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Sensex Trades Higher; Vedanta & Tata Steel Top Gainers
Wed, 20 Feb 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a positive note. Barring FMCG sector, all sectoral indices are trading on a positive note with stocks in the metal sector, oil & gas sector and capital goods sector witnessing maximum buying interest.

The BSE Sensex is trading up by 161 points (up 0.5%), while the NSE Nifty is trading up by 55 points (up 0.5%). The BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up by 0.5%.

The rupee is trading at Rs 71.20 against the US$.

On Monday, the local currency weakened by 11 paise to end 71.34 against the greenback after trade deficit for January widened compared to the previous month.

In the news from the oil & gas sector, shares of oil and gas exploration companies rose as much as 20% in early trade today as the government decided to offer bigger oil and gas areas that currently belong to Oil and Natural Gas Corporation (ONGC) and Oil India to the private sector on relaxed conditions.

As per an article in a leading financial daily, some 56 smaller contract areas of ONGC and OIL have been bid out to companies under the two rounds of discovered small fields over the last few years.

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Here's an excerpt from the article:

  • "To enhance production from existing nomination fields of ONGC and OIL, enhanced production profile will be prepared by both PSUs. For production enhancement, bringing new technology, and capital, national oil companies will be allowed to induct private sector partners,"

Duke Offshore share price is trading up by 20% as the company won a contract from Daewoo - Tata projects Limited JV.

The company has been awarded a prestigious contract by Daewoo - Tata projects Limited JV to provide one initial high-speed vessel to support construction for the Mumbai Trans Harbor Link project.

Jindal drilling share price, Hindustan Oil Exploration share price and Deep Industries share price are trading up in the range of 4% to 10%.

Moving on to the news from the banking sector, Yes Bank share price is in focus today as the company denied any wrongdoing stating that the 'zero divergence' disclosure was done to comply with the listing regulations and to ensure information symmetry.

As per reports, Yes bank said the disclosure it made on February 14 was in line with the guidelines laid down by the Reserve Bank of India (RBI) and markets regulator.

It said it treated the information pertaining to divergence in the RBI's risk assessment report (RAR) as unpublished price sensitive information (UPSI) and hence, it required an immediate disclosure.

Last week, shares of Yes bank recorded its sharpest intra-day rally since its listing on news that the bank received "no observation on divergence" in the bank's asset classification and provisioning in the RBI's Risk Assessment Report for FY2018.

As per an article in The Economic Times, against the Rs 7.5 billion of gross NPAs reported by the lender as on March 31, 2016, the RBI assessment showed the tally at Rs 49.3 billion, leading to a divergence of Rs 41.8 billion.

Here's an excerpt from the article:

  • 'The Reserve Bank of India (RBI) has cleared Yes Bank of any disparity in reporting bad loans, known as divergence in market parlance'.

    'The report observes NIL divergences in the bank's asset classification and provisioning from the RBI norms'.

Reportedly, the divergence increased to Rs 63.4 billion in FY17 which was the main reason former CEO Rana Kapoor's tenure was reduced last year by the central bank.

Yes bank share price is presently trading up by 1.5%.

To know more about the company, you can read Yes bank's latest result analysis on our website.

Speaking of interesting development in the banking sector, Tanushree Banerjee, Co-head of Research at Equitymaster believes that financial inclusion will be an important element in driving the growth for India.

Have a look at the chart below that shows the increase in Jandhan accounts over the years:

Financial Inclusion Will Be a Big Growth Driver

Here's what she wrote in one of the editions of The 5 Minute WrapUp...

  • Financial inclusion is an important element of economic growth because it enables individuals and businesses to access financial products that meet their needs.

    As mentioned earlier, the reform that the Prime Minister Modi introduced - the opening of Jandhan accounts - was a big positive for India.

    The opening of these accounts helped increase the number of savings and current accounts in the country.

    And this trend is not done. It will play out in the coming years too.

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, download our special report now!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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Stock Market Updates

AXIS BANK Plunges by 5%; BSE BANKEX Index Down 5.8% (Today's Market)

Apr 1, 2020 02:05 PM

AXIS BANK share price has plunged by 5% and its current market price is Rs 380. The BSE BANKEX is down by 5.8%. The top gainers in the BSE BANKEX Index is YES BANK (up 5.8%). The top losers are AXIS BANK (down 5.2%) and KOTAK MAHINDRA BANK (down 9.9%).

TCS Plunges by 5%; BSE IT Index Down 5.1% (Today's Market)

Apr 1, 2020 02:03 PM

TCS share price has plunged by 5% and its current market price is Rs 1,834. The BSE IT is down by 5.1%. The top gainers in the BSE IT Index are SONATA SOFTWARE (up 7.2%) and CYIENT (up 2.6%). The top losers are TCS (down 5.3%) and ORACLE FINANCIAL (down 5.8%).

BRIGADE ENTERPRISES Plunges by 5%; BSE REALTY Index Down 1.3% (Today's Market)

Apr 1, 2020 01:31 PM

BRIGADE ENTERPRISES share price has plunged by 5% and its current market price is Rs 134. The BSE REALTY is down by 1.3%. The top gainers in the BSE REALTY Index are SOBHA LIMITED (up 9.3%) and PRESTIGE ESTATES (up 2.9%). The top losers are BRIGADE ENTERPRISES (down 5.0%) and SUNTECK REALTY (down 5.5%).

ARVIND FASHIONS Plunges by 5%; BSE 500 Index Down 3.2% (Today's Market)

Apr 1, 2020 01:29 PM

ARVIND FASHIONS share price has plunged by 5% and its current market price is Rs 159. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are SOBHA LIMITED (up 9.3%) and FINOLEX CABLES (up 7.2%). The top losers are ARVIND FASHIONS (down 5.4%) and SHREE CEMENT (down 5.4%).

INFOSYS Plunges by 5%; BSE IT Index Down 4.3% (Today's Market)

Apr 1, 2020 01:19 PM

INFOSYS share price has plunged by 5% and its current market price is Rs 640. The BSE IT is down by 4.3%. The top gainers in the BSE IT Index are SONATA SOFTWARE (up 6.0%) and CYIENT (up 3.3%). The top losers are INFOSYS (down 5.2%) and ORACLE FINANCIAL (down 5.0%).

Sensex Corrects Over 750 Points; Nifty Falls below 8,400-Mark (Today's Market)

Apr 1, 2020 10:30 am

Sensex falls over 750 points, Nifty breaks below 8,400.

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Apr 1, 2020 01:59 PM