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Indian Indices Trade Higher; Bajaj Finance, ICICI Bank & SBI Top Gainers
Wed, 3 Jun 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a strong note, tracking positive global cues.

Extending gains to the sixth straight day, benchmark indices edged higher taking cues from global markets as investors looked past the social unrest in the US and continued to focus on easing lockdown restrictions and prospects of economic recovery.

Optimism in the Indian market has been driven by positive sentiment across global markets as most of the economies are opening up after weeks of shutdown induced by coronavirus pandemic.

The BSE Sensex breached the 34,000-mark and is trading 497 points higher at 34,300 levels.

Meanwhile, the NSE Nifty also reclaimed the psychological level of 10,000, first time since March 13, and is trading up by 158 points.

The BSE Mid Cap index is trading up by 1.4%.

Meanwhile, the BSE Small Cap index is presently trading up by 2.2%.

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

IT stocks, on the other hand are witnessing selling pressure.

The rupee is trading at 75.25 against the US$.

Gold prices are trading down by 0.2% at Rs 46,700 per 10 grams.

Speaking of the current stock market scenario, note that the coronavirus impact has shaken markets worldwide.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

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Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets. In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

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If you can find good businesses that can survive the current crisis, you will do well in the long run.

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Moving on, market participants are tracking Vodafone Idea share price. Shares of the company surged over 10% today on the back of heavy volumes.

Yesterday, shares of the telecom operator soared 20% to hit a six-month high of Rs 7.87 on the BSE.

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Note that shares of the company have rallied sharply in the past few days after the company on Friday said it was constantly evaluating various opportunities but there was no proposal before the board of the firm as yet.

The clarification came after reports surfaced that Alphabet Inc's Google was eyeing about 5% stake in the telecom company.

On Friday, Vodafone Idea said, "as part of the corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders' value. As and when such proposals are considered by the board of directors of the company warranting disclosures, the company shall comply with the disclosure obligations."

In news from the auto ancillaries sector, automobile components major Motherson Sumi on Tuesday reported a 68.4% decline in its consolidated net profit at Rs 1,356.6 million for the fourth quarter ended March 31, mainly affected by the coronavirus pandemic.

The company had posted a consolidated net profit of Rs 4,293.1 million in the corresponding period of the previous financial year.

The company's total revenue from operations in Q4FY20 stood at Rs 151.6 billion as against Rs 171.7 billion a year ago.

For the financial year 2019-20, the company's consolidated net profit stood at Rs 12.9 billion. It was Rs 21 billion in 2018-19.

The company said that the overall performance was affected by OEMs' (original equipment manufacturers) plant closures due to the coronavirus pandemic, especially in China and in parts of Europe.

The company's Chairman Vivek Chaand Sehgal said, "our consolidated revenues for this fiscal year have remained stable. Considering that global automotive sales have declined in the same period and that the coronavirus pandemic was already impacting China and parts of Europe in the fourth quarter, this is a strong performance under the circumstances."

Motherson Sumi share price is presently trading up by 2%.

In other news, Tata Motors has resumed operations across all its manufacturing plants in the country with Jamshedpur facility also getting approval on May 27, 2020.

Reportedly, around 59% of company's passenger vehicle showrooms, covering 69% of the retail market, have commenced operations.

To further shore up the liquidity, the company has issued commercial papers of Rs 35 billion and also raised Rs 10 billion through non-convertible debentures (NCDs).

Tata Motors share price is presently trading up by 4%.

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

ESCORTS LIMITED at All Time High; BSE AUTO Index Down 0.6% (Today's Market)

Jul 10, 2020 03:30 PM

ESCORTS LIMITED share price has hit an all time high at Rs 1,141 (up 0.8%). The BSE AUTO Index is down by 0.6%. Among the top gainers in the BSE AUTO Index today are ESCORTS LIMITED (up 0.8%) and BAJAJ AUTO (up 0.5%). The top losers include BALKRISHNA INDUSTRIES (down 0.2%) and HERO MOTOCORP (down 0.4%).

LAURUS LABS LTD Share Price Up by 5%; BSE HEALTHCARE Index Up 0.7% (Today's Market)

Jul 10, 2020 03:18 PM

LAURUS LABS LTD share price is trading up by 5% and its current market price is Rs 604. The BSE HEALTHCARE is up by 0.7%. The top gainers in the BSE HEALTHCARE Index is LAURUS LABS LTD (up 5.2%). The top losers are ALKEM LABORATORIES (down 0.1%) and PROCTER & GAMBLE HEALTH (down 0.1%).

GUJARAT GAS Share Price Up by 5%; BSE OIL & GAS Index Up 0.2% (Today's Market)

Jul 10, 2020 03:16 PM

GUJARAT GAS share price is trading up by 5% and its current market price is Rs 306. The BSE OIL & GAS is up by 0.2%. The top gainers in the BSE OIL & GAS Index is GUJARAT GAS (up 5.3%). The top losers are IOC (down 0.3%) and INDRAPRASTHA GAS (down 0.6%).

PERSISTENT SYSTEMS Share Price Down by 5%; BSE IT Index Up 0.1% (Today's Market)

Jul 10, 2020 02:34 PM

PERSISTENT SYSTEMS share price is trading down by 5% and its current market price is Rs 749. The BSE IT is up by 0.1%. The top gainers in the BSE IT Index are FIRSTSOURCE SOL. (up 7.4%) and TCS (up 0.7%). The top losers is PERSISTENT SYSTEMS (down 5.0%).

RELIANCE IND. at All Time High; BSE OIL & GAS Index Down 0.1% (Today's Market)

Jul 10, 2020 01:54 PM

RELIANCE IND. share price has hit an all time high at Rs 1,879 (up 2.7%). The BSE OIL & GAS Index is down by 0.1%. Among the top gainers in the BSE OIL & GAS Index today are RELIANCE IND. (up 2.7%) and INDRAPRASTHA GAS (up 0.6%). The top losers include IOC (down 0.6%) and PETRONET LNG (down 1.3%).

Sensex Slips 200 Points; IndusInd Bank & HDFC Top Losers (Today's Market)

Jul 10, 2020 12:30 pm

The BSE Sensex is trading down by 213 points, while the NSE Nifty is trading down by 64 points.

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