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Indian Indices Continue Momentum; Sensex Ends 522 Points Higher
Tue, 2 Jun Closing | Monish Vora, TM Team

Indian share markets witnessed positive trading activity throughout the day today and ended on a strong note.

Extending gains to the fifth consecutive day, Indian stock markets edged higher even after Moody's Investors Service downgraded country's sovereign credit rating by a notch to the lowest investment grade with negative outlook.

Buying interest was seen as Prime Minister Narendra Modi assured that India would get its growth back.

Speaking at CII's annual session, Modi said making the economy strong post Covid-19 is the top priority now and that the government is making planned and systematic reforms.

At the closing bell, the BSE Sensex stood higher by 522 points (up 1.6%).

Meanwhile, the NSE Nifty closed higher by 153 points (up 1.6%).

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The SGX Nifty was trading at 9,971, up by 180 points, at the time of writing.

The BSE Mid Cap index ended the day up by 1.2%.

While the BSE Small Cap index ended up by 1.8%.

On the sectoral front, gains were largely seen in the realty sector and banking sector.

FMCG stocks, on the other hand witnessed selling pressure.

Asian stock markets ended on a positive note. As of the most recent closing prices, the Nikkei ended higher by 1.2%, while the Shanghai Composite gained 0.2%.

The Hang Seng ended higher by 0.9%.

Gold prices are trading down by 0.2% at Rs 46,975 per 10 grams.

The rupee is trading at 75.35 against the US$.

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Moving on, market participants were tracking Tata Power share price after the company informed that it has completed the acquisition of 51% stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs 1,785 million.

Grid Corporation of Odisha will hold the balance 49% equity stake in TPCODL.

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In news from the automobile sector, shares of VST Tillers Tractors were locked in the upper circuit band of 20% today, ahead of the May sales numbers.

The company, engaged in manufacturing of power tillers and tractors, is expected to report healthy sales numbers for the month.

In the month of April, VST Tillers Tractors had posted strong sales with the company's total sales climbing 51% year-on-year (YoY) to 1,089 units from 721 units in April 2019.

Besides, power tillers sales jumped to 761 units in April 2020, up 163% YoY, from 289 units sold in April 2019.

However, tractor sales contracted by 24% to 328 units in April 2020 from 432 units in April 2019.

Last month, the company had entered into a strategic alliance with French firm Pubert's Indian arm to provide agri-support to Indian farmers at affordable prices.

In other news from the auto sector, Mahindra & Mahindra (M&M) share price witnessed buying interest today.

Stock of the company gained 5% intraday today, having rallied 10% in the past two trading days, after it sold 24,017 tractors in domestic market in May 2020 despite Covid-19 induced lockdown.

It had sold 23,539 units during the same month last year.

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As per media reports, the timely relaxation of the lockdown for the agricultural sector helped ensure speedy recovery of tractor demand during May.

In a press release on Monday, M&M said, total tractor sales (domestic + exports) during May 2020 were at 24,341 units, as against 24,704 units for the same period last year.

Meanwhile, in the passenger vehicles segment, the company sold 3,867 vehicles in May 2020, compared to 20,608 vehicles in May 2019.

In the commercial vehicles segment, the company sold 5,170 vehicles in May 2020, as against 17,879 vehicles in May 2019.

Moving on, according to a survey by the All India Manufacturers' Organisation (AIMO), about 35% of micro, small and medium enterprises and 37% of self-employed individuals have started shutting their businesses, saying they saw no chance of a recovery in the wake of the coronavirus outbreak.

The other 32% of the MSMEs said that recovery would take around 6 months, while only 12% expect it in three months.

Last month, the government had announced various measures to help MSMEs, including collateral-free loans of Rs 3 lakh crore and a fund of funds for the sector that will invest Rs 500 billion as equity in small businesses.

