Asian share markets are mixed today following a weekend rescue deal for Credit Suisse and a concerted effort from central banks to shore up the mood, though trade was tense and volatile as contagion fears stalked financial shares.

The Nikkei is down 1.1% while the Hang Seng is trading lower by 2.6%. The Shanghai Composite is trading higher by 0.1%.

Wall Street indices closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector and the gathering storm clouds of a possible recession.

All three indices ended the session deep in negative territory, with financial stocks down the most among the major sectors of the S&P 500.

The Dow Jones Industrial Average ended 1.2% lower while the tech-heavy Nasdaq Composite fell 0.5%.

Here's a table showing how US stocks performed on Friday:

Source: Equitymaster

Back home, Indian share markets are trading on a weak note tracking the trend of global markets and SGX Nifty.

At present, the BSE Sensex is trading lower by 626 points. Meanwhile, the NSE Nifty is trading down by 184 points.

HULHCL Technologies and Kotak Mahindra Bank are among the top gainers today.

Tech Mahindra and Tata Motors on the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is down 1.1% and the BSE Small Cap index is trading lower by 0.9%.

Sectoral indices are trading on a negative note. Stocks in the metal sector, banking sector, and auto sector witness most of the buying.

Shares of KPIT Technologies and Narayana Hrudayalaya hit their 52-week high today.

The rupee is trading at Rs 82.47 against the US dollar.

In the commodity markets, gold prices are trading higher by Rs 414 at Rs 59,424 per 10 grams.

Meanwhile, silver prices are trading higher by 0.1% at Rs 68,418 per 1 kg.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...
 

RBI imposes a penalty on HDFC

The Reserve Bank of India announced that it has imposed a penalty of Rs 5 lakh on the Housing Development Finance Corporation (HDFC) for non-compliance with certain provisions issued by the National Housing Bank (NHB).

Giving details, the Reserve Bank of India (RBI) said a statutory inspection of the company was conducted by NHB with reference to its financial position as on 31 March 2020.

The RBI said that the company failed to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20.

To further probe into the same, a notice was issued to the company advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the directions, as stated therein.

After considering the company's reply to the notice, additional submissions made by it, and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid statutory directions was substantiated.

HDFC said it will be taking necessary steps to comply with the RBI's letter in this regard.

Speaking of HDFC, HDFC, and HDFC Bank's merger was approved by NCLT last week.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through the internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company that has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long run.
 

USFDA inspection at Bliss GVS Pharma's Palghar facility

The USFDA conducted a pre-approval inspection (PAI) and good manufacturing practice (GMP) inspection at Bliss GVS Pharma's manufacturing unit at Palghar, Maharashtra, from 13 to 17 March.

The Indian pharma company said, after the inspection, the USFDA issued Form 483 with three minor observations, which are procedural in nature and none of the observations relate to data integrity.

The company shall prepare a detailed response to the observations, which will be submitted to the USFDA within the stipulated timelines.

Speaking of USFDA inspections, Cipla's share price is falling after the USFDA inspection at its Pithampur facility.
 

Godavari Power & Ispat buyback of shares

On March 18 Godavari Power & Ispat approved a share buyback plan of Rs 2.5 billion (bn) through the tender offer route.

The board Godavari Power & Ispat has given the nod to buy back 50 lakh equity shares of Rs 5 each face value, accounting for 3.7% of the total equity shares.

The buyback price has been fixed as Rs 500 per share, which is over 22% higher than the last closing price.

Godawari Power & Ispat is a flagship Company of Raipur-based Hira Group of Industries an integrated steel manufacturer.

The company is mainly engaged in the generation of electricity Iron ore mining and the manufacturing of Sponge Iron Iron Ore Pellets Steel Billets Ferro Alloys and H.B. Wire. The company is having their production facilities located at Siltara in Raipur.

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