Sensex Opens Over 400 Points Higher; Realty and Healthcare Stocks Lead

Fri, 25 Sep 09:30 am

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Asian stock markets are trading on a positive note today as bargain-buyers moved in after a tough week for markets, while Wall Street also provided a positive lead.

The Shanghai Composite is up 0.1%, while the Hang Seng is trading higher by 0.2%.

In US markets, Wall Street rallied in a rocky session as beaten-down technology shares gained favor. Stocks also reacted positively to news of efforts to enact further stimulus in Washington.

Back home, Indian share markets have opened the day on a positive note.

The BSE Sensex is trading up by 414 points.

The NSE Nifty is trading higher by 122 points.

HDFC Life Insurance is among the top loser today. Meanwhile, IndusInd Bank and TCS are among the top gainers today.

The BSE Mid Cap index has opened up by 1.5%.

The BSE Small Cap index is trading higher by 1.6%.

Sectoral indices are trading on a positive note with stocks in the realty sector and healthcare sector witnessing maximum buying interest.

The rupee is trading at 73.90 against the US$.

Gold prices are trading down by 0.3% at Rs 49,780 per 10 grams.

Speaking of stock markets, in our latest episode of Investor Hour Podcast, India's #1 trader Vijay Bhambwani joins Rahul Goel to talk about his views on stock market, currencies, his trading strategy, and more...

In the podcast, Vijay talks about the volatility in the benchmark indices. Instead of trading for short-term profits of 5-10%, he thinks it's a far better idea to wait for the big profit trades. These are longer-term trades which can pay out anywhere between 50-80%.

Tune in here:

In news from the IT sector...

TCS is among the top buzzing stocks today.

The company has partnered with Maurices, a women's fashion-apparel retail chain in the US and Canada, to help create a new flexible and scalable IT landscape for the latter.

TCS share price has opened the day up by 2.7%.

Apart from TCS, other IT stocks are also in focus today after Accenture forecast current-quarter revenue below Wall Street expectations and missed estimates for fourth-quarter sales, hurt by lower spending from clients impacted by the Covid-19 pandemic.

Accenture's total revenue fell 2% to US$ 10.84 billion in the quarter ended August 31, missing analysts' estimate.

Moving on to news from the automobile sector, auto dealer body Federation of Automobile Dealers Association (FADA) on Thursday said dealers were looking for rationalisation of their assets as well as manpower, especially in bigger cities, to tide over challenging business environment.

The auto dealer body said the stress is more on dealerships in the bigger cities right now due to the prevailing situation as compared with outlets in the smaller towns and rural areas.

In order to keep business sustainable, FADA is also talking to auto companies to keep inventory in check during the festive season this year in order to avoid over stocking at dealer-end as witnessed in the last two years.

In other news, Mahindra & Mahindra (M&M) on Thursday said it has converted 480 Compulsorily Convertible Preference Shares of Sampo Rosenlew Oy, Finland, an Associate of the company into 1,440 equity shares and exercised a call option to acquire 633 equity shares from the owners of Sampo.

Pursuant to the said transaction, the voting rights of the company in Sampo would increase from 49.14% to up to 74.97%, and Sampo would become a subsidiary of the company.

M&M share price opened the day up by 3%.

Speaking of the automobile sector, have a look at the chart below which shows the performance of BSE Auto index for the month of September since inception.

The BSE auto index ended in the red on only 3 out of the last 15 years for the month of September. That's a success ratio of 80%.

The auto index has entered the greed phase in September 2019 and will stay there until December 2021. This means there is still a lot of fuel left for auto stocks.

How automobile stocks perform in the coming months remains to be seen. Stay tuned for more updates from this space.

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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