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Indian Indices Extend Gains; Tata Steel, HDFC and Bajaj Finance Surge Over 4%

Wed, 29 Apr 12:30 pm

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Share markets in India have extended early gains and are presently trading on a strong note. Benchmark indices climbed higher today, taking positive cues from Asian markets.

The BSE Sensex is trading up by 353 points while the NSE Nifty is trading up by 105 points. The BSE Mid Cap index and the BSE Small Cap index are trading up by 1%.

All sectoral indices are trading in green with stocks in the metal sector and automobile sector witnessing most of the buying interest.

Gold Prices are currently trading down by 0.2% at Rs 45,985.

The rupee is trading at 75.70 against the US$.

As the Coronavirus pandemic continues to haunt the global financial markets, the rupee has been hit badly.

In a recent article titled The Sharp Fall in Indian Rupee: 6 Points to Know, we dive deeper and look at the factors behind rupee's depreciation.

Speaking of ongoing stock market crash, our special report, How to Trade the Coronavirus Crash, is the most comprehensive report on how to trade the coronavirus, both from a short-term and long-term perspective. You can claim your FREE copy here...

Moving on, market participants are tracking Hexaware Technologies share price as the company is scheduled to announce its March quarter results (Q4FY20) later today.

You can read our recently released Q4FY20 results of other companies here: Wipro, TCS, Infosys, HDFC Bank, Tata Elxsi, ACC, CRISIL, Ambuja Cement, IndusInd Bank.

In news from the chemical sector, IOL Chemicals & Pharma has been recognized as a Three Star export house by the Ministry of Commerce & Industry, Government of India and accordingly a Three Star Export House recognition certificate has been issued to the company.

The certificate shall be valid for a period of five years. This will facilitate the company to expand its product portfolio in the foreign market.

IOL Chemicals & Pharma share price is presently trading up by 5%.

Moving on to news from the mutual funds space, the markets regulator has clarified that the grandfathering of the unlisted non-convertible debentures (NCDs) is applicable across the mutual fund (MF) industry.

The regulator has also extended the timelines for reducing exposure to unlisted NCDs in phased manner to September 30, 2020, and December 31, 2020.

By September, MFs can bring down exposure to 15%, and 10% by December 31.

In March, the mutual fund industry had requested extension in light of the coronavirus pandemic.

In other news, as per a leading financial daily, the six wound-up debt schemes of Franklin Templeton Mutual Fund (MF) have concentrated exposures to certain companies belonging to sectors such as non-banking financial companies (NBFCs), asset reconstruction companies (ARC) and renewables.

As per the article, three of the wound-up schemes have 9-10% exposure to Shriram Transport which saw its long-term issuer rating downgraded by Fitch Ratings recently.

The company's debt papers held by Franklin are graded by domestic rating agency Crisil, which is yet to revise its ratings on these papers.

Franklin Low Duration Fund had 10.8% of its assets exposed to JM Financial Asset Reconstruction company (ARC).

Another NBFC, which accounts for a larger share of Franklin's wound-up schemes is Piramal Enterprises, along with its subsidiary Piramal Capital & Housing Finance.

The article also states that about Rs 80.8 billion of the exposures of the six wound-up schemes are set to mature within the next 12 months.

Note that, earlier this week on Monday, the Reserve Bank of India (RBI) had announced a Rs 500-billion special liquidity facility for mutual funds to calm investor sentiment in the aftermath of Franklin Templeton Mutual Fund winding up six debt funds.

Data released by the central bank showed that lenders borrowed Rs 20 billion from RBI on 27 April.

Franklin Templeton Mutual Fund on 23 April said it was shutting down six of its yield-oriented managed credit funds with total assets under management of Rs 258.6 billion, owing to severe illiquidity and redemption pressures induced by the covid-19 pandemic.

Speaking of mutual funds, Ajit Dayal, founder of Quantum group, talks about the corruption in the Indian mutual fund industry, in his latest article.

You can check the same here.

Also, here's what Tanushree Banerjee wrote about mutual funds in one of the editions of The 5 Minute WrapUp...

After a few hiccups in the first half of this fiscal, strong inflows into mutual funds have taken the industry's AUM to a new high.

Can we call it a saturation point?

Far from it!

The total AUM of India's mutual fund industry is just about 13% of India's GDP.

This megatrend of financialisation of savings has a long runway ahead of it.

New High for Mutual Fund AUM

As per Tanushree, this is one of the megatrends that will help what she calls the Rebirth of India.

She has identified the 7 best stocks that will profit from the Rebirth of India. You can read about these top 7 stocks here.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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