Indian Indices Extend Gains; Hero MotoCorp & Bajaj Auto Top Gainers

Mon, 3 Jun 12:30 pm

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Share markets in India are presently trading on a positive note. All sectoral indices are trading in green with stocks in the automobile sector, metal sector and IT sector witnessing maximum buying interest.

The BSE Sensex is trading up by 335 points (up 0.8%), while the NSE Nifty is trading up by 99 points (up 0.8%). The BSE Mid Cap index is trading up by 0.8% and the BSE Small Cap index is trading up by 0.4%.

The rupee is trading at Rs 69.46 against the US$.

Snapping a three-day losing streak, the rupee had settled at 69.70 against the US dollar on Friday, 17 paise higher compared to the previous close.

As per an article in The Economic Times, rupee could be set to gain as Prime Minister Narendra Modi's sweeping election victory boosts foreign inflows.

Here's an excerpt from the article:

• The rupee is emerging as Asia's top performer in the past three months, thanks to the gush of foreign cash. With inflows poised to accelerate after the election result, the Reserve Bank of India may have to rein in the currency or risk making the nation's exports less competitive as rival currencies weaken.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative traders association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

In the news from the aviation space, SpiceJet share price and InterGlobe Aviation (Indigo) share price are witnessing buying interest today after Indian Oil Corporation slashed Aviation Turbine Fuel (ATF) prices.

Shares of SpiceJet hit an all-time high of Rs 157 on back of the above news. Indigo also gained 2%.

To know more about the company, you can read SpiceJet's Latest Result Analysis on our website.

Meanwhile, former partners and rivals of Jet Airways are launching replacement routes and looking for new codeshare partners.

In Jet's absence, Air India is the only Indian carrier that operates widebody jets capable of non-stop flights to Europe and the US, although the Vistara joint venture owned by Tata Sons and Singapore Airlines has 6 Boeing Co 787s on order due for delivery from next year.

Note that, Jet Airways has seen a slew of top executives and board members leave the airline in the past few months. Last month, Nasim Zaidi quit his position as non-executive and non-independent director on the airline's board citing 'personal reasons' and 'time constraints'.

The airline's independent director, Rajshree Pathy also quit the board in April. Last week, top executive Gaurang Shetty, considered close to founder Naresh Goyal, also resigned from airline's board of directors.

Reports also state that, SpiceJet is planning to hire up to 2,000 staff, including pilots and cabin crew, of Jet Airways as the carrier continues to expand its operations. It has taken at least 22 planes that were earlier used by Jet Airways, which temporarily shuttered its operations due to a cash crunch in April.

Jet Airways share price is presently trading down by 1.4%.

Moving on to the news from the auto sector, Hero MotoCorp share price is in focus today. Shares of the company gained around 4% in early trade today after the company reported a 13.5% rise in sales to 652,028 units in May over the previous month. The company had sold 574,366 units in April 2019.

On a year-on-year (YoY) basis, the sales for the month declined by 7.7% from 706,365 units in May 2018.

The country's largest two-wheeler maker said it had surpassed the six lakh units-mark in monthly sales for the first time since February 2019 when it had sold 617,215 units of motorcycles and scooters.

Last month, the company had launched three new motorcycles - XPulse 200, XPulse 200T and Xtreme 200S. Apart from these, it had also launched two scooters - Maestro Edge 125 and Pleasure+ 110.

Speaking of automobile stocks, one thing we must keep in mind is that not all auto companies will make money over time. And also, you shouldn't stay away from auto stocks altogether.

Even Tanushree Banerjee, Co-head of research at Equitymaster believes that there are businesses in this sector that you cannot ignore. She is particularly talking about the blue-chip auto stocks.

Here's Tanushree:

• One out of every three household in India is a buyer of their products. They own some of the cult brands in Indian automobile space. They have formidable R&D teams. They have been through several economic cycles over decades. Few have even visited near-bankruptcy in the past and come out successful.
  
  Yet, some of the biggest passenger car, commercial vehicle, and two-wheeler companies in India have seen a huge dent in valuations in recent times.
  
  This could be the opportunity long term investors were waiting for.

Bluechip Auto Are Stocks Way Off Their Valuation Peaks

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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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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