Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Sensex Ends 93 Points Higher; Oil & Gas and Realty Stocks Witness Buying
Wed, 16 Oct Closing | Monish Vora, TM Team

Indian share markets traded on a volatile note throughout the day and ended marginally higher.

Sectoral indices ended on a mixed note with stocks in the oil & gas sector and realty sector witnessing buying interest, while power stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 93 points and the NSE Nifty closed up by 43 points. The BSE Mid Cap index ended the day down by 0.1%, while the BSE Small Cap index ended up by 0.2%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up 0.6% and the Shanghai Composite stood lower by 0.4%. The Nikkei 225 was up 1.2%.

The rupee is trading at 71.37 against the US$.

In news from the banking sector, private sector lender Federal Bank reported 56.7% growth in its net profit, driven by other income and lower tax cost. Profit rose to Rs 4,167 million against Rs 2,660 million in same period last year.

--- Advertisement ---
A Special Report for Small Cap Investors – 'Rebound Riches'

Our exclusive small cap investment MEGA Event held on 14 October was a huge success which more than 6000+ people attended.

In that Event, we released our special report, Rebound Riches: 3 Stocks Set to Become India's Next Mega-Stocks', in which we reveal you the 3 stocks that you could consider investing in before the market rebounds.

Click here to watch the video and know how to get access to this special report.
------------------------------

Net interest income grew by 9.9% year-on-year (YoY) to Rs 11,238 million. Loan growth came at 14.8%.

The bank's asset quality weakened during the quarter under review with gross non-performing assets (NPA), as a percentage of gross advances, rising 8 bps to 3.07% and net NPA increasing 10 bps to 1.6% quarter-on-quarter.

Fresh slippages increased to Rs 5.4 billion at the end of Q2FY20 against Rs 4.2 billion at the end of Q1FY20.

Provisions increased sharply to Rs 2.5 billion versus Rs 1.9 billion in Q1FY20 but fell from Rs 2.9 billion in Q2FY19.

On a consolidated basis, net profit came in at Rs 4,253.4 million, up 51.6%. The bank had reported a net profit of Rs 2,806.1 million in the corresponding quarter last year.

Federal Bank share price ended the day down by 2.6%.

Speaking of the banking sector, note that 2019 has been brutal for some banking stocks.

The market has severely punished them. This is due to issues such as worsening asset-quality, corporate governance, and inadequate capital.

Have a look at the chart below to see the worst performers of 2019 in the banking sector:

Falling Knives in the Banking Sector

Here's what Sarvajeet Bodas, editor of Smart Money Secrets wrote about it in today's edition of The 5 Minute WrapUp...

  • Stocks such as Yes Bank and Lakshmi Vilas Bank are down more than 70%.

    Surprisingly, RBL Bank is the latest victim added to the worst performers list of 2019. You see, RBL Bank is down 64% from its recent high in May 2019.

    What's the issue here?

    Well, the management expects to face challenges in recovering some loans in the near term.

    They have guided for elevated stress in a few corporate accounts, rising non-performing assets, and higher provisioning. This could impact the earnings of the bank.

    Does this situation seem familiar to you?

    Falling stock prices could be enticing. After all, we love deep discounts and good bargains.

As per Sarvajeet, the key takeaway here is, if a stock is in a falling spree, there's probably a good reason behind it. Do not blindly buy shares of battered stocks expecting them to rebound to their earlier levels.

--- Advertisement ---
New Stock Alert!

We have an urgent update for you...

This is regarding top small cap guru Richa Agarwal's Rebound Riches project.

In this project, Richa Agarwal filters high potential stocks in the small cap space that are beaten down for no solid reason…and could potentially soar as soon as the market rebounds.

So far, Richa has already identified 3 exciting stocks in the small caps...

Now she has found the 4th rebound riches stock which is a market leader in its niche and is 50% down from its peak in January 2018.

Click here to know the details.
------------------------------

Moving on to news from the consumer durables sector, shares of Bajaj Consumer Care were locked in 20% upper circuit today after Mutual Funds-led institutional investors bought more than 20% stake from the promoters of the company.

HDFC Mutual Fund bought 5.3% stake, followed by ICICI Prudential Mutual Fund at 2.5% and Aditya Birla Sun Life Mutual Fund at 1.8%.

Natwest Bank PLC, as trustee of Jupiter India Fund, Steinberg India Emerging Opportunities Fund and ICG Q from the foreign portfolio investors purchased between 1-2% stake in the company from open market.

On Tuesday, promoters of the company sold nearly 22% of their stake in the company for Rs 6.3 billion to pay-off debt and remove the pledge on stake from the banks.

Shares of the company had plunged 15% on back of the above news.

Data available on the exchange showed that Bajaj Resources sold 32.3 million equity shares, representing 21.9% stake at price of Rs 194.56 per share.

Earlier in March, Bajaj Resources had offloaded 10.1 million shares, representing 6.9% stake, in Bajaj Consumer Care for Rs 3.2 billion.

