Sensex Gains 400 Points in Opening Trade; IT Stocks Rally

Thu, 8 Oct 09:30 am

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Asian stock markets are trading near one-month highs, tracking overnight gains in Wall Street indices on renewed US stimulus hopes.

The Hang Seng is down 0.7%, while the Nikkei is trading higher by 0.9%.

Wall Street's main indices ended higher overnight. The Dow Jones rose 1.9% and the Nasdaq Composite added 1.8%.

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

The BSE Sensex is trading up by 402 points.

The NSE Nifty is trading higher by 113 points.

TCS and HCL Tech are among the top gainers today. Bajaj Auto, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4%.

The BSE Small Cap index is trading higher by 0.6%.

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

The rupee is trading at 73.35 against the US$.

Gold prices are trading down by 0.1% at Rs 50,008 per 10 grams.

Speaking of stock markets, in our latest episode of Investor Hour Podcast, Mark Faber talks about global stock markets, gold, investing in Indian stocks and a lot more.

Dr Faber is bullish on India and owns Indian stocks via an ETF. He believes India is a top destination for global investors and that will not change.

In the podcast, he also talks about his personal investments and why he is investing his money the way he is right now.

Tune in to the video here:

In news from the IT sector, Tata Consultancy Services (TCS) is among the top buzzing stocks today.

India's largest IT services firm TCS, on October 7, announced a share buyback proposal of Rs 160 billion.

The company said its board has approved a proposal to buy back up to 5,33,33,333 equity shares, being 1.42% of the total paid-up equity share capital, at Rs 3,000 per equity share for an aggregate amount not exceeding Rs 160 billion.

The offer price for the buyback is 9.6% higher than yesterday's closing of Rs 2,737.40 on BSE.

In 2018, TCS had undertaken a share buyback programme worth up to Rs 160 billion.

The buyback, at Rs 2,100 per equity share, had entailed up to 76.1 million shares. In 2017 too, TCS had undertaken a similar share purchase programme.

TCS also declared its September quarter results (2QFY21) yesterday. The company's net profit fell 7.1% to Rs 74.8 billion compared with Rs 80.4 billion in the same quarter last year.

Revenue for the quarter rose to Rs 401.4 billion from Rs 389.8 billion, YoY. TCS said its cash conversion was strong as net cash from operations stood at Rs 106.2 billion, 125.9% of net income.

The company also approved an interim dividend of Rs 12 per share.

TCS share price has opened the day up by 4.2%.

To know more about the company, you can read TCS' 2QFY21 result analysis on our website.

Moving on to news from the banking sector, HDFC Bank has partnered with Apollo Hospitals to launch the HealthyLife Programme, a holistic healthcare solution which makes healthy living accessible and affordable on Apollo's digital platform.

The programme is created exclusively for HDFC Bank customers who will get round the clock access to emergency Apollo doctor at no cost on Apollo 24|7 along with other benefits such as choice of payment options and ease of finance for treatments at all Apollo Hospitals.

Customers can avail unsecured loans of up to Rs 4 million to pay for medical expenses incurred at the healthcare chain.

The private lender's Chief Executive Officer and Managing Director, Aditya Puri, said that loans will be disbursed almost instantly as and when a need for money arises, and the hospital patients who are customers of HDFC Bank will also receive preferential treatment.

Puri said the bank is not stressed and has a healthy capital adequacy of over 18% which will ensure that it will keep lending.

HDFC Bank share price has opened the day up by 0.8%.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company which has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long-run.

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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