Indian Share Markets Open Higher; Kotak Mahindra Bank & ONGC Top Gainers

Wed, 11 Nov 09:30 am

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Asian stock markets are higher today as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy.

The Nikkei is trading up by 1.7% while the Hang Seng is trading on a flat note.

In US stock markets, the Nasdaq closed sharply lower in overnight deals as vaccine optimism led investors away from market leaders and toward cyclical stocks associated with economic recovery.

The Dow Jones Industrial Average ended up by 0.9%, while the Nasdaq fell 1.4%.

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

Market participants are tracking Coal India share price and Aurobindo Pharma share price as these companies are slated to announce their financial results for the September quarter today.

The BSE Sensex is trading up by 287 points. The NSE Nifty is trading up by 90 points.

M&M is among the top gainers today. IndusInd Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.7%. The BSE Small Cap index is trading up by 0.5%.

Barring energy stocks, all sectoral indices are trading in green with stocks in the oil & gas sector and healthcare sector witnessing most of the buying interest.

The rupee is trading at 74.19 against the US$.

Gold prices are trading down by 0.1% at Rs 50,428 per 10 grams.

Speaking of the current stock market scenario, in her latest video, Co-head of Research at Equitymaster, Tanushree Banerjee talks about what you should expect from the stock markets this time.

She explains how you should prepare your stocks so that they could make the most of the Covid second wave.

Tune in to the video to find out more:

In news from the banking sector, Yes Bank is among the top buzzing stocks today.

Rating agency Care Ratings has upgraded the ratings of the private lender with stable outlook, assigned to the bank's debt instruments.

Shares of the private lender were locked in 5% upper circuit limit in the past two trading sessions on back of the above news.

"The revision in the ratings assigned to the debt instruments of YES Bank factors in the improvement in the credit profile of the bank post the implementation of the reconstruction scheme announced by the Reserve Bank of India (RBI) and approved by Government of India (GOI) from March, 2020," Care Ratings said in its rationale.

The reconstruction scheme for Yes Bank has brought about strong systemic support to the bank by various market participants including GOI, RBI and State Bank of India (SBI) acting in order to protect the depositors' money by way of providing capital support, liquidity support and reconstitution of the board of directors for better governance, the rating agency added.

Yes Bank share price has opened the day up by 5%.

Speaking of the banking sector, note that the sector was one of the worst affected sectors in the Indian stock market when Covid-19 struck.

Banking stocks were severely punished. No investor wanted to touch them even with a 10-ft pole.

However, sentiment have changed now as investors are chasing banking stocks like never before.

Have a look at the monthly returns of major sectors for the month of March and October 2020 in the chart below:

Banks were among major losers with a cut of 34% in the month of March. Cut to October, they are the biggest gainers for the month with 11% returns!

As per Apurva Sheth, senior Research Analyst at Equitymaster, banks are set to outperform the broader markets going forward.

Apurva believes PSU banks are in a sweet spot right now and offer the best investing opportunity.

You can check out his video on contrarian trading in PSU banking space here: Contrarian Trading in PSU Banks.

Moving on to news from the economic space, India's retail inflation likely stayed above 7% for a second straight month in October as supply distortions led to a surge in vegetable prices, especially of onions, a Reuters poll showed, lowering the chances of further interest rate cuts.

Disruption by the coronavirus pandemic and excessive rainfall in states such as Maharashtra, Karnataka and Andhra Pradesh have damaged and delayed the harvesting of onions alongside other vegetables.

A Reuters poll of 50 economists conducted from November 4-9 predicted consumer prices rose 7.30% last month from a year earlier, a touch lower than September's 7.34% rate.

The poll also predicted industrial output in September dropped 2% from a year earlier, the seventh consecutive month of falls and its longest streak of decline since June 2009, as infrastructure output, which accounts for about 40% of total industrial production, contracted 0.8%.

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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers