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Indian Indices Trade Higher; HDFC Bank & Tata Steel Top Gainers
Tue, 7 Jan 12:30 pm | Monish Vora, TM Team

Share markets in India have erased early gains and are presently trading higher. The BSE Sensex gained over 500 points in early trade today, while the NSE Nifty rose above 12,150.

Benchmark indices rebounded after two sessions of sharp declines, as oil prices eased due to a lack of further escalation in Middle East tensions.

Barring telecom stocks, all sectoral indices are trading in green with stocks in the metal sector and realty sector witnessing most of the buying interest.

The BSE Sensex is trading up by 291 points (up 0.7%), while the NSE Nifty is trading up by 83 points (up 0.7%). The BSE MidCap index is trading up by 0.7% and the BSE SmallCap index is trading up by 0.9%.

The rupee is trading at Rs 71.77 against the US$.

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Speaking of Indian stock markets, as the new year has kickstarted, there is hardly any cheer among investors despite Sensex touching new highs.

The reason: The rally is driven by a few large caps and has left most of the stocks untouched. The blow was specially felt by small caps, most of which remained untouchables.

This isn't the first time smallcaps are witnessing correction. And yet, this was once in a decade kind of event.

That's because it was for the first time that the smallcaps remained in the red in two successive years.

The Divergence between Smallcap and Sensex

Here's what our smallcap research analyst Richa Agarwal wrote about it in of the edition of the Profit Hunter:

  • "The mutual fund reclassification, liquidity squeeze, global trade tensions and recent reforms and policy changes kept investors on guard and away from smallcaps. It did not help that the economy growth itself slowed down to six-year low.

    But amid all this macro data, a few interesting details are missing.

    Ignoring these could deprive you of possibly the best money-making opportunity in 2020."

As the divergence between the Sensex and Small cap index widens, Richa Agarwal answers why small cap rebound is just around the corner and why this could be the right opportunity to buy quality smallcap stocks.

Watch now...

In news from the telecom sector, shares of ITI surged 15% in early trade today after the company reported robust earnings with an over 12-fold jump in the consolidated net profit at Rs 1,683 million in the December 2019 quarter (Q3FY20).

The state-owned telecom equipment provider had a profit of Rs 135.8 million in the year ago quarter.

The company's management said higher operational revenues and other income contributed towards the higher profit during the quarter.

The company's revenue from operations rose 47% year on year (YoY) at Rs 8,280 million, as against Rs 5,632 million in the previous year's quarter.

Other income during the quarter, which included Rs 490 million as write-back of liabilities grew to Rs 1,510 million.

In a statement, ITI said "with this, the company's net worth has become positive after a period of 16 years."

ITI share price is presently trading up by 14%.

Moving on to news from the aviation space, South America's Synergy Group has submitted a fresh bid for Jet Airways.

In a statement, Antonio Guizzetti, president of Guizzetti and Associates said, "I am pleased to inform you that Synergy has presented a fresh EoI (expression of interest) to purchase Jet Airways."

However, Guizzetti didn't reveal if Synergy Group has partnered any company to bid for the debt laden airline.

Last week, it was reported that Synergy Group, London-based Hinduja Group and a Dubai-based fund are the three potential bidders for the bankrupt airline.

In a bidding process initiated last year, Synergy Group was the sole contender for Jet Airways, though the conglomerate did not make a binding bid after seeking several extensions.

Lenders to the beleaguered airline, which have repeatedly extended the deadline for EoI, are unwilling to give any more time and have set a final deadline of 15 January. The lenders were earlier considering liquidation if bids were not received by the deadline.

Jet Airways was admitted under the insolvency process on June 20, 2019, after its bankers failed to find any takers despite months of negotiations.

The airline stopped flying on April 17 and it had around 14,000 employees on that date.

Reportedly, creditor claims on the airline are for Rs 360.9 billion, of which Rs 146.4 billion had been admitted as on October 20.

How the above developments pan out remains to be seen. Stay tuned for more updates from this space.

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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Stock Market Updates

GRANULES INDIA at 52 Week High; BSE 500 Index Down 0.3 % (Today's Market)

Feb 18, 2020 03:34 PM

GRANULES INDIA share price has hit a 52-week high. It is presently trading at Rs 180. BSE 500 Index is down by 0.3% at 15,684. Within the BSE 500, GRANULES INDIA (up 2.3%) and TV18 BROADCAST (up 14.9%) are among the top gainers, while top losers are BHARTI INFRATEL and VODAFONE IDEA.

CARE RATING Plunges by 5%; BSE 500 Index Down 0.3% (Today's Market)

Feb 18, 2020 03:32 PM

CARE RATING share price has plunged by 5% and its current market price is Rs 515. The BSE 500 is down by 0.3%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 14.9%) and JAIPRAKASH ASSO. (up 9.9%). The top losers are CARE RATING (down 5.2%) and TORRENT POWER LTD (down 5.9%).

BEML LTD. Plunges by 5%; BSE CAPITAL GOODS Index Up 0.3% (Today's Market)

Feb 18, 2020 03:30 PM

BEML LTD. share price has plunged by 5% and its current market price is Rs 915. The BSE CAPITAL GOODS is up by 0.3%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 3.0%) and SCHAEFFLER INDIA LTD (up 2.9%). The top losers are BEML LTD. (down 5.1%) and SADBHAV ENGINEERING (down 7.9%).

ESCORTS LIMITED at 52 Week High; BSE 500 Index Down 0.4 % (Today's Market)

Feb 18, 2020 03:28 PM

ESCORTS LIMITED share price has hit a 52-week high. It is presently trading at Rs 896. BSE 500 Index is down by 0.4% at 15,684. Within the BSE 500, ESCORTS LIMITED (up 1.1%) and TV18 BROADCAST (up 14.5%) are among the top gainers, while top losers are VODAFONE IDEA and BHARTI INFRATEL.

ABBOTT INDIA Surges by 5%; BSE HEALTHCARE Index Down 0.0% (Today's Market)

Feb 18, 2020 03:18 PM

ABBOTT INDIA share price has surged by 5% and its current market price is Rs 15,441. The BSE HEALTHCARE is down by 0.0%. The top gainers in the BSE HEALTHCARE Index is ABBOTT INDIA (up 5.1%). The top losers are THYROCARE TECHNOLOGIES (down 0.5%) and BLISS GVS PHARMA (down 0.5%).

Sensex Slips 400 Points; IndusInd Bank & Tata Steel Top Losers (Today's Market)

Feb 18, 2020 12:30 pm

The BSE Sensex is trading down by 396 points, while the NSE Nifty is trading down by 122 points.

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