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Indian markets at all-time high
Fri, 9 May Closing

Snapping down yesterday's losses, Indian equity markets today roared to touch record highs. Supported by major gains in heavyweights, the markets closed the day on an optimistic note. Ahead of the election results outcome next Friday, the benchmark indices scaled up to new all-time highs today.

Do you think the elections are driving the stock market? Do share your views in the Equitymaster Club.

Stocks from sectors such as banking, realty and power drove the market rally today. Both the BSE Mid Cap and the BSE Small Cap indices gathered steam and were up by 1.5% and 0.7% respectively. The BSE-Sensex closed higher by 650 points, just touching the 23,000 mark. The NSE-Nifty too surged higher and ended higher by about 200 points.

On the global front, most of the Asian indices closed the day on a mixed note. However, the European indices have opened the day on a poor note. The rupee was trading at Rs 59.95 to the dollar at the time of writing.

All stocks from the power sector closed the day in the green. Leading the pack of gainers were Torrent Power Ltd and CESC Ltd. A leading daily has reported that Tata Power is all set to expand its domestic capacity in India if it gets fuel and clearances. Simultaneously the company is also eyeing international opportunities and will invest where returns are higher. While the company has project pipeline in place, it has learnt lessons from ultra mega power project at Mundra that suffered due to unexpected changes. Going ahead with the plans, the company has identified four geographies to reduce risk and fuel growth; namely, India and neighborhood, South East Asia, Africa, and Turkey and Middle East. The company is certain about maintaining a favorable risk-reward ratio while evaluating opportunities to invest. Tapping global markets should do well for the Tata Power's business. The company's shares closed up by 5% today.

Barring few stocks such as Bajaj Holdings and Investments Ltd, Cholamandalam Investments and Tata Investment Corp., all stocks from the financials' space closed the day in green. Leading the pack of gainers were IDFC Ltd and Shriram Transport Finance. As per a leading financial daily, the Reserve Bank of India has clarified that any entity's loss of bagging bank license will not prove to be a hindrance to buy a stake in a bank. For instance, L&T Finance, who failed to win a bank license in the first round is eyeing to pick up a stake in private sector lender Yes Bank. The Regulator has clearly notified that as a shareholder, L&T Finance's proposal to pick-up stake will be considered and evaluated. Therefore, any entity for that matter that had earlier applied for banking license but failed to win one will be eligible for buying stakes in existing banks. Not just that! The regulator is also expected to issue new guidelines shortly for issuance of "on-tap" bank licenses in 2014-15. On-tap licensing implies that the RBI will be open to grant further licenses throughout the year.

How many such new bank licenses do you think will be given by the regulator? What will new banks mean for the sector? Share your views in the Equitymaster Club

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Feb 21, 2018 09:53 AM


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