Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Sensex Trades 500 Points Higher; HDFC Bank & Tata Steel Top Gainers
Tue, 16 Jun 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a strong note, tracking an overnight rally in global markets.

Indian stock markets took cues from global counterparts and surged today as Federal Reserve's corporate bond-buying programme boosted investor sentiment and calmed earlier worries about the second wave of coronavirus infections.

The program, targeted at companies that were in good shape before the pandemic but may now need financing to retain workers and fund operations, will offer up to US$ 600 billion in loans through participating financial institutions to US businesses with up to 15,000 employees or with revenues up to US$ 5 billion.

The BSE Sensex is trading up by 503 points, up 1.5%, at 33,700 levels.

Meanwhile, the NSE Nifty is trading up by 145 points.

The BSE Mid Cap index is trading up by 1.3%, while the BSE Small Cap index is trading up by 1.2%.

On the sectoral front, gains are largely seen in the finance sector and metal sector.

The rupee is trading at 75.85 against the US$.

Gold prices are trading up by 0.1% at Rs 47,015 per 10 grams.

--- Advertisement ---
Here's an urgent profit opportunity from us that no mainstream media is revealing...

The #1 Stock for 2021.

...An innovative stock with the industry giants chasing it for its technology to touch millions and millions of people every day.

It serves several clients across the globe, but what got me is this...

The stock is leaving all its competitors behind despite the COVID crash, and now the price has already started to move.

There's actually one more reason why this stock could take off and make its early investors rich.

It's revealed here in this note with transparency.
------------------------------

Market participants are tracking Reliance Industries share price as Saudi Arabia's wealth fund Public Investment Fund (PIF) is all set to pick up a 2.3% stake in the oil-to-telecom conglomerate for an estimated US$ 1.5 billion.

In news from the banking sector, ICICI Bank on Monday announced the launch of a facility enabling its salary account customers to get approvals for overdraft instantaneously and in a paperless manner.

Called 'Insta Flexicash', the end-to-end fully digital facility can be availed using the bank's internet banking platform.

Note that this product is being launched at a time when consumption-linked retail credit growth has slowed down. As per latest available data from the Reserve Bank of India (RBI), retail loans grew just 12% year-on-year (YoY) in April against 15.7% a year ago.

The facility can be sanctioned immediately while customers can start using the approved overdraft limit within 48 hours.

The private lender said that interest payable on the overdraft is calculated on the basis of the actual amount availed by the customer, not on the full amount of the overdraft sanctioned.

It also added that the credit limit could be worth up to three times the customer's net salary.

ICICI Bank share price is presently trading up by 3%.

--- Advertisement ---
Going Live on 30th September 6pm To Answer A Burning Question

Economies across the globe have collapsed.

However, despite all the weak economic data, the stock markets have rallied.

But how sustainable is this rally?

The burning question of the hour is

"Where are the Stock Markets Headed?"

And that is exactly where our upcoming live and exclusive free webinar will help you.

Join Nilesh Shetty, Associate Fund Manager, Equity Funds and I.V. Subramaniam, Director, Quantum AMC LIVE as they address your most pressing concerns...and try and fulfill your need for the next big investment opportunity.

If you are a serious investor, you cannot afford to miss this opportunity.

Register FREE for this upcoming webinar in 1-click
[Yes! I want to attend this Exclusive Webinar]


Yes, also send me your financial planning newsletter, Quantum Direct, free of charge.

Date: 30th Sept. | Time: 6pm | Venue: Your Computer
------------------------------

In other news, Axis Bank said that Pralay Mondal will be stepping down from the role of executive director (retail banking) in September to pursue other opportunities.

Before his current stint at Axis Bank, Mondal headed the retail banking vertical at Yes Bank.

Last year, Axis Bank was reported to have seen a slew of resignations with the count going up to 15,000, including branch-level executives.

Among the more high-profile exits were those of former chief financial officer Jairam Sridharan, who now heads Piramal Enterprises' consumer finance division, and former head of bond underwriting Shashikant Rathi.

Axis Bank share price is presently trading down by 1.4%.

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.

UNLOCKED: Up to 3x More Gains During the Corona Crisis...

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.

Meanwhile, I recently reached out to Tanushree Banerjee, who is closely tracking the banking sector in the current scenario. Here's her view on the sector...

