Indian Indices Extend Rally; Sensex Zooms 800 Points

Tue, 4 Feb 12:30 pm

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Share markets in India are presently trading on a strong note. Benchmark indices extended gains, tracking global cues and the recent slide in crude oil prices.

The BSE Sensex is trading up by 772 points, up 2%, while the NSE Nifty is trading up by 232 points. The BSE Mid Cap index is trading up by 1.2%, while the BSE Small Cap index is trading up by 1.3%.

Shares of Hero MotoCorp and ICICI Bank gained over 3%, while HDFC Bank, Tata Steel, and ITC surged over 2.5%.

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

Speaking of the current stock market scenario, while everyone out there is buzzing about the Union Budget and what it has in store for the stock markets, our analysts at Equitymaster are singing a different tune.

They are encouraging readers to look beyond the short-term blip that the Budget will bring and focus on the long-term trend that will rule the market.

Here's what Rahul Shah wrote about it in a recent edition of The 5 Minute WrapUp...

• All said and done, the fact of the matter is that the economy is indeed struggling.
  
  And it will be some time before a full-fledged recovery is achieved.
  
  However, is the situation so bad that it deserved a close to 1,000 point correction on the Sensex?
  
  Well, I don't think so.
  
  It is not as if the economic growth will fall dramatically from here. Yes, certain big bang measures in the budget would have led to a faster recovery perhaps. But ours is a long term story with certain hiccups along the way like we are witnessing right now.
  
  And that means pouncing on any adverse reaction from the market like the present one.

As per him, a meaningful fall in the market is an opportunity to buy the long term India story at a marked down price. And it should be seen as a boon and not a bane.

Already, the broader market valuation is looking a lot more attractive than it did a few weeks back.

Some more knee jerk reaction by the stock market and it could turn out to be one the biggest buying opportunities in years.

Also, the smallcap index is rebounding. Look at this chart...

As per our smallcap analyst Richa Agrawal, you can find a lot of great buying opportunities in the smallcap space and this is a great time to be invested in smallcaps.

However, she also points out that not everything you touch will turn into gold. You should be very careful and selective in picking the most solid and promising smallcap stocks.

Moving on, market participants are tracking Bharti Airtel share price, CSB Bank share price, and PNB share price as these companies will announce their December quarter results later today.

In news from the pharma sector, shares of GSK Pharma tanked over 13% today after the company reported a consolidated net loss of Rs 6.6 billion for the December 2019 quarter.

The drug firm had posted a net profit of Rs 1.1 billion in the year-ago quarter.

The company's consolidated profit before exceptional items and tax declined 15.5% year on year (YoY) to Rs 1.2 billion against Rs 1.4 billion in the corresponding period of the previous financial year.

Operational revenues were down 5.6% to Rs 7.8 billion from Rs 8.3 billion in the previous year quarter.

The company said the reported sales number for the quarter declined due to portfolio optimization and voluntary recall of Zinetac.

The company added that, following the recent decision to initiate a global voluntary recall of ranitidine products including Zinetac in India, the Ultimate Holding Company is continuing with investigations into the potential source of the N-nitrosodimethylamine (NDMA) and has initiated a comprehensive strategic review of the impact of this recall on all related assets in India.

During the quarter, the holding company recognized financial impairment of Rs 6.4 billion connected to the under-utilisation of its manufacturing facilities and Rs 966 million on account of other related assets/cost.

GSK Pharma share price is presently trading down by 10%.

Speaking of pharma sector, in the video below, Tanushree tells us where the sector stands now and also about the potential for a rebound.

Watch Now...

Moving on to news from the IT sector, Tata Consultancy Services (TCS) has bagged a US$ 1.5 billion contract from pharma company Walgreens Boots Alliance, spread over a period of 10 years.

Under the contract, TCS will provide managed services including application maintenance and support, required infrastructure and security operations.

TCS share price is presently trading up by 0.4%.

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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