Sensex Continues Momentum, ends 433 Points Higher; IT & Metal Stocks Witness Buying

Mon, 27 Jun Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended higher.

Benchmark indices rose for the third consecutive day today, as prospects of a slowing economic growth fanned hopes that global central banks may go slow on interest rate hikes.

At the closing bell, the BSE Sensex stood higher by 433 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 133 points (up 0.9%).

L&T and Tech Mahindra were among the top gainers today.

Kotak Mahindra Bank and Reliance, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,820, up by 102 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended up by 0.9% and 1.6%, respectively.

All sectoral indices ended in green with stocks in the IT sector, metal sector and power sector witnessing most of the buying.

Shares of Voltamp Transformers and M&M hit their respective 52-week highs today.

As crude oil prices are falling and there are rumors that central banks may go slow on rising interest rates, the Indian share markets have recovered.

No one know how long the stock market recovery will continue.

In volatile times like current one, it's better to have high ROE stocks and high dividend yield stocks in your portfolio.

Asian share markets ended on a positive note today.

The Hang Seng ended up by 2.4% while the Nikkei gained 1.4%. The Shanghai Composite ended higher by 0.9%.

US stock futures are trading on a positive note today with the Dow Jones Futures trading up by 90 points.

The rupee is trading at 78.38 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.6% at Rs 50,925 per 10 grams.

Speaking of stock markets, smallcap analyst at Equitymaster Richa Agarwal talks about a critical metric to look at before you buy the dip, in her latest video.

As per Richa, ignoring this factor could be detrimental to your portfolio.

In news from the telecom sector, Vodafone Idea share price was among the top buzzing stocks today.

According to a company official, Vodafone Idea is evaluating opportunities on the metaverse to enhance customer experience.

The company is following this emerging technology to see how it evolves, said Avneesh Khosla, chief marketing officer of Vodafone Idea.

• We believe it has the potential to deeply engage with consumers and enhance their digital experience.
  
  Metaverse will enable deep engagement in genres such as gaming, entertainment, retail, education, e-commerce, and social networking.

Note that Bharti Airtel became the first operator in India to foray into the metaverse through its Xstream multiplex.

Telecom companies are looking at this emerging technology for faster adoption of 5G services, which are expected to be rolled out by the end of this year.

It remains to be seen what impact the metaverse will have on multiple industries.

Moving on to news from the banking sector, private sector banks in India more than tripled their share in loans sanctioned to small businesses in India in fiscal 2022.

Last fiscal, public sector banks increased their share to 73%. But when competition for credit picked up this year, public banks' lending to small segments dropped to 19.1%.

Many private banks had cut their exposure to small businesses when the pandemic broke out. But with government guarantees coming in and stress turning out to be less than expected, they sharply increased their market share.

Speaking of the banking sector, are you wondering if it is a good time to buy banking stocks as the central bank has announced another hike in interest rates?

Look at the NPA levels which are currently at 5-year lows, but are still a substantial 6% of the overall loan book.

For now, higher lending rates have offered a bigger margin to banks. Lending rates have gone up but deposit rates are yet to catch up.

So, for a few quarters, higher net interest margins will make the banks look healthy.

Apart from the banks, these 4 companies stand to win big as interest rate rises.

Moving on to news from the automobile sector, Bajaj Auto today approved the buyback of shares worth up to Rs 25 bn. The company will buy back 5.4 m shares aggregating around 9.6% of the paid-up share capital via the open market.

The buyback price is set at Rs 4,600 apiece. This is significantly higher, 19% to be precise, from its current price of Rs 2,860.

Note that earlier this month, the company had postponed the buyback plan. The company's board, at its meeting held on 14 June decided that further deliberations are required in order to take a decision on the proposal of buyback.

Since buybacks interest you, check out Equitymaster's newly launched corporate action pages.

• Board Meetings
• Bonus
• Dividends
• Rights Issue
• Stock Split

Corporate action events often bring material changes to a company through changes in the capital structure.

In case of buyback, as a shareholder in cash rich companies, you should not only be wary of expensive buybacks. But if possible, use it to your advantage to rake in some cash.

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!

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