Sensex Today Trades in Green | Banking Stocks Rally | IndusInd Bank, Bajaj Finance & Axis Bank Top Gainers

Tue, 3 Jan 10:30 am

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Asian share markets slipped today amid concerns that rapid spread of Covid cases in China would further hurt economic growth and hinder global supply chains.

The Nikkei is trading flat while the Hang Seng was up by 1.3%. The Shanghai Composite is trading higher by 0.6%.

US stock markets were closed on Monday.

Back home, Indian share markets are trading on a positive note.

Benchmark indices reversed losses and are trading with marginal gains today supported by banking and finance stocks.

At present, the BSE Sensex is trading higher by 103 points. Meanwhile, the NSE Nifty is trading higher by 32 points.

Bajaj Finance, Axis Bank, and IndusInd Bank are among the top gainers today. Tata Steel, Maruti Suzuki and Bharti Airtel are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher by 0.4% and the BSE Small Cap index is trading higher by 0.5%.

Sectoral indices are trading on a positive note with the exception of metal sector. Stocks in the consumer durable sector, banking sector, and realty sector witness buying.

Shares of Solar Industries and RHI Magnesita hit their 52 week high today.

The rupee is trading at 82.7 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 439 at Rs 55,617 per 10 grams.

Meanwhile, silver prices are trading higher by 1.6% at Rs 70,705 per 1 kg.

Speaking of stock markets, the Tata group is gearing up to bring another TCS to the market - Tata Electronics.

The recent development that has put Tata Electronics in the spotlight is Tata Sons Chairman Natarajan Chandrasekaran confirming the company's plans to venture into the semiconductor business, which is pegged to reach US$ 1 trillion revenue by 2030 globally.

Tata Electronics could get listed anytime in 2023.

In the below video, co-head of research Tanushree Banerjee talks about how this Tata group stock can ride tailwinds that TCS rode for decades.

The next ITC of banking sector

One of the most encouraging highlights of 2022 was Bank Nifty hitting new lifetime high multiple times.

The performance of banking sector on the bourses has made all bank stocks attractive. But what if we told you that we have found an ITC for the banking sector?

We all are aware that ITC had become the meme stock because its share price was stuck! It didn't move for a long term.

But when the share price picked up speed it moved like there's no tomorrow.

For ITC, the turning point was the replacement of a big chunk of tobacco revenues with food and FMCG revenues. For this bank, the turning point can be the replacement of a big chunk of high-risk microfinance lending with low-risk retail lending.

To know more about the banking company, read our editorial on the ITC of the banking sector.

Zomato co-founder resigns

Food aggregator Zomato on Monday announced that co-founder and chief technology officer Gunjan Patidar has quit the company after more than ten years in the company.

He has tendered his resignation yesterday. In its regulatory filing, Zomato said that Patidar was not a key managerial personnel.

This is another big exit from the company after Zomato co-founder Mohit Gupta has quit the company after four and half year stint in November last year.

In November 2022, Zomato's new initiatives head and former food delivery chief Rahul Ganjoo had resigned, while Siddharth Jhawar, the head of its intercity legends service also announced his exit from the company a week back.

Recently, the food aggregator had laid off under 3% of its staff across the organisation. The company said that the laying offs are based on regular performance.

HFCL bags new order

HFCL announced that it has received purchase orders aggregating to Rs 953.8 million (m) from Reliance Projects & Property Management Services for supply of optical fibre cables.

The purchase orders were issued by Reliance Projects & Property Management Services for supply of optical fibre cables to one of the leading private telecom operators of the country.

The order curtails supplying of various types of optical fibre cables as per customer specifications. The domestic order has to be executed by February 2023.

HFCL is engaged in a diverse telecom infrastructure enabler with active interest spanning telecom infrastructure development, system integration, and manufacture and supply of high-end telecom equipment, Optic Fibre and Optic Fibre Cable (OFC).

Bajaj Auto sales decline

Bajaj Auto reported 22% fall in total auto sales to 2,81,486 units in December 2022 as compared with 3,62,470 units sold in December 2021.

While domestic sales rose by 2% YoY to 1.5 lakh units, exports declined by 39% YoY to 1.3 lakh units during the period under review.

The company sold 2.5 two-wheeler units (down 23% YoY) and 34,462 commercial vehicle units (down 21% YoY) in December 2022.

Bajaj Auto is engaged in developing, manufacturing and distributing automobiles such as motorcycles, commercial vehicles, electric two-wheelers etc. and parts thereof.

The two-wheeler maker's consolidated net profit dropped 15.71% quarter ended 30 June 2022 as against Rs 20.4 bn recorded in corresponding quarter of the previous year. Revenue from operations jumped 16.4% to Rs 102 bn in the quarter ended 30 September 2022 from Rs 87.6 bn posted in the same period a year ago.

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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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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