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Sensex Tumbles 1,300 Points; IndusInd Bank, Axis Bank & ICICI Bank Fall Over 5%
Mon, 19 Apr 09:30 am | Yash Vora, TM Team

Asian stock markets are trading on a positive note today, helped by expectations monetary policy will remain accommodative while Covid-19 vaccine rollouts helped ease fears of another dangerous wave of coronavirus infections.

The Nikkei is trading up by 0.3% while the Hang Seng is up 0.7%. The Shanghai Composite is trading higher by 1.3%.

In US stock markets, Wall Street indices jumped on Friday as technology companies helped lift stocks to a record high.

Stocks edged higher most of the last week as investors remain cautiously optimistic about economic growth and progress against the pandemic.

The Dow Jones Industrial Average gained 297 points, or 0.9% to 33,801. Meanwhile, the Nasdaq rose 71 points or 0.5%. For the week, the Dow gained 2% while the Nasdaq rose 3.1%.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty.

Benchmark indices fell over 2% in early trade as India continued to report a record spike in Covid cases. India recorded over 2.75 lakh new Covid cases in last 24 hours, as per Worldometer.

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Market participants will track Macrotech Developers share price as the shares will list on the bourses today. The IPO that ran between April 7-9 was subscribed 1.36 times.

ACC, ICICI Prudential Life Insurance Company, Bajaj Consumer Care and CRISIL will release their quarterly earnings today.

The BSE Sensex is trading down by 1,340 points. Meanwhile, the NSE Nifty is trading lower by 378 points.

IndusInd Bank is among the top gainers today. Wipro, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 3.4%. The BSE Small Cap index is trading lower by 3.2%.

All sectoral indices are trading deep in the red with stocks in the automobile sector, banking sector and finance sector witnessing most of the selling pressure.

Shares of Linde India hit their 52-week high today.

The rupee is trading at 74.64 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 47,410 per 10 grams.

Among gold ETFs, Kotak Gold ETF and Axis Gold ETF are among the top gainers today.

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Speaking of stock markets, in the latest Momentum Moves video, Brijesh Bhatia talks about how the Nifty 50 index can hit 16,000.

Nifty has reversed from multiple support zones of rising trendline, 21 WEMA and 61.80% Fibonacci retracement level.

As per Brijesh, the hurdle of gap area at 14,652-14,785 needs to be crossed by the bulls in the coming weeks to confirm the bullish trend and catch-up with global equity indices.

In the video, Brijesh also talks about the Financial Services index. The Financial Services Index has been underperforming Nifty for last couple of months, but Brijesh believes it is at an excellent bargain buying levels.

Tune in to the video below to find out more:

In news from the finance sector, non-banking finance companies (NBFCs) have requested the Reserve Bank of India (RBI) to extend the one-time restructuring scheme of MSME advances till March 31, 2022, as these players are unable to revive their businesses.

In February last year, the Reserve Bank had permitted one-time restructuring of existing MSME advances, classified as 'standard' without downgrade in the asset classification subject to certain additional provisioning and other compliances.

The time limit for implementation of the scheme was till December 31, 2020.

In a recent letter written to RBI Governor Shaktikanta Das, FIDC, an industry body of NBFCs, said due to the severe second wave of Covid-19, the micro, small and medium enterprises (MSMEs) have not been able to revive their economic activities and are in urgent need of support from the lenders.

The industry body also urged the RBI to allow restructuring of certain MSMEs loans that already have got similar relief under the same scheme during the first wave of Covid-19, but are now facing challenges.

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The FIDC has also requested the central bank to provide priority status lending (PSL) classification benefit for bank lending to NBFCs on a permanent basis. Earlier this month, the RBI extended the PSL benefit by six months till September 30, 2021.

In a separate letter to MSME minister Nitin Gadkari, the FIDC requested to reinstate guarantee cover under Credit guarantee fund scheme for NBFCs (CGS-II) to 75% which was recently revised to 50%.