The government's financial package has not reached the MSMEs and is also not adequate to make up for the loss of business activity during the lockdown period, AIMO said, adding that such a "mass destruction of business" was unprecedented.

Yesterday, the cabinet approved the expanded definition of micro, small and medium enterprises (MSMEs) and finalised modalities for the Rs 200 billion subordinate debt for stressed units, and Rs 500 billion fund to boost growth of the sector.

As per the new definition, a company with up to Rs 500 million investments and up to Rs 2.5 billion turnover is classified as a medium enterprise.

This is higher than the definition announced by finance minister Nirmala Sitharaman as part of the Rs 20 lakh-crore Aatma nirbhar Bharat package, which had pegged the investment limit for medium companies at Rs 200 million and turnover at Rs 1 billion.

Speaking of the stimulus package, note that investors were disappointed by the measures announced. Indian stock markets had crashed over 3% as the measures announced failed to provide any near-term relief.

However, it is interesting to note that unlike the previous stimulus packages, this one is no longer a tiny fraction of India's GDP.

This is the largest stimulus package ever announced by India.

At about 10.2%, it is among the biggest stimulus packages announced over the past few months by governments all around the world. This is evident in the chart below:

Now, executing the package, keeping India's long-term economic interests in mind, will be the key.

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

What else is happening in the markets today? Dig in...

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Stock Market Updates

V-MART RETAIL Share Price Down by 6%; BSE 500 Index Down 0.1% (Today's Market)

Jul 13, 2020 02:08 PM

V-MART RETAIL share price is trading down by 6% and its current market price is Rs 1,930. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are GSK CONSUMER (up 5.1%) and DR. LAL PATHLABS LTD (up 5.0%). The top losers are V-MART RETAIL (down 6.3%) and SHANKARA BUILDING PRODUCTS LTD (down 5.1%).

GRINDWELL NORTON Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.3% (Today's Market)

Jul 13, 2020 12:48 PM

GRINDWELL NORTON share price is trading up by 5% and its current market price is Rs 527. The BSE CAPITAL GOODS is up by 0.3%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 5.1%). The top losers are GRAPHITE INDIA (down 0.1%) and SCHAEFFLER INDIA LTD (down 0.2%).

BAJAJ CONSUMER CARE Share Price Up by 5%; BSE FMCG Index Up 1.3% (Today's Market)

Jul 13, 2020 12:24 PM

BAJAJ CONSUMER CARE share price is trading up by 5% and its current market price is Rs 152. The BSE FMCG is up by 1.3%. The top gainers in the BSE FMCG Index are BAJAJ CONSUMER CARE (up 5.2%) and GSK CONSUMER (up 5.1%). The top losers are P&G HYGIENE and GODFREY PHILLIPS .

RELIANCE IND. at All Time High; BSE OIL & GAS Index Up 0.9% (Today's Market)

Jul 13, 2020 11:58 AM

RELIANCE IND. share price has hit an all time high at Rs 1,947 (up 2.8%). The BSE OIL & GAS Index is up by 0.9%. Among the top gainers in the BSE OIL & GAS Index today are RELIANCE IND. (up 2.8%) and BPCL (up 1.0%). The top losers include CASTROL INDIA (down 0.4%) and GAIL (down 0.9%).

L&T INFOTECH LTD at All Time High; BSE IT Index Up 1.7% (Today's Market)

Jul 13, 2020 11:58 AM

L&T INFOTECH LTD share price has hit an all time high at Rs 2,228 (up 5.1%). The BSE IT Index is up by 1.7%. Among the top gainers in the BSE IT Index today are L&T INFOTECH LTD (up 5.1%) and ORACLE FINANCIAL (up 0.1%). The top losers include MPHASIS (down 0.2%) and MINDTREE (down 0.4%).

Sensex Opens Higher; Realty Stocks Lead (Today's Market)

Jul 13, 2020 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 286 points, while the Nifty is trading up by 92 points.

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Jul 13, 2020 02:39 PM