Indian Indices Continue Momentum; Sensex Ends Above 40,000-Mark

Thu, 8 Oct Closing

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Indian share markets pared some gains in the last hour of trading but still ended nearly 1% higher.

Benchmark indices rose for the sixth straight session, rekindled by hopes of a US stimulus. Trump wrote on Twitter that Congress should pass money for airlines, small businesses, and stimulus checks of US$ 1,200 for individuals.

Overnight gains in Wall Street indices and strong Asian peers boosted investor sentiment.

Foreign inflows also added to gains. Foreign institutional investors (FIIs) bought shares worth Rs 10.9 billion on October 7, as per data available on the NSE.

At the closing bell, the BSE Sensex stood higher by 304 points (up 0.8%).

The NSE Nifty closed higher by 96 points (up 0.8%).

UltraTech Cement and TCS were among the top gainers today.

The SGX Nifty was trading at 11,830, up by 82 points, at the time of writing.

The BSE Mid Cap index ended up by 0.3%. The BSE Small Cap index ended down by 0.2%.

On the sectoral front, gains were largely seen in the IT sector and healthcare sector.

Asian stock markets ended on a positive note. As of the most recent closing prices, the Hang Seng ended down by 0.2% and the Nikkei ended up by 1%.

US stock futures are trading higher today, indicating a positive opening for Wall Street indices. Nasdaq Futures are trading up by 74 points (up 0.6%), while Dow Futures are trading up by 82 points (up 0.3%).

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Moving on, the rupee is trading at 73.24 against the US$.

Gold prices are trading up by 0.3% at Rs 50,167 per 10 grams.

In early trade today, domestic gold prices edged lower, tracking muted global rates.

On MCX, December gold futures fell 0.2% to Rs 49,950 per 10 gram while silver futures fell 0.3% to Rs 60,280 per kg.

In the previous session, gold prices had tumbled Rs 500.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

So, is the rally over? Will gold and silver prices fall?

India's #1 trader Vijay Bhambwani doesn't think so. Vijay believes the bull market still has a long way to go.

In his latest video, he tells you why. Tune in here to find out more.

In news from the automobile sector, automobile dealers' body FADA today said passenger vehicle (PV) retail sales in September witnessed year-on-year (YoY) increase of 9.8% to 1,95,665 units, amid shift in customer preference for personal mobility over public transport.

According to the Federation of Automobile Dealers Associations (FADA), which collected vehicle registration data from 1,254 out of the 1,461 regional transport offices (RTOs), PV sales stood at 1,78,189 units in September 2019.

However, two-wheeler sales declined 12.6% to 10,16,977 units last month.

Commercial vehicle sales also declined 33.7% to 39,600 units, as compared to 59,683 units a year ago.

Similarly, three-wheeler sales fell 58.9% to 24,060 units last month, as against 58,485 units in the year-ago period.

Tractor sales grew by 80.4% to 68,564 units, as compared to 38,008 units in the same month last year.

FADA President, Vinkesh Gulati said that with the government's persistent effort to unlock India, the month of September continued to witness automobile registrations on a rise as compared to previous months.

On the outlook, he said, October and November bring with the much awaited festival season of Navratri, Durga Puja & Diwali. With no more lockdown as announced by the Central government, FADA anticipates a high growth period during these two months for automobile sales in India.

Inventory for two-wheelers stood at 45-50 days and PV stood at 35-40 days.

FADA has asked both OEMs and the dealers to avoid building any further inventory as this may lead to a disastrous situation similar to the last two festive seasons when sales were below the mark.

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

Moving on to stock specific news...

Bandhan Bank was among the top buzzing stocks today.

Bandhan Bank share price ended higher for the fifth straight day, after the lender reported strong credit growth at 20% YoY to Rs 767.2 billion for the quarter ended September 2020 (Q2FY21).

Bandhan Bank's collection efficiency ratio touched 92% as on September 2020, the bank said in a regulatory disclosure on Wednesday. Collection efficiency was the highest for mortgage and SMEs at 98%.

Deposit witnessed a 34% growth YoY to Rs 661.5 billion with CASA (current account-savings account) ratio at 38.2%.

The lender further said that 94% of microfinance customers paid in the month of September alone, which shows an increasing trend in repayment.

Apart from Bandhan Bank, market participants were also tracking Jet Airways share price.

Shares of Jet Airways rose 5% on reports that Kalrock-Jalan consortium has come out as the winner in the race for the troubled airline.

Media reports stated that the consortium had got required percentage of votes from Jet Airways' lenders to come on top. It is up against the consortium led by FSTC and includes Imperial Capital.

State Bank of India (SBI) is the lead lender. The carrier owes banks Rs 80 billion and faces total claims of Rs 400 billion.

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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