Buzzing Stocks: Bharti Airtel, Infosys, HDFC AMC, and other stocks in news today
Godrej Properties adds a large new redevelopment project in Mumbai
Godrej Properties has entered into an agreement to redevelop a land parcel in the upscale neighbourhood of Wadala, Mumbai. Spread across 7.5 acres, this project will offer approximately 1.6 million square feet of saleable area comprising primarily of residential apartments of various configurations, as per the company’s press release.
Godrej Properties was quoting at Rs 2,276.50, up Rs 42.90, or 1.92 percent on the BSE.
BSE Power index rose 1 percent supported by the CESC, Tata Power, NTPC
Indian rupee opened 14 paise lower at 74.16 per dollar on Wednesday against Tuesday’s close of 74.04.
Market at 10 AMBenchmark indices erased some of the early losses but still trading lower with Nifty below 17,700.The Sensex was down 306.28 points or 0.51% at 59361.32, and the Nifty was down 77.80 points or 0.44% at 17670.80. About 1501 shares have advanced, 1119 shares declined, and 135 shares are unchanged.
SEBI board clears gold exchange framework
The board of the markets regulator Securities and Exchange Board of India (SEBI) took a number of key decisions including detailing a framework for spot gold trading, tightening norms for related party transactions, easing rules for issuance of shares with superior voting rights in tech companies and delisting norms. Also Read
Nifty Bank index fell 1 percent dragged by the IndusInd Bank, ICICI Bank, IDFC First Bank
Atul Auto starts commercial production at Bhayla plant
The commercial production at Bhayla (Ta. Bavla, Dist. Ahmedabad) plant of Atul Auto for manufacturing three wheeler automobiles has been commenced on September 27, 2021, company said in its release.
Atul Auto was quoting at Rs 222.25, up Rs 2.95, or 1.35 percent on the BSE.
BSE Auto index slipped 1 percent dragged by the Motherson Sumi, Ashok Leyland, TVS Motor
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
The surge in the benchmark US 10-year yield to 1.546 percent spooked equity markets in the US with cuts of above 2 percent in S&P 500 and Nasdaq. The rise in US bond yields triggering correction in equity markets has been a known threat for some time now. But what triggered this sudden spike in bond yield was the Fed chief Powell’s statement that inflation may persist for a much longer time. The rise in the dollar index to 93.7 levels indicate profit booking in stocks and safe-haven buying into the dollar.
It is too early to conclude that this is a trend reversal for markets. Perhaps the ‘ buy on dips’ strategy may again work out. But at the present elevated valuations, the risk is high. Investors may watch for consolidation in markets
Gainers and losers on the BSE Sensex:
Market Opens: Indian indices opened on negative note on September 29 with Nifty below 17,700 amid weak global cues.
At 09:16 IST, the Sensex was down 449.72 points or 0.75% at 59,217.88, and the Nifty was down 121.80 points or 0.69% at 17,626.80. About 647 shares have advanced, 1069 shares declined, and 93 shares are unchanged.