Sensex Gains 450 Points; TCS & Kotak Mahindra Bank Up Over 4%

Thu, 23 Apr 12:30 pm

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Share markets in India are presently trading higher on the back of positive global cues.

Wall Street surged on Wednesday as crude oil prices recovered, and Congress looked on course to approve nearly US$ 500 billion more in aid to help small businesses ride out the coronavirus crisis.

Barring consumer durable stocks, all sectoral indices are trading in green with stocks in the metal sector and banking sector witnessing most of the buying interest.

The BSE Sensex is trading up by 459 points while the NSE Nifty is trading up by 129 points.

The BSE Mid Cap index and the BSE Small Cap index are trading up by 2%.

The rupee is trading at 76.12 against the US$.

In a recent article titled The Sharp Fall in Indian Rupee: 6 Points to Know, we dive deeper and look at the factors behind rupee's depreciation.

Gold prices are trading up by 0.6% at Rs 46,420 per 10 grams.

Domestic gold futures rose today above the Rs 46,000 per 10 grams mark despite weakness in global rates.

In the international market, gold prices eased as investors booked profits from a near 2% rally in the previous session, while US stimulus measures to ease the economic blow from the coronavirus outbreak limited losses and kept prices above US$ 1,700 an ounce.

Speaking of gold, you will be surprised to know that the safe haven has outperformed equities over a 15-year period.

Have a look at the chart below:

An equal amount of Rs 100 invested in both gold and Sensex in 2004 would have generated higher returns in gold by a wide margin.

Your total investment in gold and Sensex would be valued at Rs 687 and Rs 410, respectively.

So, investors in gold are happier than investors in Sensex or equities at this moment.

Also speaking of gold, in his latest video, Vijay Bhambwani explains why gold prices will go higher in the coming days.

You can check the same here: The Price of Gold Will Go Higher

Market participants are tracking Britannia share price, Bharti Infratel share price and Mahindra CIE Auto share price as these companies are scheduled to announce their March quarter results (Q4FY20) later today.

You can also read our recently released Q4FY20 results of Wipro, TCS, Infosys, HDFC Bank, Tata Elxsi.

In news from the automobile sector, authorities have given the green light to truck-maker Ashok Leyland to start three of its plants.

The government had relaxed guidelines for extended lockdown and allowed industrial units in rural areas or outside municipal limits to resume partial operations under strict safety and hygiene conditions from April 20.

Ashok Leyland received permission from the relevant authorities to resume operations at its Alwar, Bhandara and Pantnagar plants.

Meanwhile, Bajaj Auto has received approval to resume production at its exports focused unit in Maharashtra.

Bajaj Auto, which generates about half its revenue from overseas, has received approval for its Waluj plant. Reportedly, it received approval for 850 workmen to attend work at the facility.

Production of knocked-down kits of motorcycles and commercial vehicles for exports will resume at the plant from today.

Rakesh Sharma, executive director of Bajaj Auto, said that the company wanted to begin some kind of production as there were Rs 10 billion worth of export orders to serve.

However, the government has withdrawn its decision to restart operations at Chakan near Pune.

Several leading automakers said that they are not in a hurry to resume production for the domestic market as there would be supply chain management issues and there was sufficient stock in their channels to serve any pent-up demand once the lockdown ended.

Other companies including Maruti Suzuki and Apollo Tyres also partially resumed operations at their facilities.

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

Moving on, shares of asset management companies (AMCs) are in focus today.

Data available showed that the closure ratio of systematic investment plans (SIPs) rose to 70% in March, above the 11-month average of 57.4%.

New customer registrations also declined by 25% month-on-month.

Reacting to the above news, shares of HDFC AMC and Nippon Life AMC are under pressure since Monday.

Reportedly, inflows through SIPs have accounted for 79% of equity inflows in the past four years.

For HDFC AMC and Nippon Life AMC, monthly SIP inflows were Rs 12.8 billion and Rs 8.5 billion, respectively.

In other news, HDFC AMC, HDFC Trustee Company and seven individuals have settled a case with markets regulator for certain alleged regulatory non-compliances with respect to investments in Essel Group companies.

The seven entities, including CEO of HDFC AMC Milind Barve, have settled the case by paying over Rs 42 million towards settlement charges.

On behalf of the mutual fund, HDFC AMC had invested in debt instruments of Essel Group of companies through various mutual fund schemes.

It was alleged that the mutual fund had allegedly defaulted in complying with market regulations, adhering to the requisite standards and thus allegedly failed to exercise proper due diligence and therefore show cause notices were served to them in May 2019.

While proposing a settlement, the entities said there are no subsisting complaints by the unit holders with regard to this matter in respect of the various mutual fund schemes of HDFC AMC.

They also submitted that HDFC AMC has already compensated the unit holders of the affected mutual fund schemes for Rs 44.6 million.

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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