  • The Covid-19 lockdown has hit cash flows of both individual borrowers and corporates. This, in turn, will impact their loan repayment capability.

    The RBI's repo rate cut came as a temporary lifeline for Indian companies with debt on books. It will offer both companies and retail borrowers some breather. If banks use this phase judiciously, it may save the NPA ratios from worsening significantly.

    However, only the banks that have adequate capital and provisioning cushion may be able to tide over the economic crisis. Eventually, another round of consolidation in private sector banks, like the one after 2002, cannot be ruled out.

Tanushree's latest StockSelect recommendation is one such midcap bank.

You can read the entire report here (requires subscription).

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


What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Sensex Trades 500 Points Higher; HDFC Bank & Tata Steel Top Gainers". Click here!

  

Stock Market Updates

SAIL Share Price Up by 5%; BSE METAL Index Up 2.8% (Today's Market)

Sep 25, 2020 03:34 PM

SAIL share price is trading up by 5% and its current market price is Rs 34. The BSE METAL is up by 2.8%. The top gainers in the BSE METAL Index are SAIL (up 5.2%) and JINDAL STEEL & POWER (up 7.2%).

FORCE MOTORS Share Price Up by 5%; BSE AUTO Index Up 3.4% (Today's Market)

Sep 25, 2020 03:28 PM

FORCE MOTORS share price is trading up by 5% and its current market price is Rs 1,060. The BSE AUTO is up by 3.4%. The top gainers in the BSE AUTO Index are FORCE MOTORS (up 5.2%) and MOTHERSON SUMI (up 5.6%).

VODAFONE IDEA Share Price Up by 13%; BSE 500 Index Up 2.4% (Today's Market)

Sep 25, 2020 03:24 PM

VODAFONE IDEA share price is trading up by 13% and its current market price is Rs 10. The BSE 500 is up by 2.4%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 13.5%) and IFB INDUSTRIES LTD (up 11.9%). The top losers are OBEROI REALTY and BAJAJ HOLDINGS & INVESTMENT .

BAJAJ CONSUMER CARE Share Price Up by 5%; BSE FMCG Index Up 2.0% (Today's Market)

Sep 25, 2020 03:24 PM

BAJAJ CONSUMER CARE share price is trading up by 5% and its current market price is Rs 185. The BSE FMCG is up by 2.0%. The top gainers in the BSE FMCG Index are BAJAJ CONSUMER CARE (up 5.1%) and GSK CONSUMER (up 5.1%). The top losers are GILLETTE INDIA (down 0.5%) and EMAMI LTD (down 0.5%).

ADANI TRANSMISSION Share Price Up by 6%; BSE POWER Index Up 2.2% (Today's Market)

Sep 25, 2020 03:24 PM

ADANI TRANSMISSION share price is trading up by 6% and its current market price is Rs 250. The BSE POWER is up by 2.2%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 6.0%) and TATA POWER (up 5.5%). The top losers is SIEMENS (down 0.5%).

Indian Indices Trade Higher; HCL Tech, Bharti Airtel & TCS Up Over 4% (Today's Market)

Sep 25, 2020 12:30 pm

The BSE Sensex is trading up by 451 points, while the NSE Nifty is trading up by 127 points.

View More Indian Share Market News

Most Popular

Why We Picked This Small-cap Stock for Our Hidden Treasure Subscribers(Profit Hunter)

Sep 17, 2020

This leading household brand will profit big time in a post covid world.

My Top Stock to Buy in this Market Selloff(Profit Hunter)

Sep 22, 2020

The recent correction offers a great opportunity to buy this high conviction smallcap stock.

What Do the Charts Say About Buying Smallcaps Now?(Fast Profits Daily)

Sep 18, 2020

Everyone seems to be excited about buying smallcaps now...but is it the right thing to do? What do the charts tell us? Find out in this video...

Can the Nifty Fall to 10,200?(Fast Profits Daily)

Sep 24, 2020

The Nifty has reached an important support level today. If it breaks then we could see further downside.

More

Covid-19 Proof
Multibagger Stocks

Covid19 Proof Multibaggers
Get this special report, authored by Equitymaster's top analysts now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Sep 25, 2020 (Close)

MARKET STATS