Indian Indices Erase Gains; Hero MotoCorp and Maruti Suzuki Surge Over 5%

Mon, 11 May 12:30 pm

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Share markets in India have erased early morning gains but are still trading on a positive note, lifted by automobile stocks.

Benchmark indices surged in early trade today, backed by strong global cues as investors shook off weak economic data and focused on the upcoming earnings season.

Buying interest is also seen as investors are anticipating positive outcome from PM Modi's meet with all the Chief Ministers today.

The BSE Sensex is trading up by 198 points, while the NSE Nifty is trading up by 64 points.

The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.9% and 0.2%, respectively.

Sectoral indices are trading mixed with stocks in the IT sector and automobile sector witnessing buying interest, while banking stocks are witnessing selling pressure.

The rupee is trading at 75.67 against the US$.

Gold prices are currently trading down by 0.1% at Rs 45,787.

Note that the coronavirus impact has shaken markets worldwide. 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 are tracking Sonata Software share price, Godrej Properties share price and Piramal Enterprises share price as these companies are scheduled to announce their March quarter results (Q4FY20) later today.

You can read our recently released Q4FY20 results of other companies here: Ambuja Cement, IndusInd Bank, Axis Bank, Tech Mahindra, Reliance Industries, Marico, Kansai Nerolac, NIIT Technologies, Persistent Systems, SKF India.

In news from the travel support services sector, shares of Indian Railway Catering and Tourism Corporation (IRCTC) are locked in the upper circuit band of 5% today after Ministry of Railways announced that the Indian Railways will gradually restart passenger train operations from May 12, initially with 15 pairs of trains.

Booking for reservation in these trains will start at 4 pm on May 11 and will be available only on the IRCTC website.

Ticket booking counters at railway stations will remain closed and no counter tickets will be issued.

Reportedly, these trains will be running as special trains from New Delhi station connecting Dibrugarh, Agartala, Howrah, Patna, Bilaspur, Ranchi, Bhubaneswar, Secunderabad, Bengaluru, Chennai, Thiruvananthapuram, Madgaon, Mumbai Central, Ahmedabad and Jammu Tawi.

Note that all passenger train services were suspended due to a lockdown announced on March 25.

After the resumption of these 15 services, railways will start more special services on new routes, based on the available coaches after reserving 20,000 coaches for Covid-19 care centres and adequate number of coaches being reserved to enable operation of up to 300 trains every day for stranded migrants.

Moving on to news from the banking sector, Finance Minister Nirmala Sitharaman is scheduled to hold a review meeting with CEOs of public sector banks (PSBs) today to discuss various issues as part of efforts to prop up the economy hit by the COVID-19 crisis.

As per reports, the meeting will take stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments.

The deployment of excessive funds by banks under the reverse repo route may also come up for discussion.

Besides, progress under the targeted long-term repo operations (TLTRO) for the NBFC sector and micro finance institutions (MFIs), and sanctions under the COVID-19 emergency credit line will also be reviewed.

Earlier this month, RBI Governor Shaktikanta Das held a meeting with heads of both public and private sector banks to take stock of the economic situation and review implementation of various measures announced by the central bank.

Last week, it was reported that PSBs have sanctioned loans worth Rs 420 billion to the MSME sector and corporates since the start of the lockdown.

The finance minister had said as many as 32 million borrowers have taken advantage of the three-month moratorium scheme on repayment of loans announced by the Reserve Bank of India (RBI).

Sitharaman also said state-owned banks have sanctioned loans worth Rs 5.66 lakh crore to borrowers during March and April.

Note that, the meeting comes at a time when the government is likely to roll out its next relief package to offset the deepening economic crisis during the coronavirus pandemic.

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

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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