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Indian Indices Recover; Sensex Ends 169 Points Higher

Wed, 14 Oct Closing

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After opening the day on a negative note, Indian share markets witnessed buying interest during the last hour of trading and ended near day's high.

Benchmark indices edged lower in early trade today amid weakness in global equities. However, losses were erased in the last hour of trading as banking and finance stocks witnessed buying.

At the closing bell, the BSE Sensex stood higher by 169 points (up 0.4%).

The NSE Nifty closed higher by 37 points (up 0.3%).

Bajaj Finance and Bajaj Finserv were among the top gainers today.

The SGX Nifty was trading at 11,968, up by 21 points, at the time of writing.

The BSE Mid Cap index ended up by 0.5%. The BSE Small Cap index ended down by 0.2%.

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

Power stocks, on the other hand, witnessed selling pressure.

Asian stock markets ended on a mixed note, as global markets await further clues of the US fiscal stimulus deadlock and coronavirus vaccine trial halts.

As of the most recent closing prices, the Hang Seng and the Nikkei ended on a flat note. The Shanghai Composite ended lower by 0.6%.

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

Nasdaq Futures are trading up by 27 points (up 0.2%), while Dow Futures are trading up by 86 points (up 0.3%).

The rupee is trading at 73.30 against the US$.

Gold prices are trading up by 0.2% at Rs 50,345 per 10 grams.

Speaking of the current stock market scenario, have a look at the chart below which shows the performance of BSE Smallcap index and the BSE Sensex since 23 March:

As you can see, the smallcap index is up with 68% gains versus 56% gains in the Sensex.

The markets are back at the highest levels since the pandemic began.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, there could still be a lot of steam left to this smallcap rebound rally.

As per Richa, if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Moving on to stock specific news...

Tata Steel Long Products was among the top buzzing stocks today.

Shares of the company were locked in the 20% upper circuit band at Rs 403 on the BSE after the company reported a consolidated net profit of Rs 590.6 million in July-September quarter (Q2FY21).

The company had posted net loss of Rs 2 billion in the year-ago quarter.

The company reported 52% year-on-year (YoY) growth in revenue from operations at Rs 11.9 billion in Q2FY21 as against Rs 6.5 billion in the corresponding quarter of the previous fiscal.

It reported EBITDA of Rs 2 billion during the quarter, compared with loss of Rs 300 million in the previous year quarter.

The company said it achieved the highest ever quarterly steel deliveries of 0.18 million tons which translates into a 54% quarter on quarter and 53% YoY growth.

It further added that during 2QFY21, global economic activity started to recover with phased relaxations in lockdown measures. However, the pace of improvement has been varying across the geographies.

Tata Steel Long Products share price ended the day up by 20%.

Moving on to news from the finance sector, SBI Cards and Payment Services share price was in focus today.

Stock of the company witnessed buying interest, rising 4% to hit a new high of Rs 895 after the company said it has kick-started festive season offers in line with the changing shopping trends and customers will be offered discounts as well as cashback across a host of brands.

The State Bank of India (SBI)-promoted company's stock was trading at the highest level since its listing on March 16, 2020.

In other news from the finance sector, the Reserve Bank of India (RBI) yesterday clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August.

On whether loans of Rs 1 billion and above will require an independent credit evaluation by any one credit rating agency, the RBI said, in case credit opinion is obtained from more than one rating agency, all such credit opinions must be RP4 rating or above.

The clarification also said the new definition of micro, small and medium enterprises (MSMEs) effective June 26, will not impact their eligibility for resolution but will be based on the definition that existed as of March 1, 2020.

On loans to the realty sector, RBI said the requirement of inter-creditor agreement is a basic feature of the prudential framework for resolution issued on June 7, 2019, and consequently that of the pandemic resolution framework as well.

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

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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