Sensex Trades in Green; IndusInd Bank & TCS Top Gainers

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Share markets in India are presently trading on a positive note.

Benchmark indices edged higher today tracking global share markets, which extended gains as the lifting of lockdown restrictions continued to fuel hope for an economic rebound from the coronavirus crisis.

Sentiments also got a boost as foreign investors continued their buying spree.

The BSE Sensex is trading up by 171 points, up 0.5%, at 34,100 levels.

Meanwhile, the NSE Nifty is trading up by 38 points.

The BSE Mid Cap index is trading up by 0.2%. The BSE Small Cap index is trading up by 0.6%.

On the sectoral front, gains are largely seen in the realty sector and IT sector.

On the other hand, capital goods stocks are witnessing selling pressure.

The rupee is trading at 75.43 against the US$.

Gold prices are trading up by 0.1% at Rs 46,650 per 10 grams.

Speaking of Indian stock markets, after the long coronavirus lockdown, the Unlock 1.0 phase has been surprisingly positive for the stock markets.

Most have justified the sharp run of last few sessions in Indian stock markets on the grounds that all negative news is already priced in.

But is that truly the case? Or is there something more to it?

In her recent video, Tanushree Banerjee answers these questions and talks about how investors should act on the Unlock 1.0 market rally.

Tune in to know more...

Moving on, market participants are tracking Jubilant Life Sciences share price.

Stock of the company extended its seven-day rally and surged 12% in early trade today after the company reported strong earnings for the quarter ended March 2020.

In news from the automobile sector, the country's largest two-wheeler maker Hero MotoCorp on Tuesday reported a 26.5% decline in its consolidated profit after tax (PAT) at Rs 6,138.1 million for the fourth quarter ended March 31 (Q4FY20).

It had posted a PAT of Rs 7,762.3 million in the same quarter a year ago.

The company's revenue from operations during Q4FY20 stood at Rs 63,338.9 million as against Rs 81,207.3 million in the same quarter a year ago.

The company said it sold 1,323,000 two-wheeler units during the quarter.

For the fiscal year ended March 31, 2020, the company posted a consolidated PAT of Rs 36,411.2 million as compared with Rs 34,513.7 million in the previous fiscal.

In FY20, Hero MotoCorp said it clocked sales of 6,398,000 two-wheeler units.

Hero MotoCorp share price is presently trading down by 1.8%.

Moving on to news from the banking sector, finance minister Nirmala Sitharaman on Tuesday asked state-run banks to help businesses with loan requirements, even as credit growth is expected to plunge this fiscal as the national lockdown had brought economic activity to a near halt.

In a meeting with heads of state-run banks, Sitharaman asked lenders to continue their focus on sanctioning loans to small businesses, under the recently announced emergency credit line guarantee scheme (ECLGS).

In the meeting over video conference, Sitharaman reviewed credit extended by lenders, including a detailed analysis of the recently announced emergency credit line guarantee scheme, loan sanctioned, potential beneficiaries, number of borrowers contacted, as well as the status of disbursal of loans.

ECLGS is part of the government's Rs 20 trillion financial package to tide over the covid-19 crisis. This collateral-free loan is expected to enable small businesses to pay for salaries, rent and restocking.

As of June 8, PSBs have sanctioned loans worth Rs 11.1 billion for MSME hubs in 12 states under the 100% Emergency Credit Line Guarantee Scheme, of which Rs 6 billion has already been disbursed to 17,904 accounts.

Last month, the cabinet had approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25% through ECLGS for the MSME sector.

Under the scheme, 100% guarantee coverage will be provided by National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Micro Units Development and Refinance Agency (MUDRA) borrowers, in the form of a guaranteed emergency credit line (GECL) facility.

For this purpose, a corpus of Rs 416 billion was provided by the government spread over the current and the next three financial years.

Note that this scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat package announced by Finance Minister Nirmala Sitharaman last month.

Speaking of the stimulus package, it is interesting to note that this is the largest stimulus package ever announced by India.

At about 10.2%, it is among the biggest stimulus packages announced over the past few months by governments all around the world. This is evident in the chart below:

Now, executing the package, keeping India's long-term economic interests in mind, will be the key.

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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Indian Share Market Update: Top Gainers and Losers