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Markets will remain closed on 26th January, 2021 on account of Republic Day.

Sensex Recovers 1,400 Points from Day's Low; Nifty Ends 71 Points Higher
Fri, 12 Jun Closing | Monish Vora, TM Team

After opening the day deep in the red, Indian share markets witnessed buying interest in the last hour of trading and ended on a positive note.

Benchmark indices tumbled in the opening trade today, following US and Asian peers that fell amid worries over resurgence in Covid cases and a gloomy economic projection.

However, markets staged a smart rebound and recovered during closing hours, led by gains in automobile, telecom and energy stocks.

At the closing bell, the BSE Sensex stood higher by 243 points (up 0.7%). Sensex recovered over 1,400 points from day's low and ended on a positive note.

Meanwhile, the NSE Nifty closed higher by 71 points (up 0.7%).

Gains were largely seen in the automobile sector and telecom sector. Meanwhile, IT stocks were among the hardest hit.

The BSE Mid Cap index ended the day up by 1%, while the BSE Small Cap index ended up by 0.1%.

SGX Nifty was trading at 9,932, up by 38 points, at the time of writing.

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Asian stock markets ended on a negative note. As of the most recent closing prices, the Hang Seng was down 0.7% and the Nikkei stood lower by 0.8%.

Gold prices are trading down by 0.6% at Rs 47,143.

The rupee was trading at 75.84 against the US$.

Speaking of stock markets, note that the last two and a half months have been a roller coaster ride. After a sharp correction of 33% from the peak, stock markets witnessed a sharp rebound, and then flip flopped yesterday amid global sell off.

In her latest video, Richa Agarwal, editor of our premium smallcap service Hidden Treasure, shares her thoughts on the implications of the market volatility for the potential returns in the smallcap space.

Tune in to find out more...

Moving on, market participants were tracking penny stocks in today's market trade.

This comes as penny stocks have delivered eye-popping gains in the recent market rebound from the lows of March 24, when Sensex and Nifty had scaled their fresh 52-week lows.

Shares of real estate firm Prozone Intu Properties have more than doubled since April after ace investor Radhakishan Damani acquired more than one percentage stake in the company during the March quarter (Q4FY20).

Meanwhile, shares of Vodafone Idea have rallied as much as 200% from Rs 3.36 on March 24 to Rs 10.08 earlier this week on June 9.

Another penny stock, Birla Tyres has rallied more than 780% from Rs 2.78 on March 24 to Rs 26.90.

Penny stocks are those stocks that are trading for below or around Rs 50. This follows the traditional idea of penny stocks i.e. stocks under US$ 1.

To know more, you can check Rahul Shah's penny stock recommendation service Exponential Profits (requires subscription).

BREAKING: Full Details of the #1 Investment of the Decade...

In latest developments from the IPO space, Bengaluru-headquartered IT services company Happiest Minds has filed draft red herring prospectus (DRHP) with market regulator for its initial public offering (IPO).

The proposed IPO comprises a fresh issue of shares worth Rs 1.1 billion and an offer for sale of 35.2 million shares by the company's promoter Ashok Soota as well as private equity investor JP Morgan CMDB II.

JP Morgan will exit its over five-year investment in the IT services firm if the IPO goes through.

Happiest Minds, which becomes the first player to file a share sale document since March, will list its shares in both NSE and BSE.

Moving on to news from the banking sector, the Reserve Bank of India (RBI) on Thursday issued a discussion paper to set new and contemporary standards of governance at commercial banks.

This comes in the backdrop of two recent cases of governance failures at private sector lenders. One involved ICICI Bank where its former CEO, Chanda Kochhar had to step down in the midst of allegations conflict of interest, quid pro quo and that her conduct violated banks code of conduct in 2018.

The more recent case involves Yes Bank where its founder and former chief Rana Kapoor has been charge-sheeted by the Enforcement Directorate on charges of allegedly taking kick-backs while granting high value loans.

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Here are some key highlights of the paper:

The discussion paper aims to empower the board of directors to set the culture and values of the organisation, recognize and manage conflicts of interest, set the appetite for risk and manage risks within the appetite and improve the supervisory oversight of senior management.

According to the RBI discussion paper, the board of directors of a bank shall comprise not less than six directors and not more than 15 directors with majority being independent directors.

To achieve clear division of responsibilities between the board and the management, RBI said that a management functionary who is not a promoter or major shareholder can be a whole-time director (WTD) or chief executive officer (CEO) of a bank for 15 consecutive years.

The RBI said that 10 years is an adequate time limit for a promoter or major shareholder of a bank as WTD or CEO of the bank to stabilize its operations and to transition the managerial leadership to a professional management.

