prices too have fallen a lot in recent days.
The rupee is trading at 80.6 against the US dollar.
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In news from the oil sector, Indian Oil (IOC) share price is falling again.
Ever since the Russia Ukraine war the global crude oil market has been under the turmoil. Lately, the oil prices had skyrocketed.
Oil refineries saw huge profits because of price rise in oil and natural gas.
But in between all these IOC share price has saw a heavy downfall. Poor quarterly results, FII selling stake, and reduced margin have taken a toll on the share price.
In news from the banking sector, SBI, one of the best bank stocks in India, raises funds.
The country’s largest lender, State Bank of India, announced on Wednesday that it has raised an amount of Rs 40 bn through tier-2 bonds at a cut off rate of 7.6%.
The issue attracted an overwhelming response from investors with bids of Rs 9.6 bn, and was oversubscribed by about 5 times against the base issue size of Rs 20 bn.
The bonds have a tenure of 15 years with a call option after 10 years, the instruments are rated AAA (stable) by credit rating firms.
The public sector bank had sold additional tier-1 bonds worth Rs 6.9 bn on 7 September at a cut off rate of 7.8% the lowest for any bank issuing AT-1 bonds at that point in the current financial year.
In late July, SBI’s board had approved plans to raise up to Rs 110 bn via additional Tier-I and tier-II bonds to meet regulatory requirements and support business growth.
Further in news from the sugar sector, Triveni Engineering divests its stake in Triveni Turbine.
Triveni Engineering & Industries announced the divestment of its entire 21.9% stake in Triveni Turbine worth Rs 16.1 bn, unlocking significant value for shareholders.
The company has undertaken the sale on 21 September 2022 in the following manner:
1) 10% of the total paid-up capital of Triveni Turbine was sold to Rati Sawhney, one of the existing promoters by way of inter-se transfer between promoters at a price of 229 per share through block trading window on stock exchange; and
2) 11.9% of the total paid-up capital of Triveni was sold to multiple leading institutional investors through block trading window on the screen-based trading system of the stock exchanges at a price of 226.7 per share.
Further in news from the insurance sector, PB Fintech to fuse more funds in it subsidiary.
The new age fintech player will invest Rs 6.5 bn in its subsidiary Policybazaar Insurance Brokers, and also invest Rs 2.5 bn in another subsidiary Paisabazaar Marketing and Consulting.
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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,
Indian Share Market Update: Top Gainers and Losers
What else is happening in the markets today? Dig in…
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( With inputs from equitymaster)