Sensex Opens Higher; Indusind Bank and Tata Motors Top Gainers

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Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.8% while the Hang Seng is up 1%. The Shanghai Composite is trading up by 0.8%. Meanwhile, the S&P 500 ended lower on Wednesday as gains in technology stocks were offset by a drop in healthcare shares, and investors parsed mixed messages over prospects for a deal to end a trade war between the United States and China.

Back home, India share markets opened the day on a positive note. The BSE Sensex is trading up by 104 points while the NSE Nifty is trading up by 35 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.2% and 0.3% respectively.

Barring energy and healthcare stocks, all sectoral indices have opened the day on a positive note with telecom stocks and capital goods stocks leading the losers.

The rupee is currently trading at 69.25 against the US$.

On Wednesday, the Indian rupee closed at 11-week high against the US dollar for the third session today on the hopes of a trade deal between the US and China.

This is the third consecutive session of rise for the domestic currency.

The rupee closed at 69.16 a dollar, a level last seen on April 11, 0.3% gain from its previous close of 69.35. The Indian currency had opened at 69.41 a dollar and touched an intraday high of 69.09.

The US is willing to suspend the next round of tariffs on an additional US$300 billion of Chinese imports while Beijing and Washington prepare to resume trade negotiations, reports noted.

The decision, which is still under consideration, may be announced after a meeting between Presidents Donald Trump and Xi Jinping set for Saturday at a Group of 20 summit in Japan.

A broad outline of the Trump-Xi agenda was discussed in a phone call Monday between US Trade Representative Robert Lighthizer, and his counterpart in Beijing, Vice Premier Liu He.

On Tuesday, rupee pared initial gains and ended almost flat at 69.36 against the US dollar as simmering geopolitical tensions in the Middle East dampened forex market sentiment.

At the interbank foreign exchange (forex) market, the domestic currency opened at 69.32 a dollar and touched a low of 69.40 and high of 69.22 during the day. The local unit closed at 69.36 against the American currency, down 1 paisa over its previous close.

Moving on to the news from the finance space. HDFC Bank is planning to float an initial public offering of its financial services unit.

HDFC Bank, India's biggest lender by market value, has picked Bank of America Corp. and Morgan Stanley to manage IPO of its non-bank finance unit.

The bank plans to sell the shares in HDB Financial Services before March 31 in a deal that may raise about 100 billion rupees (US$1.4 billion).

Selling shares in the unit will help the bank led by Managing Director Aditya Puri raise funds to expand lending as many non-bank financiers grapple with a liquidity crunch.

The credit profile of HDB Financial has remained unscathed even as many other shadow lenders in the country were hit by rising borrowing costs after the nation's credit market largely shunned them post a crisis at Infrastructure Leasing & Financial Services last year.

Speaking of NBFC crisis, a slew of corporate defaults, and the bloodbath in many stocks has left investors in deep fear and panic.

But this blanket approach doesn't work too well.

In the chart below, you can see top three NBFC gainers and losers (in terms of market capitalisation) over the last one year.

NBFC Crisis - Top Gainers and Losers

While several NBFCs have suffered badly and destroyed investor wealth, there have also been quality NBFC stocks that have been wealth creators.

So, the key takeaway here is to never write off an entire sector and to always stay on the lookout for quality stocks in sectors going through temporary headwinds.

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