Sensex Trades Flat; IndusInd Bank and Tata Steel Top Gainers

Thu, 20 Feb 12:30 pm

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Share markets in India are presently trading on a flat note. The BSE Sensex is trading up by 41 points, while the NSE Nifty is trading up by 16 points.

The BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 0.8%.

Sectoral indices are trading mixed with stocks in the FMCG sector and energy sector witnessing selling pressure, while metal stocks and healthcare stocks are witnessing buying interest.

The rupee is currently trading at Rs 71.60 against the US$.

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In news from the banking sector, as per a leading financial daily, the initial public offer (IPO) of SBI Cards and Payment Services will be kept open for four days.

Currently, IPOs are open for subscription only for three days.

As per sources, the fourth day will be exclusively for retail investors, HNIs and shareholders and the bidding will be compulsory closed at 5 pm on the last day.

Last week, the markets regulator had cleared the IPO of SBI Cards after raising some doubts with its lead manager.

SBI, along with its nominees, currently holds 689.9 million equity shares, constituting 74% stake of the pre-offer issued, subscribed and paid-up equity share capital of the company.

SBI Cards offers a wide range of credit cards to individual and corporate clients including lifestyle, rewards, shopping, travel, fuel, banking partnership cards and corporate cards.

As of 30 September 2019, SBI Cards had a 18% share of the Indian credit card market, the second largest credit card issuer in India with 9.46 million credit cards.

HDFC Bank has the largest credit cards business in the country with 13.3 million cards issued, while ICICI Bank stood third with 7.9 million credit cards, according to data from the Reserve Bank of India.

In other news, private sector lender HDFC Bank has tied up with SAP Concur, a travel, expense, and invoice management solutions provider, and payments processor Mastercard for a corporate credit card for business travelers.

In an interview, Parag Rao, group head for payment solutions and marketing at HDFC Bank said that the bank aims to target 5,000 corporates with this card and is not experiencing any slowdown in credit card spending at an aggregate level.

Speaking of the credit card business, a quick look at India's credit card spending is a good indicator of the country's consumption potential.

Have a look at today's chart of the day:

India's Massive Consumption Megatrend

Here's what Tanushree Banerjee wrote about this in today's edition of The 5 Minute WrapUp...

• Credit card spending in India has clocked a rapid 32% annual growth rate over the last 5 years. I expect this trend is expected to continue for many years.
  
  India's young demographic and rapid urbanisation will be the driving force of this consumption megatrend.
  
  This is a megatrend worth watching. Stocks of companies that cater to this theme will benefit in the long run.

This is one of the megatrends that will help what Tanushree calls the Rebirth of India.

She has identified the 7 best stocks that will profit from the Rebirth of India. You can read about these top 7 stocks here.

Moving on, shares of Sterlite Technologies surged over 6% today after the company informed that it has added new orders of Rs 15 billion.

In a press release, the company said that these orders have ranged from continued business development in its core areas of optical connectivity solutions and network services to emerging areas such as software virtualization.

The company further added that its network creation capital expenditure has been accelerated by major European, Middle East, Africa and South East Asian network creators, driving over 65% of connectivity revenues from these international geographies.

Sterlite Technologies share price is presently trading up by 3.8%.

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

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers