Sensex Opens Over 450 Points Higher; Realty and Automobiles Stocks Rally

Mon, 11 May 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.2% while the Hang Seng is up 1.8%. The Nikkei 225 is trading up by 1.4%. Major US stock indices jumped on Friday and logged solid gains for the week after data on historic job losses due to the coronavirus crisis showed they were slightly fewer than feared.

Trends on SGX Nifty indicated a positive opening for the index in India with a 90 points gain.

India share markets opened higher. The BSE Sensex is trading up by 467 points while the NSE Nifty is trading up by 135 points. The BSE Mid Cap index and BSE Small Cap index opened up by 1% and 0.8% respectively.

All sectoral indices are trading in green with realty stocks, automobiles stocks and consumer durables stocks witnessing maximum buying interest.

Moving on, the rupee is currently trading at 75.53 against the US$.

Gold prices are currently trading down 0.8% at Rs 45,812.

In the news from financial sector. Reversing their two-month selling streak, overseas investors pumped in a net Rs 159.6 billion in the Indian capital markets in the first week of May.

As per latest depositories data, foreign portfolio investors (FPI) infused a net Rs 186.4 billion in equities but pulled out a net Rs 26.8 billion from the debt segment between May 1-8, taking the cumulative inflow to Rs 159.6 billion.

Despite uncertainty looming large over the severity of the possible impact of coronavirus pandemic on the global as well as Indian economy, foreign investors surprisingly changed their stance this week as they turned net buyers in the Indian markets.

Speaking of the current stock market scenario, Indian stock markets have seen a stunning recovery over the last 5 weeks.

From its all-time high levels of 42,274 touched on January 20 this year, the Sensex crashed 39% to a multi-year low at 25,639 on March 23. Later, the index made a rapid recovery till April 30 as it added 4,250 points.

Thereafter, in just two sessions of this month, Sensex lost 7%.

Excluding this week's 7% fall, of all the rebounds after a 35%-40% fall in the market, the current one has been the biggest by a distance.

This is evident from the chart below:

Sensex: From Bear to Bull in 30 Days

While the Sensex has rebounded sharply, there are still many stocks out there that are trading at attractive valuations.

Co-head of research at Equitymaster, Rahul Shah, believes this is a good time to get into stocks, even if you missed the rally because the market is fairly valued.

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 to banking sector. ICICI Bank reported a 26% year-on-year increase in net profit to Rs 12.2 billion for the quarter ended March 2020 from Rs 9.7 billion in the same period a year ago.

Excluding COVID-19 related provisions, the net profit would have been Rs 32.6 billion, the bank stated.

The board of the bank approved a proposed to raise up to Rs 250 billion by way of issuances of debt securities, including non-convertible debentures in domestic markets by way of private placement.

It also accorded approval to issuances of bonds, notes or offshore certificate of deposits in overseas markets up to US$3 billion in single or multiple tranches in the next one year.

Gross non-performing assets (NPAs) declined to 5.5% of advances (Rs 414.1 billion) in Q4 of FY20 from 6.7% (Rs 462.9 billion) a year ago.

The year-on-year growth in domestic advances was 13% as of March 2020.

Total deposits increased by 18% YoY. Net interest income increased by 17% YoY in Q4FY20. During the quarter, the gross additions to NPAs were Rs 53.1 billion, while recoveries and upgrades, excluding write-offs, from non-performing loans were Rs 18.8 billion in Q4FY20.

ICICI Bank share price opened the day down by 1.1%.

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!

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