Sensex Ends 416 Points Higher; Banking and Finance Stocks Rally

Mon, 27 Apr Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   12:30 pm   

Indian share markets continued to trade in the green during closing hours today and ended on a strong note, tracking positive global cues.

Global stock markets were trading on a positive note today, ahead of a busy week for earnings and central bank meetings. The Federal Reserve and the European Central Bank are scheduled to meet later in the week, while Bank of Japan has begun the policy meeting today.

Buying interest was also seen as the RBI announced a Special Liquidity Facility (SLF) for mutual funds worth Rs 500 billion.

At the closing bell, the BSE Sensex stood higher by 416 points (up 1.3%) and the NSE Nifty closed higher by 128 points (up 1.4%).

The BSE Mid Cap index and the BSE Small Cap index ended their day up by 1.4%.

On the sectoral front, gains were largely seen in the banking sector, finance sector and FMCG sector.

Asian stock markets settled higher today, buoyed by optimism that the spread of coronavirus has peaked out.

As of the most recent closing prices, the Hang Seng was up 1.9% and the Shanghai Composite stood higher by 0.3%. The Nikkei was up 2.7%.

Gold prices are currently trading down by 0.3% at Rs 46,379.

The rupee is currently trading at 76.15 against the US$.

Speaking of Indian share markets, the coronavirus impact has shaken markets worldwide. Indian stock markets have felt the full impact too.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

Good Time to Start Investing Now?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets. In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

Moving on, market participants were tracking IndusInd Bank share price,  HYPERLINK "https://www.equitymaster.com/share-price/GACM/AMBUJACEM-500425/AMBUJA-CEMENT-Share-Price?utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" \t "_blank" Ambuja Cement share price and HDFC Standard Life Insurance share price as these companies announced their March quarter results (Q4FY20) today.

You can read our recently released Q4FY20 results of other companies here: Wipro, TCS, Infosys, HDFC Bank, Tata Elxsi, ACC, CRISIL, Mindtree.

In news from the automobile sector, as per an article in The Economic Times, the Indian automobile industry is set to post zero sales in April for the first time in history, as factories and dealerships are shut due to the nationwide lockdown.

Here's an excerpt from the article:

• Automakers' troubles will weigh on the overall economy as well.
  
  The sector employs more than 40 million people directly or indirectly, as well as contributes over 8% to the country's GDP and 15% to the government's tax collection.

Industry leaders including Maruti Suzuki's RC Bhargava, TVS Motors' Venu Srinivasan, M&M's Pawan Goenka and other leaders aren't expecting much improvement in sales next month as well, and have warned of a prolonged crisis in the sector because of the impact of Covid-19 on the economy and consumer sentiment.

Last week, the government had allowed factories outside Covid-19 hotspots to start operations, but automakers have yet to restart their plants as they are waiting for the ecosystem of suppliers, dealers and financiers also to open for business.

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.

Society of Indian Automobile Manufacturers (SIAM) president Rajan Wadhera has suggested opening of the market in phases. "We must begin by opening dealers in semi urban/rural areas, to start selling motorcycles, three-wheelers and small commercial vehicles to start the cash cycle," he said.

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

Moving on to news from the finance space, SBI Cards and Payment Services has seen its retail spends slump nearly 60% during the period of extended lockdown when compared with the first half of March.

In an exchange filing last week, the country's second largest credit card company said the daily average run rate of retail spends for the last 15 days of March was lower by 31% when compared with the first 16 days of March.

With the extension of the lockdown, average daily retail spends are lower by 60% when compared to the first half of March, it added.

Corporate card spends have also declined at similar rates. According to a 21 April report by Bank of America, SBI Card customers had an average monthly spend of Rs 10,815 per card for the first 10 months of FY20, slightly lower than the industry monthly average of Rs 11,031 per card.

Earlier this month, the company had reported outstanding borrowings worth Rs 173.6 billion as on March 31, 2020.

The credit card company, promoted by the country's largest lender State Bank of India (SBI), said the borrowings at the end of the previous fiscal were provisional and subject to audit.

SBI Cards and Payment Services share price ended the day down by 1%.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

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

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers