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Indian Indices Open on a Strong Note; Sensex Up Over 200 Points
Mon, 1 Jul 09:30 am | Monish Vora, TM Team

Asian share markets are higher today as Chinese and Hong Kong shares gain. The Shanghai Composite is up 1.9% while the Hang Seng is down 0.3%. The Nikkei 225 is trading higher by 1.8%.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 229 points while the NSE Nifty is trading higher by 61 points. The BSE Mid Cap index and BSE Small Cap index have opened the day up by 0.4%.

Sectoral indices opened on a mixed note with stocks in the oil & gas sector and consumer durables sector witnessing selling pressure, while power stocks and metal stocks are witnessing buying interest.

The rupee is currently trading at Rs 68.89 against the US$.

On Friday, the Indian rupee ended marginally higher at 69.02 as the currency market awaited further cues from the G20 summit. Meanwhile, on the weekly basis, the local currency rose by 55 paise.

Rupee rose for the third successive session ahead of the important G20 meeting that was scheduled for last week.

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At the end of the meeting between US and Chinese leaders, US President Donald Trump said he had an excellent meeting with Chinese President Xi Jinping, as good as it was going to be.

JSW steel share price is in focus today as lenders to the company have approved the bid for Asian Colour Coated Ispat. The company will offer Rs 15.3 billion upfront to financial creditors.

In May, it was reported that JSW Steel has improved its bid to Rs 15 billion from the previous bid of Rs 10-12 billion range, which bankers were unwilling to approve.

Asian Colour Coated Ispat was part of the Reserve Bank of India's (RBI) second list of 28 defaulters that banks were to refer to insolvency court.

The company runs a cold rolling mill complex with an installed capacity of 3,00,000 tonnes per annum for manufacturing cold rolled, galvanised and colour-coated products for the automobile, white good and general engineering sectors.

Moving on to the news from the finance space, lenders of Dewan Housing Finance Corporation (DHFL) are scheduled to meet today, seeking a solution for the Rs 900 billion debt that is owed to them.

The consortium of 30 lenders led by Union Bank of India, which includes banks and other financial institutions, may also consider conversion of debt into equity that can make them the largest shareholder in the mortgage lender.

Reportedly, Bank of Baroda (BoB) has entered into a transaction with DHFL to acquire loans worth Rs 30 billion against its exposure to the non-bank lender. BoB acquired the pool of loans made by DHFL and adjusted it against its loans to the non-bank lender.

Reports also state that the debt recast plan will be arrived at as per the RBI's revised circular on resolving asset quality stress. The circular gives lenders a 30-day period since default to arrive at a debt recast plan.

DHFL's promoter group, the Wadhawan family which owns over 39% of the firm, has been looking at various ways of coming out of the stress which first came to light late last year following the IL&FS crisis.

Last week, multiple rating agencies downgraded the company's debt ratings as the stress kept building up.

Last week on Friday, stock of the company witnessed huge selling after the company deferred the release of its March 2019 quarter (Q4) results which were scheduled to be announced on Saturday (June 29).

In a regulatory filing, the company cited "certain unforeseen operational engagements including no availability of a few directors to ensure participation of all the members of the Audit Committee as well as the Board" for deferring the results.

DHFL share price is presently trading down by 1.8%.

Speaking of NBFC crisis, a slew of corporate defaults, and the bloodbath in many stocks has left investors in deep fear and panic.

But this blanket approach doesn't work too well.

In the chart below, you can see top three NBFC gainers and losers (in terms of market capitalisation) over the last one year.

NBFC Crisis - Top Gainers and Losers

NBFC Crisis - Top Gainers and Losers

While several NBFCs have suffered badly and destroyed investor wealth, there have also been quality NBFC stocks that have been wealth creators.

So, the key takeaway here is to never write off an entire sector and to always stay on the lookout for quality stocks in sectors going through temporary headwinds.

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 228 Points Higher; Metal and Energy Stocks Witness Buying (Today's Market)

Aug 23, 2019 Closing

While the BSE Sensex closed higher by 228 points, NSE Nifty closed higher by 88 points.

INFO EDGE Plunges by 5%; BSE IT Index Up 1.1% (Today's Market)

Aug 23, 2019 03:26 PM

INFO EDGE share price has plunged by 5% and its current market price is Rs 2,019. The BSE IT is up by 1.1%. The top gainers in the BSE IT Index are TATA ELXSI (up 7.2%) and ORACLE FINANCIAL (up 4.2%). The top losers are INFO EDGE (down 5.4%) and PERSISTENT SYSTEMS (down 5.3%).

ESCORTS LIMITED Surges by 5%; BSE AUTO Index Up 1.5% (Today's Market)

Aug 23, 2019 03:20 PM

ESCORTS LIMITED share price has surged by 5% and its current market price is Rs 454. The BSE AUTO is up by 1.5%. The top gainers in the BSE AUTO Index is ESCORTS LIMITED (up 5.2%). The top losers is EICHER MOTOR (down 1.1%).

CASTROL INDIA Surges by 5%; BSE OIL & GAS Index Up 3.4% (Today's Market)

Aug 23, 2019 03:16 PM

CASTROL INDIA share price has surged by 5% and its current market price is Rs 120. The BSE OIL & GAS is up by 3.4%. The top gainers in the BSE OIL & GAS Index are CASTROL INDIA (up 5.1%) and BPCL (up 5.2%). The top losers [TOPLOSERS].

GE POWER INDIA LTD Surges by 11%; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

Aug 23, 2019 03:14 PM

GE POWER INDIA LTD share price has surged by 11% and its current market price is Rs 822. The BSE CAPITAL GOODS is down by 0.3%. The top gainers in the BSE CAPITAL GOODS Index is GE POWER INDIA LTD (up 10.7%). The top losers are ELGI EQUIPMENTS (down 0.1%) and THERMAX (down 0.2%).

VODAFONE IDEA Surges by 10%; BSE 500 Index Up 0.9% (Today's Market)

Aug 23, 2019 02:26 PM

VODAFONE IDEA share price has surged by 10% and its current market price is Rs 6. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 10.1%) and STERLITE TECH. (up 13.3%). The top losers are PAGE INDUSTRIES and GSK CONSUMER (down 0.1%).

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