Sensex Ends 637 Points Higher; Capital Goods, Banking and Realty Stocks Rally

Wed, 13 May Closing

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Indian share markets witnessed positive trading activity throughout the day and ended on a strong note.

Indian stock markets staged a gap up opening today as investors were optimistic over the announcement of Rs 20 lakh crore economic relief package.

However, benchmark indices trimmed some of their gains as the session progressed, but still ended 2% higher.

At the closing bell, the BSE Sensex stood higher by 637 points (up 2%) and the NSE Nifty closed higher by 187 points (up 2%).

After surging more than 450 points, SGX Nifty gave up some gains and was trading at 9,387, up by 211 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended their day up by 1.5% and 2%, respectively.

On the sectoral front, gains were largely seen in the capital goods sector, banking sector and realty sector.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down 0.3% and the Nikkei stood lower by 0.5%.

Gold prices are trading up by 0.1% at Rs 45,640 per 10 grams.

The rupee is currently trading at 75.36 against the US$.

Note that the coronavirus impact has shaken markets worldwide. Businesses are seeing unprecedented shifts in a virus struck, locked down economy.

As per Richa Agarwal, editor of our premium smallcap service Hidden Treasure, there are robust smallcap businesses that are not just resilient but likely to emerge stronger from this crisis.

Richa has shared her views on these smallcaps, in the video below. Tune in now...

Moving on, market participants were tracking Maruti Suzuki share price, Kotak Mahindra Bank share price and Siemens share price as these companies announced their March quarter results (Q4FY20) today.

Kotak Mahindra Bank reported standalone profit of Rs 12.7 billion for the quarter under review, registering a 10% fall due to a significant jump in COVID-19 related provisions.

Meanwhile, Maruti Suzuki posted 28% year-on-year (YoY) drop in standalone net profit at Rs 12.9 billion for Q4FY20. It had reported a net profit of Rs 17.9 billion in the same period last year.

In news from the aluminium sector, shares of Vedanta surged 10% intraday today after the company announced plans to delist by buying out shares held by public.

In a regulatory filing, Vedanta said that its promoter group Vedanta Resources has "expressed its intention to, either individually or along with one or more subsidiaries, acquire all fully paid-up equity shares of the company that are held by the public shareholders of the company".

The board of directors of the company are scheduled to meet on Monday, May 18, 2020 to consider the proposal for voluntary delisting of the equity shares of the company.

Billionaire Anil Agarwal controlled Vedanta Resources will offer Rs 87.5 per share to nearly 49% public shareholders of Vedanta.

Vedanta Resources, along with the other members of the promoter group, presently holds 51.06% equity of the company.

The company said that delisting of Vedanta is the next logical step in this simplification process and will provide the group with enhanced operational and financial flexibility in a capital-intensive business.

The company further said the proposed delisting offer will provide public shareholders of Vedanta an opportunity to realize immediate and certain value for their shares at a time of elevated market volatility.

As of September, Vedanta had an outstanding net debt of US$ 6.6 billion. The company has debt maturities of US$ 1.9 billion till September 2021 and an annual interest payment of US$ 400 million.

Vedanta share price ended the day up by 0.9%.

Moving on to news from the cement sector, shares of cement manufacturers rallied up to 8% today after Prime Minister Narendra Modi announced a Rs 20 trillion stimulus package.

Shares of Ambuja Cements, UltraTech Cement, ACC, Orient Cement, JK Cement and Ramco Cements gained in the range of 5-7%.

The coronavirus pandemic has dented prospects of the Indian cement sector. Reports state that the virus outbreak has pushed ahead emerging pricing power of companies in the North/Central-India by at least two years.

Prime Minister Narendra Modi on Tuesday evening announced a much-awaited Rs 20 trillion stimulus package.

Modi said the Rs 20-trillion package, nearly 10% of India's gross domestic product (GDP), would be with the objective of putting money into people's pockets to spur domestic consumption and demand.

The package would cater to various sections, including the cottage industry, micro, small and medium enterprises (MSMEs), labourers, and middle class.

The package includes the government's recent announcements on supporting key sectors, as also measures rolled out by the Reserve Bank of India (RBI). In March, Finance Minister Nirmala Sitharaman had announced a package of Rs 1.7 trillion.

Unlike the previous stimulus packages, this one is no longer a tiny fraction of India's GDP.

At about 10.2%, it is among the biggest stimulus packages announced over the past few months by governments all around the world.

Will India's Stimulus Stoke the Swoosh Index?

Finance Minister Nirmala Sitharaman will unveil details of the Rs 20 trillion economic package today.

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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