Last week, the company had reported 11.2% growth in its net profit at Rs 560.3 million.

On a standalone basis, net profit rose 10.9% to Rs 572.9 million on a 2.6% increase in net sales to Rs 2,111.9 million.

With the change in corporate tax rates, the company's effective tax rate reduced to 17.5% from 21.5%, resulting into increase in PAT by Rs 57.3 million.

To know more, you can read the company's latest 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!

Equitymaster requests your view! Post a comment on "Sensex Ends 93 Points Higher; Oil & Gas and Realty Stocks Witness Buying". Click here!

  

Stock Market Updates

VA TECH WABAG Plunges by 5%; BSE CAPITAL GOODS Index Down 0.5% (Today's Market)

Oct 16, 2019 03:34 PM

VA TECH WABAG share price has plunged by 5% and its current market price is Rs 195. The BSE CAPITAL GOODS is down by 0.5%. The top gainers in the BSE CAPITAL GOODS Index are CG POWER & INDUSTRIAL (up 5.0%) and CARBORUNDUM UNIVERSAL (up 2.2%). The top losers are VA TECH WABAG (down 5.1%) and DILIP BUILDCON LTD (down 5.7%).

WHIRLPOOL OF INDIA at All Time High; BSE CONSUMER DURABLES Index Up 0.4% (Today's Market)

Oct 16, 2019 03:34 PM

WHIRLPOOL OF INDIA share price has hit an all time high at Rs 2,155 (up 1.5%). The BSE CONSUMER DURABLES Index is up by 0.4%. Among the top gainers in the BSE CONSUMER DURABLES Index today are WHIRLPOOL OF INDIA (up 1.5%) and TITAN (up 0.2%). The top losers include RAJESH EXPORTS (down 0.6%) and VIP INDUSTRIES (down 0.6%).

INDIABULLS HOU. FIN. Plunges by 11%; BSE 500 Index Up 0.4% (Today's Market)

Oct 16, 2019 03:32 PM

INDIABULLS HOU. FIN. share price has plunged by 11% and its current market price is Rs 195. The BSE 500 is up by 0.4%. The top gainers in the BSE 500 Index are GIC OF INDIA (up 20.0%) and BAJAJ CONSUMER CARE (up 20.0%). The top losers are INDIABULLS HOU. FIN. (down 10.7%) and PNB HOUSING FINANCE LTD (down 12.6%).

GAYATRI PROJECTS Surges by 5%; BSE REALTY Index Up 1.2% (Today's Market)

Oct 16, 2019 03:16 PM

GAYATRI PROJECTS share price has surged by 5% and its current market price is Rs 115. The BSE REALTY is up by 1.2%. The top gainers in the BSE REALTY Index is GAYATRI PROJECTS (up 5.1%). The top losers are OMAXE LTD (down 0.2%) and INDIABULLS REAL EST (down 4.9%).

TRIVENI TURBINE Plunges by 5%; BSE CAPITAL GOODS Index Down 0.2% (Today's Market)

Oct 16, 2019 03:10 PM

TRIVENI TURBINE share price has plunged by 5% and its current market price is Rs 101. The BSE CAPITAL GOODS is down by 0.2%. The top gainers in the BSE CAPITAL GOODS Index are CG POWER & INDUSTRIAL (up 5.0%) and NBCC (INDIA) LTD (up 2.1%). The top losers are TRIVENI TURBINE (down 5.2%) and DILIP BUILDCON LTD (down 5.6%).

Sensex Trades in Green; Bajaj Finance and ICICI Bank Top Gainers (Today's Market)

Oct 16, 2019 12:30 pm

The BSE Sensex is trading up by 90 points, while the NSE Nifty is trading up by 35 points.

View More Indian Share Market News

Most Popular

My 3 Best Small-cap Stocks to Get Rich in this Market Rebound(Profit Hunter)

Oct 14, 2019

This is once in a decade opportunity to make a killing from smallcap rebound.

Finally, Is the Share Price of Yes Bank Ready for a Rebound?(The 5 Minute Wrapup)

Oct 7, 2019

Here's what every individual investor must know about Yes Bank...

Rebound Riches Could be Yours With These Stocks(Profit Hunter)

Oct 4, 2019

The secret to multibagger is not big businesses, but great managements... Here's how to find them to make the most of once in a decade rebound opportunity.

The One Stock I Like in this Market(The 5 Minute Wrapup)

Oct 10, 2019

There are rare periods in markets when you get good quality stocks at attractive valuations. Is this one such period?

5 Smart Money Stocks to Profit from the Market Rebound(The 5 Minute Wrapup)

Oct 11, 2019

Now is the time to put money in these 5 stocks to take advantage of the recovery in the economy and the markets.

More

Get the Indian Stock Market's
Most Profitable Ideas

How To Beat Sensex Guide 2020
Get our special report, How to Beat Sensex Nearly 3X Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Oct 16, 2019 03:37 PM

MARKET STATS