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Sensex Zooms 593 Points; Power, Banking and Automobile Stocks Rally
Mon, 28 Sep Closing | Yash Vora, TM Team

Indian share markets continued their momentum and ended on a strong note, tracking firm global cues.

Benchmark indices traded on a bullish note today, amid positive global equities as hopes of the US government to announce a stimulus package cheered investors.

The Reserve Bank of India (RBI) today announced that it has postponed the meeting of its Monetary Policy Committee which was scheduled during September 29, 30 and October 1, 2020.

At the closing bell, the BSE Sensex stood higher by 593 points (up 1.6%).

The NSE Nifty closed higher by 177 points (up 1.6%).

Watch Now: 3 Little-known Stocks We are Super Bullish On

IndusInd Bank and Bajaj Finance were among the top gainers today.

The SGX Nifty was trading at 11,250, up by 219 points, at the time of writing.

The BSE Mid Cap index ended up by 2.7%.

The BSE Small Cap index ended up by 2.5%.

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

Public sector banks (PSBs) witnessed buying interest after media reports suggested that the Finance Ministry is likely to provide capital support from the Rs 200 billion fund approved by Parliament in the recently concluded session to some PSBs in the third quarter itself.

Asian stock markets ended higher as data over the weekend showed profits at China's industrial firms grew for the fourth straight month in August buoyed in part by a rebound in commodities prices and equipment manufacturing.

As of the most recent closing prices, the Hang Seng ended up by 1% while the Nikkei ended up by 1.3%.

US stock futures are trading higher, indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up by 137 points (up 1.3%), while Dow Futures are trading up by 259 points (up 1%).

The rupee is trading at 73.78 against the US$.

Gold prices are trading down by 0.6% at Rs 49,360 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%.

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In news from the automobile sector, Escorts was among the top buzzing stocks today.

Shares of the company rallied 8% to hit a record high of Rs 1,304.4 after the company announced the commissioning of manufacturing operations of a joint venture (JV) with Kubota Corporation.

In the JV, Escorts Kubota India, Kubota Corporation has 60% ownership while the rest 40% is with Escorts. The JV was set up with a total investment of around Rs 3 billion and has the capacity to manufacture 50,000 units of tractors annually.

Escorts share price ended the day up by 7.3%.

In other news, shares of tyre manufactures were in focus today with Balkrishna Industries surging 9% to hit a record high of Rs 1,482 on the back of heavy volumes.

Optimism was seen on the counter on expectation of healthy demand and margin outlook.

Among other tyre stocks, Apollo Tyres, Ceat, MRF and JK Tyre ended up in the range of 3-7%.

Reports state that the upcoming festive period and expected continual pickup in economic activity would guide future offtake.

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.

Moving on to news from the pharma sector, shares of Laurus Labs ended higher by 10% today, ahead of the ex-date for 1:5 stock split on Tuesday, September 29, 2020.

The board of directors of Laurus Labs, at their meeting held on July 30, fixed September 30, 2020 as the record date for sub-division of equity shares of the company from existing face value of Rs 10 each to face value of Rs 2 each.

On April 30, the company announced its stock split plan to make the stock more affordable for the small retail investors and to increase liquidity.

In the past three months, Laurus Labs share price has surged as much as 180%.

Apart from Laurus Labs, market participants were also tracking Sun Pharma share price as the Mumbai-based pharma company is looking to expand its specialty business across different regions like Greater China and Japan after having established presence in the US market.

The company also announced closure of buyback of equity shares of the company on Friday, September 25, 2020. The pharmaceutical company has not purchased any shares under buyback offer as the market price was higher than the buyback price.

In March 2020, Sun Pharma had launched a buyback offer to buy back 40 million shares at a price up to Rs 425 per equity share, totaling to about Rs 17 billion through open market route.

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

MRPL at 52 Week High; BSE 500 Index Up 2.0% (Today's Market)

Mar 1, 2021 03:34 PM

MRPL share price has hit a 52-week high. It is presently trading at Rs 45. BSE 500 Index is up by 1.7% at 19,713. Within the BSE 500, MRPL (up 8.3%) and RCF (up 20.0%) are among the top gainers, while top losers are HIMADRI SPECIALITY CHEMICAL and BHARTI AIRTEL.

KEC INTERNATIONAL Share Price Up by 5%; BSE CAPITAL GOODS Index Up 1.6% (Today's Market)

Mar 1, 2021 03:26 PM

KEC INTERNATIONAL share price is trading up by 5% and its current market price is Rs 454. The BSE CAPITAL GOODS is up by 1.6%. The top gainers in the BSE CAPITAL GOODS Index are KEC INTERNATIONAL (up 5.2%) and BHARAT ELECTRONICS (up 6.5%). The top losers are SCHAEFFLER INDIA (down 0.2%) and HINDUSTAN AERO. (down 0.3%).

GUJARAT ALKALIES Share Price Up by 10%; BSE 500 Index Up 1.6% (Today's Market)

Mar 1, 2021 03:24 PM

GUJARAT ALKALIES share price is trading up by 10% and its current market price is Rs 346. The BSE 500 is up by 1.6%. The top gainers in the BSE 500 Index are GUJARAT ALKALIES (up 10.2%) and DEEPAK NITRITE (up 14.5%). The top losers are COLGATE and HDFC AMC .

DEEPAK NITRITE Share Price Up by 13%; BSE 500 Index Up 1.4% (Today's Market)

Mar 1, 2021 03:10 PM

DEEPAK NITRITE share price is trading up by 13% and its current market price is Rs 1,553. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are DEEPAK NITRITE (up 12.8%) and JUST DIAL (up 14.2%). The top losers are BAJAJ HOLDINGS & INVESTMENT and CADILA HEALTHCARE .

HIMADRI SPECIALITY CHEMICAL Share Price Down by 11%; BSE 500 Index Up 1.4% (Today's Market)

Mar 1, 2021 03:08 PM

HIMADRI SPECIALITY CHEMICAL share price is trading down by 11% and its current market price is Rs 55. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are RCF (up 20.0%) and MMTC (up 20.0%). The top losers is HIMADRI SPECIALITY CHEMICAL (down 11.3%).

Sensex Rallies 600 Points in Opening Trade; Power Grid & Tech Mahindra Top Gainers (Today's Market)

Mar 1, 2021 09:30 am

The BSE Sensex opened up by 620 points while the Nifty is trading higher by 165 points.

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