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Sensex, Nifty End at Fresh Record Highs; Auto and Banking Stocks Witness Buying
Wed, 18 Nov Closing | Monish Vora, TM Team

Indian share markets witnessed buying and ended at fresh record high levels for the third straight session today.

Extending a record-breaking spree, benchmark indices witnessed gains in the last hour of trading supported by auto and financial stocks.

At the closing bell, the BSE Sensex stood higher by 227 points (up 0.5%).

The NSE Nifty closed higher by 64 points (up 0.5%).

Tata Motors and Mahindra & Mahindra were among the top gainers today.

The SGX Nifty was trading at 12,991, up by 94 points, at the time of writing.

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The BSE Mid Cap index ended up by 1.2%. The BSE Small Cap index ended up by 0.9%.

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

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

Asian stock markets ended mixed today. As of the most recent closing prices, the Hang Seng ended up by 0.5% and the Nikkei ended down by 1.1%.

The rupee is trading at 74.16 against the US$.

Gold prices are trading down by 0.6% at Rs 50,454 per 10 grams.

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

In global markets, gold rates edged lower today even as coronavirus cases continued to surge in many parts of the world. On the domestic front, gold prices in India also edged lower, tracking muted global cues. On MCX, gold futures today fell 0.6% and extended losses to the third day.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, you can check out our detailed article on gold investing here: How to Invest in Gold?

In news from the finance sector, IIFL Finance share price was in focus today.

IIFL Finance share price jumped over 12% intraday today after the Non-Banking Financial Company (NBFC) said that its board will consider a proposal to buy back shares in the next meet.

The company in a press filing said the meeting of the board of directors of the company will be held on November 20, 2020, to consider the proposal for buyback of fully paid-up equity shares of the company and any other item.

It added that the trading window of equity shares of the company shall remain closed with immediate effect for all directors, designated persons and insiders and shall reopen after the expiry of 48 hours after the conclusion of the aforesaid board meeting.

The firm, in the previous session, announced that it has raised Rs 1 billion through the issuance of non-convertible debentures on a private placement basis. It added that the debentures will be listed on the Wholesale Debt Market segment of NSE.

The stock of the company has rallied around 39% in the past few days on the back of above developments.

Stay tuned for all the news updates from this space.

From the automobile space, market participants were tracking Tata Motors.

Tata Motors share price was trading higher for the third straight day today and hit a nine-month high of Rs 170 on expectations of improvement in the demand outlook.

The company has reported healthy set of numbers in the July-September quarter (Q2FY21).

Consolidated margins were at 12.5% with double-digit margins in Jaguar Land Rover (JLR) at 11.1%. Continued delivery on cost and cash savings programmes in JLR and Indian operations was key to the healthy margin performance.

The company had also posted a 27% YoY growth in its total domestic sales to 49,669 units for the month of October. The company had sold 39,152 vehicles in the year ago period.

Passenger vehicle sales during the month surged 79% YoY whereas total commercial vehicle sales grew by 2% YoY. Commercial vehicle sales were mainly driven by exports which grew 20% YoY.

Speaking of Tata Motors, Rakesh Jhunjhunwala, one of India's most famous investors, recently made Rs 5 billion investment in the company.

In one of his latest videos, co-head of Research at Equitymaster, Rahul Shah discusses Rakesh Jhunjhunwala's Tata Motors Bet from a value investing perspective.

Is there enough margin of safety in current valuations for the company or the run up in recent months has made it a risky bet?

Tune in to find out more:

Moving on to news from the banking sector, the central government has decided to place Lakshmi Vilas Bank under moratorium till December 16, 2020, based on an application made by the Reserve Bank of India. The move was announced through an order issued by the Ministry of Finance.

The bank will not be allowed to make payments exceeding Rs 25,000 to any creditors without prior approval from the RBI.

The Reserve Bank of India, in consultation with the Central government, has superseded the board of directors of the private lender for a period of 30 days owing to a serious deterioration in the financial position of the bank. TN Manoharan, former non-executive chairman of Canara Bank has been appointed as the administrator.

Speaking of Lakshmi Vilas Bank, if there is any private sector bank that has severely underperformed in the last two years, it has to be Lakshmi Vilas Bank.

Back in May 2019, we wrote an article around how we avoided a 60% loss in Lakshmi Vilas Bank.

Here's an excerpt from the article:

  • LVB had an interesting story.

    The bank had a new management team in place. The bank was shedding its old image to bring out a new look.

    The new management had a clear vision and set several goals. These included deposit and loan growth targets, CASA (current account saving account) ratio targets, a focus on retail loans, and the reduction in cost-to-income ratio.

    So far so good.

    But the bank had its own legacy issues. These were rising bad loans, a weak balance sheet with a poor capital adequacy ratio (CAR).

    The falling CAR was a concern.

    The CAR is the ratio of a bank's capital in relation to its risk-weighted assets and current liabilities. The RBI has set the minimum CAR at 9% for all banks.

    A ratio below 9% indicates the bank does not have enough capital to expand its operations. It ensures that banks don't expand their business without having adequate capital.

    On one hand, LVB had bad loan issues and on the other, it badly needed capital to shore up its CAR.

If you look at the shareholding pattern of LVB during the 2-year time frame between May 2017 to May 2019, retail investors have increased by 15%. The number of shares owned by them increased by 24%.

A typical example of retail investors catching a falling knife!

Lakshmi Vilas Bank share price ended the day down by 20%.

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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