On the date of issuance of the guideline or directions on the matter by the Reserve Bank, banks with WTDs or CEO who have completed 10 or 15 years shall have two years or up to the expiry of the current tenure, whichever is later, to identify and appoint a successor.

The central bank also laid heavy emphasis on having a strong internal audit mechanism and vigilance system.

In other news, the Supreme Court asked Solicitor General Tushar Mehta to convene a meeting of the Finance Ministry and RBI officials over the weekend to decide whether interest incurred on EMIs during the moratorium period can be charged by banks.

A bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and M.R. Shah queried Mehta as the court was concerned since the Centre has deferred loan for three months.

State Bank of India's (SBI) counsel said all banks are of the view that interest cannot be waived for a six month EMI moratorium period.

Justice Bhushan then asked Mehta to convene a meeting of the RBI and Finance Ministry officials over the weekend, and listed the matter for further hearing on June 17.

During the hearing, the top court indicated that it was not considering a complete waiver of interest but was only concerned that postponement of interest shouldn't accrue further interest on it.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of the banking sector, note that the Bank Nifty index was underperforming the benchmark index Nifty after they hit their lows in March.

There were several reasons behind its underperformance - a rising NPA risk, lack of credit growth, and overcautious nature of banks in lending.

However, it is interesting to note that these problems haven't gone away, but banks have still managed to outperform Nifty in the last two weeks, as can be seen in the chart below:

As per Apurva Sheth, lead chartist at Equitymaster, the reason why banks are outperforming over the past few weeks is because of price action.

Here's what he wrote about it in today's edition of Profit Hunter...

  • The price action of Bank Nifty when compared to Nifty suggested that banks are beaten down sharply.

    Bank Nifty to Nifty ratio had reached an extreme. The ratio had dropped way below its average and reversion to the mean was due.

    The ratio is still far below its average and Bank Nifty will attempt to claw back. Obviously, this won't happen in a hurry or in a straight line. There will be lot of zig-zag moves which will create opportunities for smart traders.

    To know how you can make the most of such opportunities, I recommend you read this piece.

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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Stock Market Updates

JUBILANT LIFE SCIENCES Share Price Down by 5%; BSE 500 Index Down 1.0% (Today's Market)

Jan 25, 2021 03:29 PM

JUBILANT LIFE SCIENCES share price is trading down by 5% and its current market price is Rs 956. The BSE 500 is down by 1.0%. The top gainers in the BSE 500 Index are GATEWAY DISTRIPARKS (up 10.9%) and NCC (up 6.4%). The top losers are JUBILANT LIFE SCIENCES (down 5.5%) and INFO EDGE (down 6.9%).

HIMACHAL FUTURISTIC Share Price Down by 5%; BSE 500 Index Down 1.0% (Today's Market)

Jan 25, 2021 03:29 PM

HIMACHAL FUTURISTIC share price is trading down by 5% and its current market price is Rs 32. The BSE 500 is down by 1.0%. The top gainers in the BSE 500 Index are GATEWAY DISTRIPARKS (up 10.9%) and NCC (up 6.4%). The top losers are HIMACHAL FUTURISTIC (down 5.3%) and INFO EDGE (down 6.9%).

ORIENT ELECTRIC Share Price Down by 5%; BSE 500 Index Down 1.0% (Today's Market)

Jan 25, 2021 03:27 PM

ORIENT ELECTRIC share price is trading down by 5% and its current market price is Rs 265. The BSE 500 is down by 1.0%. The top gainers in the BSE 500 Index are GATEWAY DISTRIPARKS (up 11.5%) and NCC (up 6.4%). The top losers are ORIENT ELECTRIC (down 5.4%) and INFO EDGE (down 6.7%).

INDUSIND BANK Share Price Down by 5%; BSE BANKEX Index Down 0.1% (Today's Market)

Jan 25, 2021 03:27 PM

INDUSIND BANK share price is trading down by 5% and its current market price is Rs 912. The BSE BANKEX is down by 0.1%. The top gainers in the BSE BANKEX Index are AXIS BANK (up 2.4%) and HDFC BANK (up 1.3%). The top losers is INDUSIND BANK (down 5.1%).

HDFC AMC Share Price Down by 5%; BSE 500 Index Down 1.0% (Today's Market)

Jan 25, 2021 03:27 PM

HDFC AMC share price is trading down by 5% and its current market price is Rs 3,114. The BSE 500 is down by 1.0%. The top gainers in the BSE 500 Index are GATEWAY DISTRIPARKS (up 11.5%) and NCC (up 6.4%). The top losers are HDFC AMC (down 5.0%) and INFO EDGE (down 6.7%).

Sensex Trades Marginally Lower; Dow Futures Up by 90 Points (Today's Market)

Jan 25, 2021 12:30 pm

BSE Sensex is trading down by 34 points, while the NSE Nifty is trading down by 21 points.

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