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Sensex Trades Marginally Higher; Bajaj Finance & ITC Top Gainers
Thu, 18 Jun 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a volatile note, amid the Supreme Court hearing on adjusted gross revenue (AGR) case.

Benchmark indices opened lower today tracking weak global markets, which fell as concerns about a new wave of virus infections continued to play off against massive monetary easing and stimulus measures.

Presently, the BSE Sensex is trading up by 128 points, up 0.4%.

The NSE Nifty is trading up by 49 points, above the 9,900-mark.

Bajaj Finance share price and ITC share price are the top gainers today.

The BSE Mid Cap index is trading up by 0.5%. Meanwhile, the BSE Small Cap Index is trading up by 1.2%.

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Among sectoral indices, stocks in the metal sector and power sector are witnessing buying interest.

Automobile stocks on the other hand are witnessing selling pressure.

Gold prices are trading up by 0.1% at Rs 47,354 per 10 grams.

The rupee is trading at 76.13 against the US$.

Speaking of stock markets, in his latest video, Rahul Shah shares two of the most fundamental principles of making sure how your portfolio earns an A+ most of the time.

What are these fundamental principles and how to apply them?

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In news from the finance sector, Muthoot Finance share price is among the buzzing stocks today. Shares of the company surged over 12% to hit a record high of Rs 1,149, after the company reported good set of numbers for the quarter ended March 2020 (Q4FY20).

The company reported 59% year-on-year (YoY) growth in its net profit at Rs 8.4 billion for Q4FY20, driven by strong asset under management (AUM) growth and improvement in asset quality.

The Kerala-based lender reported that its consolidated loan assets under management achieved a YoY increase of 22% at Rs 468.7 billion against last year's Rs 383 billion.

During the quarter, the company's gold loan portfolio increased by Rs 31.1 billion to Rs 416.1 billion.

With today's rally, the stock price has more-than-doubled from its 52-week low level of Rs 477.50, hit on the BSE on March 24, 2020.

Muthoot Finance share price is presently trading up by 13.5%.

Moving on to news from the economic space, rating agency Fitch Ratings on Thursday revised outlook on India's long-term foreign-currency to 'negative' from 'stable' but affirmed issuer default rating at BBB-, the lowest investment grade.

In a note, Fitch argued that the coronavirus pandemic has significantly weakened India's growth outlook for this year and exposed the challenges associated with high public-debt burden.

The rating agency expects economic activity to contract by 5% in the fiscal year ending March 2021 (FY21) from the strict lockdown measures imposed since 25 March 2020, before rebounding by 9.5% in FY22.

The above move comes after another rating agency Moody's, earlier this month downgraded India's sovereign rating by a notch to 'Baa3' from 'Baa2' for the first time in 22 years, while keeping its outlook 'negative'.

Learn: How to Potentially Accumulate Rs 7 Crore in Wealth Over the Long-term

In other news, the Asian Development Bank (ADB) said countries in Developing Asia will "barely grow" in 2020, while India's economy is forecast to contract by 4% this fiscal due to the adverse effect of the coronavirus pandemic.

'Developing Asia' refers to a group of over 40 countries that are members of the ADB.

In the Asian Development Outlook published in April, ADB had projected that India's economic growth rate will slip to 4% in the current fiscal on account of the global health emergency created by the pandemic.

Speaking of the coronavirus impact on Indian economy, 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, as can be seen in the chart below:

Declining GDP Growth for India

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 Tanushree Banerjee wrote on the 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.

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 Ends 441 Points Lower; Nifty Settles Below 15,000-Mark (Today's Market)

Mar 5, 2021 Closing

Indian share markets end lower with the Sensex down by 441 points and the Nifty ending down by 143 points.

GRINDWELL NORTON Share Price Down by 5%; BSE CAPITAL GOODS Index Down 1.5% (Today's Market)

Mar 5, 2021 03:30 PM

GRINDWELL NORTON share price is trading down by 5% and its current market price is Rs 950. The BSE CAPITAL GOODS is down by 1.5%. The top gainers in the BSE CAPITAL GOODS Index are V GUARD INDUSTRIES (up 3.3%) and AIA ENGINEERING (up 0.3%). The top losers is GRINDWELL NORTON (down 5.1%).

ADITYA BIRLA CAPITAL Share Price Down by 5%; BSE 500 Index Down 1.1% (Today's Market)

Mar 5, 2021 03:28 PM

ADITYA BIRLA CAPITAL share price is trading down by 5% and its current market price is Rs 131. The BSE 500 is down by 1.1%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 7.3%) and MOTILAL OSWAL (up 5.9%). The top losers are ADITYA BIRLA CAPITAL (down 5.0%) and APOLLO HOSPITALS (down 5.2%).

HAVELLS INDIA Share Price Down by 5%; BSE CONSUMER DURABLES Index Down 0.7% (Today's Market)

Mar 5, 2021 03:20 PM

HAVELLS INDIA share price is trading down by 5% and its current market price is Rs 1,163. The BSE CONSUMER DURABLES is down by 0.7%. The top gainers in the BSE CONSUMER DURABLES Index are BLUE STAR (up 1.7%) and CROMPTON GREAVES CONSUMER ELEC. (up 1.3%). The top losers is HAVELLS INDIA (down 5.1%).

BALMER LAWRIE Share Price Down by 5%; BSE 500 Index Down 1.1% (Today's Market)

Mar 5, 2021 03:18 PM

BALMER LAWRIE share price is trading down by 5% and its current market price is Rs 148. The BSE 500 is down by 1.1%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 6.8%) and MOTILAL OSWAL (up 6.1%). The top losers are BALMER LAWRIE (down 5.0%) and APOLLO HOSPITALS (down 5.5%).

TRENT Share Price Down by 5%; BSE 500 Index Down 1.3% (Today's Market)

Mar 5, 2021 03:16 PM

TRENT share price is trading down by 5% and its current market price is Rs 936. The BSE 500 is down by 1.3%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 6.6%) and MOTILAL OSWAL (up 6.1%). The top losers are TRENT (down 5.4%) and APOLLO HOSPITALS (down 5.5%).

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