Sensex Trades 200 Points Lower; Banking and Power Stocks in Focus

Thu, 7 Apr 12:30 pm

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Indian share markets are trading on a negative note today tracking weak global markets due to hawkish FOMC meeting minutes.

Benchmark indices recovered some losses but are still trading in the red, owing to selling in finance, IT and auto sectors.

At present, the BSE Sensex is trading down by 182 points. Meanwhile, the NSE Nifty is trading lower by 45 points.

Axis Bank & ICICI Bank are among the top gainers today. HDFC and Titan, on the other hand, are among the top losers today.

Broader markets are bucking the trend and trading in green. The BSE Mid Cap index is up 0.6% while the BSE Small Cap index gained 0.5%.

Sectoral indices are trading mixed with stocks in the IT sector and auto sector witnessing selling.

Speaking of stock markets, Chartist Brijesh Bhatia discusses whether the rally in metal stocks is over or just starting, in his latest video.

You can watch the video on Equitymaster's YouTube Channel.

In news from the banking space, Yes Bank share price is in focus today.

Shares of the private lender rallied over 10%, hitting its 52-week high in an otherwise weak market, after ratings agency CARE Ratings upgraded infrastructure, lower tier-2, and upper tier-2 bonds to positive.

The ratings agency upgraded the outlook to 'positive' on account of stable growth in deposits and advances.

Here's an excerpt from the report:

• After witnessing significant reduction in the deposit base during FY20, the bank has seen 55 per cent increase in the deposits to Rs 1,62,947 crore as on March 31, 2021 as compared to Rs.1,05,364 crore as on March 31, 2020.

The rating agency highlighted that it factored improvement in capitalization level required to absorb asset quality shocks and provide growth capital.

Moving on to news from the power sector, state-run power companies are buzzing for quite some days on the back of rising electricity consumption in the country owing to early onset of summer coupled with heat waves.

NTPC and Power Grid both have rallied in the past few days.

NTPC recently commissioned its 250 MW Captive Power Unit, at Rourkela, Odisha, of NTPC Sail Power, joint venture company.

Meanwhile, PowerGrid had transferred balance 26% equity shareholding of Powergrid Vizag Transmission to PowerGrid INVIT at a price of Rs 3.3 bn.

India's power consumption has grown steadily at 4.6% YoY in March to 126.12 bn units, showing the impact of early onset of summers and easing of lockdown restrictions by states.

We will keep you updated on the latest developments from this space. Stay tuned.

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