Gift Nifty Trades Flat | IndusInd Bank Promoters to Raise Stake | Why PSU Bank Stocks are Falling | Top Buzzing Stocks Today

Tue, 7 May Pre-Open

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Indian share markets reversed the trend as the session progressed and ended flat.

After starting higher on Monday, lifted by healthy global cues, Indian equity markets ended flat amid selling in financial shares.

At the closing bell on Monday, the BSE Sensex closed higher by 17 points.

Meanwhile, the NSE Nifty closed lower by 33 points (down 0.2%).

TCS, HUL and M&M were among the top gainers.

Titan, BPCL and SBI on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended and BSE SmallCap index ended 1% lower.

Sectoral indices are trading mixed with socks in FMCG sector, IT sector and realty sector witnessing most buying. Meanwhile stocks in power sector, energy sector and oil & gas sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.8% higher at Rs 71,240 per 10 grams at the time of Indian market closing hours on Monday.

At 8:00 AM today, the Gift Nifty was trading up by 3 points at 22,593 levels.

Indian share markets are headed for a muted start today following the trend on Gift Nifty.

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Top buzzing stocks today

Tata Technologies share price will be in focus today.

Shares of Tata Technologies slumped 5% on 6 May as the company's weak results for the March 2024 quarter disappointed investors.

Tata Technologies highlighted that the anticipated ramp down within VinFast, a key customer, led to a decline in services revenue during the quarter. It expects to see further run-off from VinFast in the June quarter as well.

Paytm will also be a top buzzing stock.

Shares of Paytm fell over 4.5% on 6 May after the digital payments and financial services firm announced the resignation of its COO and president, Bhavesh Gupta, via a regulatory filing over the weekend.

According to the filing, Gupta in a letter said that his resignation would be effective as of the close of business hours on 31 May 2024.

Why PSU Bank Stocks are Falling

Shares of PSU bank stocks, at least four of which have more than doubled in value in just 1 year, fell up to 6% today with Canara Bank, Punjab National Bank and Bank of Baroda leading the downside.

India's largest lender State Bank of India (SBI) also fell over 3% as a result of which Nifty PSU Bank index was down over 4%.

The downside was an impact of RBI's draft circular proposing tighter guidelines on project financing under which lenders would have to make provisions of up to 5% of the outstanding exposures during construction, which would reduce to 2.5% once the asset was operational.

Under the new proposed guidelines, individual lenders in the consortium for projects with aggregate exposure up to Rs 15 bn shall not have less than 10% exposure.

The impact of the RBI circular was also seen on PFC, REC and IREDA, the shares of which fell 8%, 5% and 4%, respectively.

However, infrastructure loans are relatively small at 8% of loans compared to about 15% in FY2015.

IndusInd Bank Promoters to Raise Stake

IndusInd Bank shares gained 1.6% to Rs 1,507 apiece on 6 May after reports suggested that promoter company IndusInd International Holding (IIHL) will raise its stake in the lender to 26% from 16% in multiple tranches over the next two weeks.

IndusInd International Holding (IIHL), the investment arm of the Hinduja Brothers, received Reserve Bank of India's nod to hike its stake in IndusInd Bank to 26%. This means that IIHL will need to infuse a little over Rs 115 bn for an additional 10% stake in the lender.

So far this year, the stock of IndusInd Bank has declined 5%, underperforming 3% rise in the benchmark Nifty 50 index.

In April last year, RBI had given in-principle approval to IIHL to increase its stake in the bank to a maximum of 26%.

IndusInd Bank reported 15% YoY rise in net profit to Rs 23.5 bn in Q4FY24, while its net interest income rose 145 YoY to Rs 53.8 bn. The bank's net interest margin contracted to 4.3% in Q4FY24 from 4.3%.

For more, check out Top 10 Private Bank Stocks to Watch Out for in India in 2024.

Rupee falls 5 Paise

The rupee pared its initial gains and settled for the day 5 paise lower at 83.5 (provisional) against the US dollar, weighed down by elevated crude oil prices.

Forex traders said a weak trend in domestic equities also dented investor sentiments.

At the interbank foreign exchange, the local unit opened at 83.43, then touched an intra-day high of 83.42 and a low of 83.50 against the greenback. The rupee finally settled at 83.5 (provisional) against dollar, registering a fall of 5 paise over its previous close.

On Monday, the rupee inched up 1 paisa to settle at 83.45 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06% higher at 105.09.

Brent crude futures, the global oil benchmark, advanced 0.8% to US$ 83.62 per barrel.

On the domestic equity market front, Sensex advanced 17.39 points, or 0.02%, to settle at 73,895.5 points. The Nifty fell 33.2 points, or 0.2%, to close at 22,442.7 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 23.9 bn, according to exchange data.

Meanwhile, India's forex reserves dropped US$ 2.4 bn to US$ 6.4 bn as on 26 April, in the third consecutive weekly decline in the reserves.

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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