Indian Indices Extend Gains; ONGC, Bajaj Finance & IndusInd Bank Surge Over 5%

Mon, 28 Sep 12:30 pm

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Share markets in India are presently trading on a strong note, tracking gains in Asian peers and higher closing of US stocks on Friday led by tech shares.

Benchmark indices extended early gains as the Supreme Court said the loan moratorium and interest waiver case will be heard and decided on October 5. The SC's direction came after the government sought 2-3 days to make a decision.

The BSE Sensex is trading up by 467 points, up 1.3%, at 37,850 levels.

Meanwhile, the NSE Nifty is trading up by 138 points.

Top gainers in NSE today include ONGC and IndusInd Bank.

The BSE Mid Cap index is trading up by 2%.

The BSE Small Cap index is trading up by 2.1%.

On the sectoral front, gains are largely seen in the power sector and banking sector.

US stock futures are trading higher today. Nasdaq Futures are trading up by 66 points (up 0.6%), while Dow Futures are trading up by 195 points (up 0.7%).

The rupee is trading at 73.63 against the US$.

Gold prices are trading down by 0.5% at Rs 49,408 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 pharma space...

Indoco Remedies is among the top buzzing stocks today.

Shares of the company surged 9% after it announced the launch of Fevindo (Favipiravir) 400 mg tablets in India.

Fevindo-400 (Favipiravir) is an antiviral drug, effective against the RNA-based influenza virus. The drug has been approved by DCGI in the treatment of Covid-19.

Fevindo-400 will be made available at all government approved Covid-19 care centres and selected medical practitioners across the country. Indoco has set up dedicated helplines to ensure accelerated access to Fevindo 400.

In addition to Fevindo, the company has two more new products for launch in Covid Care range, i.e., Povidone Iodine Gargle and Immunity booster chewable tablets with Zinc, Vitamin C and Vitamin D.

Indoco Remedies share price is presently trading up by 4.7%.

In other news, Dr Reddy's Lab share price is also in focus today.

The Hyderabad-based company has launched Dimethyl Fumarate delayed-release capsules, used to treat multiple sclerosis (MS), in the US market.

The company's product is a therapeutic equivalent generic version of Biogen's Tecfidera delayed-release capsules.

The Tecfidera brand had US sales of approximately US$ 3.8 billion for the most recent twelve months ending in June 2020 according to IQVIA Health.

To know more, you can access Dr Reddy's latest quarterly results on our website.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

Moving on, shares of multiplex companies PVR and Inox Leisure are witnessing buying interest today as West Bengal Chief Minister Mamata Banerjee said on Saturday that cinema halls and open-air theatres will be allowed to operate in the state from October 1 with a limited number of participants.

"To return to normalcy, Jatras, Plays, OATs, Cinemas & all musical, dance, recital & magic shows shall be allowed to function with 50 participants or less from 1 Oct, subject to adherence to physical distancing norms, wearing of masks and compliance to precautionary protocols," the chief minister said on Twitter.

This decision came amidst repeated requests from regional Bengali artists and other industry bodies to reopen the business as it is under severe financial stress.

Government sources have also said that the Ministry of Home Affairs is yet to decide on whether to reopen cinema halls in Unlock 5.0. The industry is continuously seeking for the approval.

The West Bengal government had allowed shooting for films, TV serials and web series from June 1 with not more than 35 persons on set and adhering to all health and safety protocols.

Note that cinema halls have remained shut since the nationwide coronavirus lockdown began in late March.

We will keep you updated on the latest developments from this space. Stay tuned.

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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