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Sensex Ends 232 Points Higher; Finance and Banking Stocks Witness Buying
Wed, 6 May Closing | Monish Vora, TM Team

Indian share markets traded on a volatile note throughout the day and ended higher.

Benchmark indices opened on a negative note today as rising coronavirus cases and grim growth projections dampened investor sentiment. However, losses were recovered thereafter as indices rose over 1.5%

Gains were largely seen in the finance sector, banking sector and telecom sector, while FMCG stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 232 points (up 0.7%) and the NSE Nifty closed higher by 65 points (up 0.7%).

SGX Nifty was trading at 9,287, up by 104 points, at the time of writing.

The BSE Mid Cap index ended the day up by 0.8%, while the BSE Small Cap index ended up by 0.5%.

Asian stock markets ended on a positive note. As of the most recent closing prices, the Hang Seng was up 1.2% and the Shanghai Composite stood higher by 0.6%.

European stock markets were trading marginally lower at the time of writing, as investors turned cautious eyeing developments over economies lifting lockdown restrictions.

Gold prices are currently trading up by 0.1% at Rs 45,763.

The rupee is currently trading at 75.63 against the US$.

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Speaking of stock markets in general, here's what Tanushree Banerjee wrote about the coronavirus pandemic and its effects on the global economy in one of the editions of The 5 Minute WrapUp...

  • ...pandemics have had profound economic effects. But in the longer term, the economic effects can be positive.

    Is the assumption that Coronavirus could lead to such a massive social and economic change too farfetched?

    Not at all!

    In fact, the outbreak of Coronavirus exposed the underbelly of the fragile global supply chains, over dependent on China.

    And therefore, global manufacturers are bound to seek geographic diversification of resources and imports.

    That could mean a massive change in the way businesses are run.

Tanushree believes that the ongoing market crash could, in fact, be an inflection point for what she calls the irreversible Rebirth of India megatrends.

For bluechip stocks, she believes the time is ripe to begin buying some of the safest bluechips as there is safety in valuations and the market is offering them at deeper and deeper bargains.

The profits of bluechips (BSE 200 companies) are currently at a decade low as can be seen in the chart below.

A Rebound in Profits Overdue?

Tanushree is recommending her subscribers, to buy stocks selectively, a few at a time, by taking partial exposures to begin with.

She has already recommended safe bluechips in the past month and there are several more in her watchlist. You can access them here.

And if you are not a StockSelect subscriber, here's where you sign up.

Watch Now: 3 Little-known Stocks We are Super Bullish On

Moving on, market participants were tracking Kansai Nerolac share priceYes Bank share price and TCI Developers share price as these companies announced their March quarter results (Q4FY20) today.

Apart from this, market participants were also tracking liquor stocks after some state governments hiked excise duty on liquor.

Some state governments including Andhra Pradesh and Rajasthan, decided to restrict the timings of liquor shops as well as hike excise duty as a step to restrict buying, while the Mumbai Municipal Corporation decided to shut all liquor shops in Mumbai from today.

United Breweries share price, Radico Khaitan share price, United Spirits share price, GM Breweries share price, and Globus Spirits share price declined in the range of 4-7%, on the back of above news.

In news from the chemical sector, shares of Rallis India fell nearly 8% in early trade today after the company reported a 49.6% drop in consolidated profit at Rs 7 million for the quarter ended March 2020.

The Tata group firm had posted a net profit of Rs 13.5 million in the same period a year ago.

The company's total income marginally increased to Rs 3,462.9 million during Q4FY20 as against Rs 3,396.9 million during the quarter ended March 31, 2019.

Expenses rose to Rs 3,698.7 million in Q4FY20 from Rs 3,450.5 million in Q4FY19.

In a BSE filing, the company said, due to the nationwide lockdown, its operations were disrupted at certain manufacturing facilities and depots, as a result of which goods worth Rs 160.4 million could not be dispatched to the domestic market.

Further, the company said its international shipments were also disrupted due to absence of transportation facilities in the last week of March 2020 resulting in lower shipment of Rs 531.8 million.

Rallis India share price ended the day up by 0.2%.

To know more about the company, you can read Rallis' Q4FY20 result analysis on our website.

Moving on to news from the oil & gas sector, shares of oil marketing companies (OMCs) witnessed selling pressure today after the government announced steep hikes in duties on petrol and diesel, raising it by Rs 10 and Rs 13 per litre, respectively.

Shares of HPCL and BPCL slumped over 9% intraday, while Indian Oil Corporation (IOC) fell 6%.

The government on Tuesday said that the Road and infrastructure cess was hiked by Rs 8 for petrol and diesel and the special additional excise duty (SAED) was hiked by Rs 2 per litre and Rs 5 per litre, respectively.

While the road cess will only go into the Centre's holdings, the hike on account of SAED will be passed on to states via devolution at 42%.

This decision comes after several states increased the value-added tax (VAT) on petrol and diesel. The Delhi government on Tuesday increased VAT on petrol and diesel to 30% each.

Reports state that this move is a big negative for OMCs, but it is positive for the economy.

The government needs revenue and this will possibly help kick start the economy, which is staring at a significant downturn with job losses, dismal GDP print due to the disruption caused by Coronavirus outbreak.

What effects the above move have on Indian stock markets and the Indian economy remains to be seen. Stay tuned for more updates from this space.

And 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 Zooms 1,030 Points, Nifty Tops 14,980-Mark; HDFC Bank Among Top Gainers (Today's Market)

Feb 24, 2021 Closing

Indian share markets witnessed huge buying interest during the extended closing hours today and ended their day on a strong note.

Sensex Rises 477 Points; Trading Resumes on NSE (Today's Market)

Feb 24, 2021 Special Update

The BSE Sensex is trading up by 477 points, while the NSE Nifty is trading up by 135 points.

SIEMENS at All Time High; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Feb 24, 2021 02:54 PM

SIEMENS share price has hit an all time high at Rs 1,922 (up 1.7%). The BSE CAPITAL GOODS Index is up by 0.5%. Among the top gainers in the BSE CAPITAL GOODS Index today are SIEMENS (up 1.7%) and HONEYWELL AUTOMATION (up 1.9%). The top losers include HAVELLS INDIA (down 0.2%) and GRAPHITE INDIA (down 0.2%).

MUTHOOT FINANCE Share Price Down by 6%; BSE 500 Index Up 0.5% (Today's Market)

Feb 24, 2021 02:36 PM

MUTHOOT FINANCE share price is trading down by 6% and its current market price is Rs 1,315. The BSE 500 is up by 0.5%. The top gainers in the BSE 500 Index are INDIAN OVERSEAS BANK (up 10.0%) and BANK OF MAHARASHTRA (up 10.0%). The top losers are MUTHOOT FINANCE (down 5.8%) and HIMADRI SPECIALITY CHEMICAL (down 5.4%).

ZENSAR TECHNOLOGIES at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

Feb 24, 2021 01:02 PM

ZENSAR TECHNOLOGIES share price has hit a 52-week high. It is presently trading at Rs 282. BSE 500 Index is up by 0.5% at 19,684. Within the BSE 500, ZENSAR TECHNOLOGIES (up 5.3%) and NAVA BHARAT VENTURES (up 11.2%) are among the top gainers, while top losers are MAGMA FINCORP and RELIANCE POWER.

Sensex Trades Over 200 Points Higher; Dow Futures Down by 103 Points (Today's Market)

Feb 24, 2021 12:30 pm

BSE Sensex is trading up by 226 points, while the NSE Nifty is trading up by 113 points.

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