Indian Indices End at Record Closing High; IT and Realty Stocks Witness Buying

Mon, 13 Jan Closing

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Indian share markets traded on a positive note throughout the day and ended higher. Benchmark indices hit fresh lifetime highs in early trade today, supported by positive global cues.

Buying interest was also seen as index of industrial production (IIP) recorded a growth of 1.8% in November, having contracted for three months in a row.

All sectoral indices ended on a positive note with stocks in the IT sector, realty sector, and telecom sector witnessing most of the buying interest.

At the closing bell, the BSE Sensex stood higher by 260 points (up 0.6%) and the NSE Nifty closed higher by 73 points (up 0.6%).

The BSE MidCap index ended the day up by 0.8%, while the BSE SmallCap index ended up by 0.9%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 1.1% and the Nikkei was up 0.5%.

The rupee was trading at 70.78 to the US$ at the time of writing.

Speaking of Indian stock markets, as the new year has kickstarted, there is hardly any cheer among investors despite Sensex touching new highs.

The reason: The rally is driven by a few large caps and has left most of the stocks untouched. The blow was specially felt by small caps, most of which remained untouchables.

This isn't the first time smallcaps are witnessing correction. And yet, this was once in a decade kind of event.

That's because it was for the first time that the smallcaps remained in the red in two successive years.

The Divergence between Smallcap and Sensex

Here's what our smallcap research analyst Richa Agarwal wrote about it in of the edition of the Profit Hunter:

• "The mutual fund reclassification, liquidity squeeze, global trade tensions and recent reforms and policy changes kept investors on guard and away from smallcaps. It did not help that the economy growth itself slowed down to six-year low.
  
  But amid all this macro data, a few interesting details are missing.
  
  Ignoring these could deprive you of possibly the best money-making opportunity in 2020."

As the divergence between the Sensex and Small cap index widens, Richa Agarwal answers why small cap rebound is just around the corner and why this could be the right opportunity to buy quality smallcap stocks.

Watch now...

In news from the banking sector, the Reserve Bank of India (RBI) bought a net US$ 6.93 billion in the foreign exchange market in November, marginally below the US$ 7.1 billion it had purchased in the previous month.

The monthly bulletin which was released on Saturday showed that the RBI bought US$ 7.46 billion and sold US$ 530 million in the market in November.

In the forwards market, the RBI said it had a net outstanding sell position of US$ 6.1 billion as of end-November, down from US$ 7.47 billion at the end of the previous month.

In other news, shares of Yes Bank declined 8% today after the lender rejected Erwin Singh Braich's US$ 1.2 billion investment offer but said that it will raise Rs 100 billion by issuing securities.

Last week on Friday, the private lender's board rejected US$ 1.2 billion offer by Erwin Singh Braich and SPGP Holdings and approved fund raising of up to Rs 100 billion.

The bank also said it will take up Citax Holdings, and Citax Investment Group's investment offers in the next board meeting.

Yes Bank said that it received an updated proposal from Braich but the "board has decided not to proceed with the offer" after last month postponing a decision on his binding offer of US$ 1.2 billion - 60% of the total capital the bank aimed to raise.

In another development, Uttam Prakash Agarwal, an independent director of Yes Bank, on Friday resigned from the board and stepped down as head of its audit committee.

Agarwal's tenure was to end in November 2023 but resigned on concerns over corporate governance.

Yes Bank share price ended the day down by 5.9%.

Moving on to news from the IT sector, Tata Elxsi share price was in focus today.

Shares of the company rose over 6% today after the company posted improved numbers for the December quarter (Q3FY20).

The company's Q3FY20 net profit was up 51.4% at Rs 754 million versus Rs 498 million in Q2FY20.

Revenue rose 9.7% at Rs 4,234 million versus Rs 3,858 million, QoQ.

Earnings before interest, tax, depreciation and amortization (EBITDA) jumped 33.9% to Rs 942 million, while margin was up 400 bps at 22.2%, QoQ.

To know more about the company, you can read Tata Elxsi's Q3FY20 result analysis on our website.

And 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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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