Sensex Trades in Green; ONGC & Tata Steel Top Gainers

Fri, 17 Jul 12:30 pm

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Share markets in India are trading on a positive note in today's rangebound session, following the positive trend in Asian markets.

The BSE Sensex is trading up by 236 points, at 36,700 levels.

Meanwhile, the NSE Nifty is trading up by 74 points.

The BSE Mid Cap index is trading up by 0.9%. The BSE Small Cap index is trading up by 1.1%.

On the sectoral front, gains are largely seen in the oil & gas sector and metal sector.

The rupee is trading at 75.13 against the US$.

Gold Prices are trading up by 0.1% at Rs 48,815.

Speaking of Indian stock markets, multiple investing philosophies are pointing that smallcaps are likely to perform well, going ahead.

In his latest video, Apurva Sheth explains why this is the best time to invest in smallcaps for better returns in 2020 and 2021.

He also shares a fundamental aspect that you may not have seen or heard before. This aspect indicates that this is the best time to invest in smallcap stocks in a decade.

Tune in to find out more:

Moving on, Cyient is among the top buzzing stocks today. Shares of the company surged over 9% today after the its net profit grew 76.2% on a quarter-on-quarter (QoQ) basis to Rs 814 million.

Besides, the management's positive outlook regarding the company's growth also lifted investor sentiment.

On a year-on-year basis, Cyient's net profit declined 10%, while revenue decreased 8.9%.

In news from the IT sector, HCL Technologies today announced that its Chairman Shiv Nadar has expressed the desire to step down from the position of the Chairman.

The company's Board of Directors said that HCL Technologies has appointed Roshni Nadar Malhotra, non-executive director as the Chairperson of the Board of Directors to replace Shiv Nadar.

In a statement, the company said that Shiv Nadar would continue to be the Managing Director of the company with the designation as the Chief Strategy Officer of the company.

The company made this announcement along with announcing its quarterly results for the April-June quarter (Q1FY21), where the company saw net profit surge by 31.7% to Rs 29.3 billion.

In the same period last year, the company had clocked in a profit of Rs 22.2 billion.

Revenue in the first quarter of this fiscal was recorded at Rs 178.4 billion, an 8.6% jump on a year-on-year (YoY) basis.

EBITDA jumped 34.3% YoY to Rs 45.7 billion during April-June period against Rs 34 billion in the same period last year.

The IT major expects topline to increase by an average of 1.5-2.5% QoQ in constant currency for the next three quarters, while operating margin is likely to grow between 19.5-20.5% for FY21.

In Q1FY21, the company signed 11 new deals, led by key industry verticals including telecommunication, financial services, manufacturing, life sciences and healthcare.

The company also announced a dividend of Rs 2 per share.

HCL Technologies share price is trading up by 1.5%.

Moving on to news from the banking sector, private lender HDFC Bank is set to report its April-June 2020 quarter earnings on Saturday, July 18 amid allegations of inappropriate lending activity in the vehicle financing unit.

Reportedly, the allegations are expected to be raised during the management interaction.

Earlier this week, Bloomberg reported that the bank was investigating business malpractices in the unit, which was headed by Ashok Khanna, an 18-year old veteran at the bank, who retired in March 2020.

Meanwhile, Munish Mittal, Group Head-IT & CIO of HDFC Bank has quit the bank. His deputy Rajesh Chavan, EVP-IT has also planned his exit along with Mittal.

In other news, the Reserve Bank of India (RBI) has approved the reappointment of Shyam Srinivasan as the MD & CEO of the Federal Bank, w.e.f. September 23, 2020 till September 22, 2021. The bank received the approval on July 16.

Federal Bank announced its unaudited financial results for the quarter ended June 30, on Wednesday. The bank's net profit rose 4.3% to Rs 4 billion YoY and 33% quarter on quarter.

The bank's net interest income rose 12.3% YoY to Rs 13 billion in quarter ended June 2020 over Rs 11.5 billion in the same quarter last year.

Federal Bank share price is presently trading down by 0.3%.

Speaking of the banking sector, note that 2019 was brutal for some banking stocks.

The market has severely punished them. This is due to issues such as worsening asset-quality, corporate governance, and inadequate capital.

Stocks such as Yes Bank and Lakshmi Vilas Bank have witnessed huge selling pressure.

Falling Knives in the Banking Sector

Falling stock prices could be enticing. After all, we love deep discounts and good bargains.

But if you're thinking of buying these stocks it's important to remember this point - If a stock is in a falling spree, there's probably a good reason behind it.

And realising this in a falling market is the first step towards correcting one's investing process.

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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Indian Share Market Update: Top Gainers and Losers