On Friday, the Indian share markets settled in the positive territory helped by buying in bluechips such as ITC, Maruti, ICICI Bank and Infosys.
The BSE Sensex recovered 212 points from day's low to settle at 38,767, up 160 points. ITC emerged as the top gainer on the index with over 3% gains while Tata Motors ended as the biggest loser.
The Nifty50 index settled at 11,643, up 47 points. On a weekly basis, both, Nifty and Sensex lost 0.2%.
Among BSE sectoral indices, realty stocks fell the most by 2.3%, followed by energy stocks at 1.7%. Yes Bank and Bajaj Finance were among the top losers.
Bank stocks will be in focus today after major lenders including SBI, IDBI Bank, and other state-run banks have reduced their lending rates by 5 basis points for most of the tenors.
Banks have started reducing MCLR following a 25-basis point after repo rate cut by the Reserve Bank in its first bi- monthly monetary policy review announced on 4 April.
Cipla share price is likely to be in focus as the company launched Niveoli - a proprietary Cipla inhaler, and the latest offering from the company in respiratory inhalation therapy that addresses an unmet need associated with obstructive airway diseases (OAD) such as asthma and chronic obstructive pulmonary disorder (COPD).
Infosys and TCS share prices will likely be in focus today after the IT majors reported their quarterly earnings on Friday.
Jet Airways share price is witnessing interest after media reports stated that Etihad Airways has submitted an expression of interest (EoI) to buy a stake in the debt-laden airline.
Abu Dhabi based Etihad Airways currently holds 24% stake in Jet Airways. Struggling with a mounting debt of more than Rs 85 billion, Jet on Thursday cancelled all international operations along with several domestic flights.
Sources also said that Jet's founder Naresh Goyal, who was forced to step down as chairman recently, may submit an EoI to regain control of the airline he had started more than 25 years ago.
While Goyal may not have the funds required to qualify for the pre-bid process, the EoI guidelines allow those with minimum three years' experience in civil aviation to participate.
The qualification criteria require strategic investors to have minimum net worth of Rs 10 billion in the preceding financial year. Goyal, who has pledged 41.1% of his 51% stake in the airline, has been in touch with potential investors including some sovereign wealth funds.
Lenders led by State Bank of India (SBI) have invited EoIs from potential bidders for buying a controlling stake of up to 75%.
A senior executive of a public-sector bank said the country's first sovereign wealth fund National Infrastructure Investment Fund (NIIF), as well as private equity firms TPG Capital and Indigo Partners, had expressed an interest in buying a stake in the troubled airline.
Jet was expecting emergency funding of at least Rs 15 billion to be released by the lenders to meet its operational requirements after Goyal pledged his shares.
How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.
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...
Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.
ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).
ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).
JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).
UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).
ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).
View More Indian Share Market NewsLast time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.
In this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.
A look at what India's top equity mutual funds bought and sold in January 2021.
Do you enjoy reading Tesla and Bitcoin stories? Here's a not so famous small-cap stock to profit from the rise of EVs.
More
Equitymaster requests your view! Post a comment on "Sensex Trades in Green, Bank Stocks in Focus, and Top Stocks in Action". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!