How the above developments pan out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

Moving on to news from the banking sector, HDFC Bank is among the top buzzing stocks today.

India's largest private sector lender HDFC Bank on Saturday reported an 18.2% year-on-year (YoY) rise in net profit to Rs 81.9 billion for the quarter ended March.

The lender reported a net interest income of Rs 171.2 billion, up 12.6% from a year-ago quarter.

HDFC Bank's pre-provision operating profit in the quarter stood at Rs 155.3 billion, up 20%.

HDFC Bank's gross non-performing loans ratio stood at 1.32% as against 1.38% on a proforma basis in the previous quarter.

The private sector lender reported a net NPA ratio of 0.4% for the quarter. The lender's provisions in the quarter rose 24% on a YoY basis to Rs 46.9 billion.

"Given that the current 'second wave' has significantly increased the number of Covid-19 cases in India and uncertainty remains, the board has considered it prudent to currently not propose dividend for the financial year ended March 31, 2021," the bank said.

HDFC Bank has provided around Rs 5 billion to refund the interest-on-interest amount to borrowers on the moratorium loans. The bank will, however, await a final decision from Indian Banks Association (IBA) on this concerning the methodology to calculate this amount.

HDFC Bank share price has opened the day down by 4.2%.

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

HDFC Bank wanted to transform itself from a leader in the 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 internet and mobile. The number has gone up to 92% in 2019.

HDFC Bank's Digital Transformation

It is a great example of a company which 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.

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


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Stock Market Updates

Sensex Trades Over 200 Points Lower, Dow Futures Down by 59 Points (Today's Market)

May 11, 2021 12:30 pm

BSE Sensex is trading up down 240 points, while the NSE Nifty is trading down by 52 points.

AUROBINDO PHARMA at All Time High; BSE HEALTHCARE Index Up 0.7% (Today's Market)

May 11, 2021 09:51 AM

AUROBINDO PHARMA share price has hit an all time high at Rs 1,064 (up 1.4%). The BSE HEALTHCARE Index is up by 0.7%. Among the top gainers in the BSE HEALTHCARE Index today are AUROBINDO PHARMA (up 1.4%) and PFIZER (up 1.4%). The top losers include PIRAMAL ENTERPRISES and CAPLIN POINT (down 0.2%).

Sensex Falls 400 Points on Weak Global Cues; Kotak Mahindra Bank & HDFC Top Losers (Today's Market)

May 11, 2021 09:30 am

Indian share markets open lower. The BSE Sensex opened down by 412 points, while the Nifty is trading lower by 124 points.

MARICO at All Time High; BSE FMCG Index Up 0.1% (Today's Market)

May 11, 2021 09:49 AM

MARICO share price has hit an all time high at Rs 487 (up 2.8%). The BSE FMCG Index is up by 0.1%. Among the top gainers in the BSE FMCG Index today are MARICO (up 2.8%) and P&G HYGIENE (up 0.7%). The top losers include DABUR (down 0.1%) and KRBL (down 0.1%).

GRINDWELL NORTON at All Time High; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

May 11, 2021 09:49 AM

GRINDWELL NORTON share price has hit an all time high at Rs 1,159 (up 3.4%). The BSE CAPITAL GOODS Index is down by 0.3%. Among the top gainers in the BSE CAPITAL GOODS Index today are GRINDWELL NORTON (up 3.4%) and HONEYWELL AUTOMATION (up 0.2%). The top losers include SOLAR INDUSTRIES (down 0.2%) and HAVELLS INDIA (down 0.6%).

SUZLON ENERGY Share Price Up by 5%; BSE OIL & GAS Index Up 1.3% (Today's Market)

May 11, 2021 09:42 AM

SUZLON ENERGY share price is trading up by 5% and its current market price is Rs 6. The BSE OIL & GAS is up by 1.3%. The top gainers in the BSE OIL & GAS Index is SUZLON ENERGY (up 5.4%). The top losers is ONGC .

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