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Indian Indices Continue Momentum; Sensex Ends 187 Points Higher
Tue, 7 Jul Closing | Monish Vora, TM Team

Extending gains to the fifth consecutive session, Indian share markets witnessed volatile trading activity throughout the day and ended higher.

Benchmark indices recouped all the losses during closing hours and ended on a positive note.

Sentiment got a boost after the Ministry of Finance asserted that "green shoots" have started to emerge in the domestic economy.

In its monthly macroeconomic report, the ministry highlighted that total digital retail financial transactions via NPCI platforms rose sharply from Rs 6.71 lakh crore in April to Rs 9.65 lakh crore in May.

The report also highlighted the jump in consumption in petroleum products and the increase in the total value of e-way bills.

At the closing bell, the BSE Sensex stood higher by 187 points (up 0.5%). The NSE Nifty closed higher by 36 points (up 0.3%).

The SGX Nifty was trading at 10,740, down by 7 points, at the time of writing.

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Both, the BSE MidCap index and the BSE SmallCap index ended up by 0.6%.

On the sectoral front, gains were largely seen in the IT sector and finance sector.

Oil & Gas stocks, on the other hand, witnessed selling pressure.

Asian stock markets ended on a mixed note today. As of the most recent closing prices, the Hang Seng ended down by 1.4% and the Shanghai Composite stood higher by 0.4%. The Nikkei ended down by 0.5%.

US stocks rose sharply on Monday as a rebound in US services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States.

The rupee is trading at 74.93 against the US$.

Gold prices are trading down by 0.2% at Rs 48,145 per 10 grams.

Speaking of the current stock market scenario, the last few months have witnessed the kind of shifts that most investors would recall as once in a lifetime.

The Sensex is up over 34% from the lows in March 2020. At that time, it had declined by over 20%. That seemed to suggest the start of a bear market.

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Moving on, market participants were tracking hotel stocks today. Shares of companies engaged in hotels and restaurants business rallied by up to 20% today after the Maharashtra government allowed hotels to reopen from Wednesday.

Shares of Kamat Hotels were locked in upper circuit of 20%, while Royal Orchid Hotels, Speciality Restaurants, Chalet Hotels, EIH Associated Hotels, and Indian Hotels were up by more than 6%.

The Maharashtra government on Monday allowed hotels and other entities providing accommodation services outside containment zones to resume operations at 33% of their capacity from July 8.

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In news from the banking sector, Bandhan Bank and Bajaj Finance were among the top buzzing stocks today.

Shares of Bandhan Bank jumped as much as 12% today after the bank reported healthy loan and deposit growth in the April-June quarter on a yearly basis despite nationwide Covid-19-induced lockdown.

The Kolkata-headquartered bank saw its deposits growing 35% year-on-year (YoY) to Rs 606 billion at the end of Q1FY21, compared to Rs 448 billion in Q1FY20. Sequentially, deposits grew 6% from Rs 570.8 billion seen in Q4FY20.

Meanwhile, loans and advances grew 18% YoY to Rs 743.3 billion in Q1FY21 as against Rs 631.6 billion in Q1FY20.

In a statement, the private lender said that subsequent to Unlock 1.0, the collection in Micro Banking loan vertical has shown positive traction from June 01, 2020.

There has been steady improvement in collection efficiency during the month of June 2020 and ended with 68% as on June 30, 2020. This number has further improved to 70% (resulting in effective moratorium of 30%) as on July 03, 2020.

Bandhan Bank share price ended the day up by 10%.

In other news, shares of Bajaj Finance rose up to 8% today after the non-banking finance company's (NBFC's) assets under management (AUM) under moratorium declined from 27%, at the end of April 2020, to about 15.5% at the end of June 2020.

On an absolute basis, the moratorium book declined 40-45% to Rs 210 billion.

In a business update to the exchanges post market hours, the NBFC said its customer franchise improved to 43 million at the end of June quarter of FY21 as compared to 36.9 million as of 30 June 2019.

AUMs stood at approximately Rs 1,380 billion at the end of Q1FY21 as compared to Rs 1,289 billion in the year-ago quarter.

The company's deposit book stood at approximately Rs 200 billion as of 30 June, 2020 compared to Rs 150.8 billion as of 30 June, 2019.

New loans, however, grew at a slower pace due to Covid-19 led lockdown and business disruption. New loans booked during Q1FY21 were 1.7 million as compared to 7.3 million in Q1FY20.

Bajaj Finance share price ended the day up by 7.8%.

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

TUBE INVESTMENTS OF INDIA LTD Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Aug 7, 2020 03:34 PM

TUBE INVESTMENTS OF INDIA LTD share price is trading up by 5% and its current market price is Rs 558. The BSE CAPITAL GOODS is up by 0.5%. The top gainers in the BSE CAPITAL GOODS Index are TUBE INVESTMENTS OF INDIA LTD (up 5.2%) and HONEYWELL AUTOMATION (up 14.2%). The top losers are V GUARD INDUSTRIES (down 0.2%) and SKF INDIA (down 0.3%).

BANK OF BARODA Share Price Up by 5%; BSE BANKEX Index Up 0.4% (Today's Market)

Aug 7, 2020 03:34 PM

BANK OF BARODA share price is trading up by 5% and its current market price is Rs 49. The BSE BANKEX is up by 0.4%. The top gainers in the BSE BANKEX Index are BANK OF BARODA (up 5.1%) and RBL BANK LTD (up 9.7%). The top losers are AXIS BANK and SBI (down 0.2%).

ADANI TRANSMISSION Share Price Up by 9%; BSE POWER Index Up 1.4% (Today's Market)

Aug 7, 2020 03:34 PM

ADANI TRANSMISSION share price is trading up by 9% and its current market price is Rs 254. The BSE POWER is up by 1.4%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 9.0%) and JSW ENERGY (up 5.3%). The top losers are NTPC (down 0.3%) and KALPATARU POWER (down 0.5%).

ESSEL PROPACK Share Price Down by 5%; BSE 500 Index Up 0.3% (Today's Market)

Aug 7, 2020 03:14 PM

ESSEL PROPACK share price is trading down by 5% and its current market price is Rs 275. The BSE 500 is up by 0.3%. The top gainers in the BSE 500 Index are HONEYWELL AUTOMATION (up 11.7%) and RBL BANK LTD (up 10.0%). The top losers are ESSEL PROPACK (down 5.0%) and LUPIN (down 6.0%).

EMAMI LTD Share Price Up by 6%; BSE FMCG Index Up 0.8% (Today's Market)

Aug 7, 2020 02:26 PM

EMAMI LTD share price is trading up by 6% and its current market price is Rs 254. The BSE FMCG is up by 0.8%. The top gainers in the BSE FMCG Index are EMAMI LTD (up 6.2%) and GSK CONSUMER (up 5.1%). The top losers [TOPLOSERS].

Sensex Trades Marginally Lower; HCL Technologies & Infosys Top Losers (Today's Market)

Aug 7, 2020 12:30 pm

The BSE Sensex is trading down by 83 points, while the NSE Nifty is trading down by 18 points.

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