Rising US bond yields weigh on markets, DMart rises on robust Q2 numbers & more

NIFTY50: 19,436 ▼ 92 (-0.4%)
SENSEX: 65,226 ▼ 286 (-0.4%)

• The market extended losses for the second consecutive session.
• 37 stocks from the NIFTY50 universe closed in the red
• Eurozone producer prices declined 11.5% YoY in August 2023, in-line with the street expectation.

Among the NIFTY sectoral indices, IT (+0.3%) and FMCG (+0.2%) were the top gainers, while PSU Bank (-2.8%) and Realty (-1.7%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ Rising US bond yields weigh on markets

The benchmark indices closed lower for the second straight day, with NIFTY50 hitting a five-week low amid weak global cues. The sharp rise in the US bond yields and strong dollar are adversely impacting equity markets across the world. Meanwhile, sustained sell-off by foreign investors (FIIs) continues to drag down the domestic markets. Also, investors seem to be cautious ahead of the RBI interest rate decision on Friday. 

⭐ HDFC Bank’s loan book grows in Q2 

The private bank reported a 57% year-on-year jump in gross advances to ₹23.5 lakh crore in the September quarter. Following its merger with HDFC, the private bank has disbursed home loans worth ₹48,000 crore, up 10.5% YoY. Shares of HDFC Bank closed higher by 1.5% today. 

⭐ DMart rises on robust revenue growth

Shares of the retail chain operator rose over 4% today. This comes after the company reported an 18.5% YoY rise in its standalone revenue to ₹12,307 crore for the second quarter. In the same period, the company's total store count rose 8% YoY to 327. 

⭐Dodla Dairy commissions new plant  

Shares of the dairy product maker rose 3.2% on Wednesday after its wholly-owned subsidiary started operations at its new cattle feed manufacturing plant in Andhra Pradesh. Following this, the company's overall cattle feed manufacturing capacity stands at 14,400 tons per month. So far in 2023, the company’s shares are up over 38% compared to a 7.3% rise in the NIFTY50 index. 

⭐ Oil falls as dollar rises

The Brent Crude oil prices declined over 1.5% today, trading around $89.3 per barrel. Oil prices remain under pressure amid concerns of high interest rates impacting economic activity across the world.  Also, the strong US dollar could hurt oil demand. This is because the rise in the value of the dollar makes importing oil costlier.

IPO Corner

⭐ The IPO of Plaza Wires, which manufactures wires and cables, witnessed a strong traction from investors. The public issue was subscribed over 63 times on the last day. The shares will be list on the exchanges on 13 October 2023.

⭐ Updater Services made a weak debut on the market today. Its shares listed at a discount of 5% compared to the issue price. 

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