Indian Indices Trade Higher; HDFC Bank & Tata Steel Top Gainers

Tue, 7 Jan 12:30 pm

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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$.

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!

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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