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Sensex Zooms 997 Points; Metal, Automobile and IT Stocks Rally

Thu, 30 Apr Closing

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Extending gains to the fourth consecutive day, Indian share markets witnessed buying interest throughout the day and ended on a strong note.

Auto and metal stocks surged today amid hopes of improvement in demand as major world economies started resuming business activities and lifting restrictions imposed in the wake of the coronavirus pandemic.

Benchmark indices rose around 3% today and registered their best month in nearly 11 years, buoyed by news of a possible breakthrough in testing for a treatment of Covid-19.

Reportedly, Gilead's antiviral Remdesivir in early clinical trials seemed to show it helped speed recovery in Covid-19 patients.

Besides, the government's announcement to give considerable relief to many districts post May 4 boosted sentiment.

At the closing bell, the BSE Sensex stood higher by 997 points (up 3.1%) and the NSE Nifty closed higher by 307 points (up 3.2%).

The BSE Mid Cap index ended up by 1.5%, while the BSE Small Cap index ended the day up by 1.2%.

On the sectoral front, gains were largely seen in the metal sector, auto sector and IT sector.

Asian stock markets ended on a strong note. As of the most recent closing prices, the Hang Seng was up 0.3% and the Shanghai Composite stood higher by 1.3%. The Nikkei ended up by 2.1%.

Speaking of the current stock market scenario, Apurva Sheth, in his latest video, talks about the recent rally in markets and what to expect going forward.

He talks about some important market indicators which will determine whether this rally will continue or not.

You can check the same here: Will the Market Rally Continue?

Moving on, the rupee is currently trading at 75.05 against the US$.

Gold prices are trading up by 0.4% at Rs 45,720 per 10 grams.

Domestic gold prices edged higher today after a sharp fall in the previous session.

Prices rose after the US Fed kept its policy rates near zero and a worsening slump in Chinese export orders pointed to a long road to recovery.

Gold prices had fallen in the past three sessions, tracking a fall in the global markets.

A report by World Gold Council (WGC) said that global gold demand during the January-March quarter grew 1% to 1,083.8 tonnes compared to the same period last year mainly due to heavy inflow in gold-backed ETFs.

Gold demand in India declined 36% in the January-March quarter to 101.9 tonnes due to volatile prices, economic uncertainties and coronavirus-induced nationwide lockdown.

Speaking of gold, you will be surprised to know that the safe haven has outperformed equities over a 15-year period.

Have a look at the chart below:

An equal amount of Rs 100 invested in both gold and Sensex in 2004 would have generated higher returns in gold by a wide margin.

Your total investment in gold and Sensex would be valued at Rs 687 and Rs 410, respectively.

So, investors in gold are happier than investors in Sensex or equities at this moment.

Moving on, in news from the mutual funds space, the Reserve Bank of India (RBI) today said that the regulatory benefits announced under the SLF-MF scheme will be extended to all banks, irrespective of whether they avail funding from the RBI or deploy their own resources under the above-mentioned scheme.

Earlier this week on Monday, the RBI had announced a special liquidity facility for mutual funds (SLF-MF).

The above move is aimed at easing the liquidity strains on MFs, which intensified in the wake of redemption pressures following the closure of six debt funds by Franklin Templeton India.

However, RBI's move to offer a liquidity window to the mutual fund (MF) industry, to allay concerns over redemptions, doesn't seem to be helping matters.

The industry data shows credit risk funds and a clutch of duration scheme categories have seen asset erosion of over Rs 220.7 billion in three days since Franklin Templeton Mutual Fund's wind-up move.

Asset base of credit risk funds shrunk another 11% on Tuesday, following erosion of Rs 48.7 billion.

Other debt categories are also witnessing redemption pressure. The asset base of medium-duration fund declined 6% on Tuesday.

For the low-duration category, the asset base was down 3.13% or Rs 24.8 billion.

At the end of March, several debt schemes had reported negative cash balances, as they were forced to borrow from banks to meet high redemption pressure.

In March, debt schemes saw outflows of Rs 1.9 trillion, most for the last month of any financial year.

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.

Moving on to news from the banking space, the Reserve Bank of India is considering raising the 15% limit on promoter shareholdings in private sector lenders.

As per an article in The Economic Times, the move to balance ownership and control comes as some private sector banks have sought a relaxation in licensing norms, citing the regulator's recent decision on Kotak Mahindra Bank.

According to the RBI's rules, promoters need to shed their holding to 40% within three years of getting a banking license, and then to 20% in 10 years and to 15% within 15 years.

In January, the RBI had allowed Uday Kotak to hold a 26% stake in Kotak Mahindra Bank as long as the lender didn't raise capital through a share sale. The promoter's voting rights were restricted to 15% from April.

The rules also stipulated that Uday Kotak will not be allowed to top up his stake if it falls below 26%. The private lender recently announced a fundraising plan of Rs 75 billion that will allow Uday Kotak to bring down his stake by 1%.

After the relaxation granted to Kotak Bank, IndusInd Bank's promoters wrote to RBI seeking nod to raise their stake to 26%.

In September 2018, Bandhan Bank was barred from opening new branches because promoters had not complied with the norms.

However, in February 2020, RBI lifted some restrictions, allowing the private lender to open new branches.

We will keep you updated on the latest developments 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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