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Sensex Trades 339 Points Higher; Dow Futures Up by 58 Points
Fri, 9 Oct 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 339 points, up 0.8%, at 40,522 levels.

Meanwhile, the NSE Nifty is trading up by 89 points.

HDFC and HDFC bank are among the top gainers today. Asian Paints and Tata Motors are among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap are trading flat.

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

On the sectoral front, banking stocks and finance stocks are witnessing most of the buying interest.

Stocks from the FMCG sector, on the other hand, are witnessing selling pressure.

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

Nasdaq Futures are trading up by 31 points (up 0.3%), while Dow Futures are trading up 58 points (up 0.2%).

Gold prices are trading up by 0.6% at Rs 50,466 per 10 grams.

To know more about gold, just visit our Youtube Playlist on gold investing.

The rupee is trading at 73.16 against the US$.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about how you can become a better trader in one of his latest videos for Fast Profits Daily.

In the video, Vijay shares how to make the choice between trading individual stocks as well as the choice between stocks and indices.

Tune in here to know more

Moving on to stock specific news...

Among the buzzing stocks today is Lakshmi Vilas Bank Ltd.

In a regulatory filing on Thursday, the Chennai-headquartered Lakshmi Vilas Bank (LVB) said that it had received an indicative non-binding offer for an investment from the Clix Group.

Clix, backed by AION Capital, comprises of Clix Capital Services Private Limited, Clix Finance India Private Limited and Clix Housing Finance Private Limited.

According to the offer, the capital infusion of Rs 15-17 billion could take the Clix Group's stake in the bank to 90%. However, the foreign shareholding in the bank would not cross 74%.

Note that, according to the Banking Regulation Act, foreign entities can hold only up to 74% stake in Indian banks.

As the bank was incurring losses for the last ten quarters, the Reserve Bank of India (RBI) placed it under the Prompt Corrective Action (PCA) framework in September 2019.

Under the PCA, the bank has been asked to bring in additional capital, restrict further lending to corporates, reduce its NPA and improve its provision coverage ratio to 70%.

The bank currently has a negative tier-1 capital of 1.8% and a capital adequacy ratio (CAR) of 0.2x. The merger would help the bank meet its regulatory capital requirement, while the Clix Group would get access to the bank's deposits.

Note that the South-based lender has been struggling to raise capital for the last few years. A proposal of merger with non-banking finance company Indiabulls Housing Finance was rejected by the RBI in 2019.

Subsequently, in June 2020, Lakshmi Vilas Bank inked a non-binding agreement with the Clix Group for a merger.

LVB was also in news last month when its shareholders voted out seven directors on its board, including CEO S. Sundar and promoters K.R. Pradeep and N. Saiprasad. Subsequently, the RBI appointed a three-member team to run the bank under Meeta Makhan as chairperson and Shakti Sinha and Satish Kumar Kalra as members.

If the merger happens, the net worth of the bank is expected to more than double to Rs 31 billion from the current Rs 12 billion.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

At the time of writing, Lakshmi Vilas Bank share price was trading up by 12% on the BSE.

Vedanta Delisting: 600 Million Shares Needed to Delist the Firm

In news from the metals and mining sector, over 737.6 million shares of Vedanta Resources Ltd (VRL) have been tendered in the buyback offer made by promoters to delist the company.

Of the 737.6 million shares tendered, 155 million (21%) were offered at below Rs 140 and 511 million (70%) between Rs 140 and Rs 160. Around 71 million (9%) shares were offered at more than Rs 160 apiece.

With just one day remaining for the close of the reverse book building exercise, the company needs around 600 million shares on Friday for the delisting to succeed.

Vedanta closed at Rs 117.6 on the BSE on Thursday, a loss of 4.9% over the previous close. The stock had fallen 10.4% on Wednesday on apprehensions over the delisting.

The reverse book building process started on October 5. The closing date for the offer is October 9 and the last date for the announcement of the discovered price is October 16.

We will keep you updated on all the news from this space. Stay tuned.

Speaking of the metal sector, note that metal stocks have rebounded sharply from their March lows, with revival in both domestic and global demand.

Have a look at the chart below which shows returns of the major sectoral indices since 23 March 2020.

As per Apurva Sheth, the secret behind the rally in metals is nothing else but its greed and fear cycle. The greed phase in metal stocks will last till September 2021.

Apurva believes the sector has a lot more ground to cover up in a short span of time.

He has been sharing with you such greed and fear cycles in stocks, currencies, and even commodities.

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

What else is happening in the markets today? Dig in...

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Stock Market Updates

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

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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 Trades Over 300 Points Higher; Dow Futures Up by 204 Points (Today's Market)

Mar 1, 2021 12:30 pm

BSE Sensex is trading up by 378 points, while the NSE Nifty is trading up by 165 points.

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