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Sensex Falls 627 Points, Nifty Ends Below 14,700; Banking Stocks Witness Selling
Wed, 31 Mar Closing | Yash Vora, TM Team

Indian share markets extended losses as the session progressed and ended 1.2% lower.

Benchmark indices ended the last trading session of the financial year 2020-21 (FY21) on a tepid note as profit-booking in banking and finance stocks outweighed buying in realty stocks.

Rising Covid-19 cases, rising bond yields and weak global cues dampened market sentiment in this holiday-shortened week.

After remaining closed on Monday for Holi, the stock market would remain closed on Friday for Good Friday.

At the closing bell, the BSE Sensex stood lower by 627 points (down 1.3%). Meanwhile, the NSE Nifty ended down by 154 points (down 1%).

Bajaj Finserv was among the top gainers today. HDFC and HDFC Bank, on the other hand, were among the top losers today.

SGX Nifty was trading at 14,760, down by 154 points, at the time of writing.

The BSE Mid cap index ended up by 0.1%. The BSE Small cap index ended higher by 0.5%.

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On the sectoral front, finance stocks, banking stocks and power stocks were among the hardest hit.

Realty stocks and consumer durable stocks, on the other hand, witnessed buying interest.

Shares of Galaxy Surfactants and Adani Gas hit their respective 52-week highs today.

SBI share price was in focus today after the lender said it is planning to revamp its entire operational setup for lending to micro, small and medium enterprises (MSMEs) with a view to improve turnaround time (TAT) and customer experience while keeping bad loans in check.

Asian share markets ended on a negative note today. The Nikkei ended lower by 0.9% while the Hang Seng ended down by 0.7%.

US stock futures are trading lower today indicating a weak opening for Wall Street indices with the Dow Futures trading down by 24 points (down 0.1%).

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 43,840 per 10 grams.

The rupee is trading at 73.11 against the US$.

Note that Indian stock markets registered their best financial year performance in a decade. The BSE Sensex and NSE Nifty rallied 68% and 70.8%, respectively in FY21.

Earlier during FY10, the BSE Sensex had surged 80.5%, while NSE Nifty had rallied 73.7%.

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In the video, Vijay shares his thoughts on why he believe you should temper your aggressive moves in the market.

Tune in to the video below to find out more:

In news from the banking sector, the government has announced it will put in Rs 145 billion in Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank by issuing non-interest bearing bonds to the state-owned lenders.

Recapitalisation bonds will be issued with six different maturities, and the special securities would be "at par" for the amount as per the application made by the eligible banks.

The step completes the government's capital infusion of Rs 200 billion in public sector banks (PSBs) for the current financial year. In December, it infused Rs 55 billion in Punjab and Sind Bank.

The interest cost for recapitalisation bonds issued by the government was Rs 162.9 billion in financial year 2019-20. This has been estimated at Rs 192.9 billion for the fiscal ending March 31.

To save interest burden on such bonds, the government last year decided to issue zero-coupon bonds for capital infusion of Rs 55 billion into Punjab and Sind Bank.

In other news from the banking sector, the Reserve Bank of India (RBI) today extended the timeline for processing recurring online transactions to September 30, 2021, from March 31, 2021.

To prevent any inconvenience to the customers, RBI said it has decided to extend the timeline for the stakeholders to migrate to the framework by six months.

RBI said, it is noted that the framework has not been fully implemented even after the extended timeline. This non-compliance is noted with serious concern and will be dealt with separately.

In August 2019, RBI had issued a framework for processing of e-mandates on recurring online transactions. Initially applicable to cards and wallets, the framework was extended in January 2020 to cover Unified Payments Interface (UPI) transactions as well.

We will keep you updated on the latest developments from this space. Stay tuned.

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Moving on to news from the FMCG sector, Tata Consumer Products was among the top buzzing stocks today.

Tata Consumer Products entered the NSE Nifty index today. It replaced PSU major GAIL (India). Meanwhile, AU Small Finance Bank replaced Bank of Baroda in the Nifty bank index.

Tata Consumer is the 5th Tata Group Company in NSE Nifty. TCS, Tata Motors, Tata Steel, Titan & Tata Consumer together now have 8.1% weight while HDFC Group companies have a total of 18.8% weightage in the NSE Nifty.

Reports state that the above rejig is expected to result in passive inflows of Rs 6.5 billion in Tata Consumer. Gail, on the other hand, could see outflows of Rs 4.1 billion.

Reports also state that the valuation of NSE Nifty will get cheaper as the index management had made a key change that will henceforth use consolidated earnings of NSE Nifty firms as against the current practice of considering standalone numbers.

Consolidated numbers include aggregated reporting of a firm's entire business, including subsidiaries. Only in cases wherein consolidated financials aren't available, standalone numbers will be considered.

Tata Consumer share price ended the day up by 1%.

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009:

While the Sensex has offered 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.

Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes this outperformance could continue for many years.

With a rising population and standards of living, Indian's consumption demand for FMCG products will skyrocket over the coming years.

We are keeping a close eye on FMCG stocks and will keep you updated on all the news from this space. Stay tuned!

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!

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WIPRO share price is trading up by 5% and its current market price is Rs 453. The BSE IT is up by 0.6%. The top gainers in the BSE IT Index is WIPRO (up 5.0%). The top losers is INFOSYS (down 0.1%).

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