Markets will remain closed on May 01, 2024 on account of Maharashtra Day.

Indian Indices Extend Gains; Axis Bank and ICICI Bank Surge Over 4%

Wed, 27 May 12:30 pm

   Previous Close   

   Pre-Open   

   09:30 am   

   01:30 pm   

   Closing   

Share markets in India have extended early gains and are presently trading higher. The BSE Sensex is trading up by 262 points, while the NSE Nifty is trading up by 73 points.

The BSE Mid Cap index and the BSE Small Cap index are trading on a flat note.

On the sectoral front, gains are largely seen in the banking sector, finance sector, and IT sector.

The rupee is trading at 75.64 against the US$.

Gold Prices are currently trading down by 0.6% at Rs 46,030.

Note that stock markets around the world have witnessed one of the most volatile phases in 2020 so far.

One month we see a sharp decline followed by a sharp up move the next month.

One day we hear positive news of a vaccine for the virus. Another day, a WHO scientist says we might have to live with this virus for years.

Naturally, investors are confused as to what they should do? Buy, hold or sell their stocks.

In the video below, Girish Shetty, Research Analyst at Equitymaster, explains the current scenario and what are the type of stocks investors should buy, hold or sell in the current crisis.

Tune in to find out more...

Moving on, market participants are tracking Dabur share price, Quess Corp share price and Sun Pharma share price as these companies are scheduled to announce their March quarter results (Q4FY20) later today.

You can read our recently released Q4FY20 results of other companies here: Lakshmi Machine, Birla Corporation, Bata India, Colgate, Honeywell Automation, Hawkins Cookers, Bayer Cropscience, JSW Steel, DCB Bank.

In news from the economic space, Fitch ratings and CRISIL have drastically cut India's economic growth forecast in the current fiscal year due to a prolonged lockdown.

Both, Fitch and CRISIL projected the economy to contract 5%, from their earlier estimates of the economic growth at 0.8% and 1.8%, respectively.

In its latest report, CRISIL said that it expects the current quarter's GDP to shrink 25% year-on-year (YoY).

The rating agency said it would really be a long road to recovery and going back to the pre-Covid-19 trend level of gross domestic product (GDP) in India will not be possible for the next three fiscal years.

Reportedly, lockdown extension, higher economic costs, and an economic package that lacked muscle are the three key reasons why CRISIL downgraded the GDP forecast.

Meanwhile, Fitch ratings said India had had a very stringent lockdown policy that had lasted a lot longer than expected and incoming economic activity data had been spectacularly weak.

Note that the Indian economy was grappling with its own issues and COVID-19 has made matters worse.

The industry was facing demand problems, due to which business houses were reluctant to undertake capex plans. Unemployment was at its peak and exports were consistently down for several months.

India's GDP growth has been on a consistent decline after peaking out at 7.9% in Q4 of FY18 to 4.7% in Q3 of FY20. This is evident in the chart below:

The numbers are expected to have fallen further in Q4FY20 due to Covid 19.

Interestingly, there's a silver lining in all this. India can become an outsourcing hub. The global slowdown will mean that countries like the US, will be looking out for low-cost outsourcing destinations like India.

Further, a lot of global buyers have already shifted to India to source ceramics, home appliances, fashion, and lifestyle goods.

Meanwhile, as per the reports, around a thousand foreign manufacturers want to relocate their production to India, a country they see as an alternative to China.

Here's an excerpt from one of the articles, co-head of Research Tanushree Banerjee wrote on Indian economic recovery:

• It's also a fact that India's importance in the global supply chain has never looked better. PM Modi himself referred to that.
  
  Therefore, utilising the stimulus package to tighten India's presence in the global supply chain will be the fastest way to move up the Swoosh index. Any delay or disregard would cost India dearly.
  
  True that Apple, Samsung and several smartphone manufacturers are already considering an expansion of their Indian capacities.
  
  But the land, labour, liquidity, and legal reforms cannot remain on paper if the Make in India dreams are to be realised.
  
  I expect to gather more cues about India's prospects on the Swoosh index over coming months.

Watch this space as Tanushree tracks these Rebirth of India megatrends closely.

Moving on to news from the chemical sector, shares of Deepak Nitrite surged over 5% today after the company reported an 88% jump in its consolidated net profit at Rs 1,723 million for the quarter ended March 2020.

The company had reported a profit of Rs 914.6 million in the year-ago period.

The company's revenue from operations rose 4.7% to Rs 10.6 billion for Q4FY20 as against Rs 10.1 billion in the corresponding quarter of the previous fiscal.

On standalone basis, revenues stood at Rs 5.3 billion in Q4FY20 as compared to Rs 4.9 billion in Q4FY19.

The company's profit before tax (PBT) came in at Rs 1.6 billion, up 84%. Profit after tax (PAT) stood at Rs 1.2 billion, up 106% YoY.

For the full year ended March 2020, the company's net profit rose to Rs 6,110.3 million, while sales rose 56.7% to Rs 42,297.1 million.

Deepak Nitrite share price is presently trading up by 1.3%.

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

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

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

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers