Indian Indices Open on a Strong Note; Sensex Up Over 200 Points

Mon, 1 Jul 09:30 am

   Previous Close   

   Pre-Open   

   12:30 pm   

   Closing   

Asian share markets are higher today as Chinese and Hong Kong shares gain. The Shanghai Composite is up 1.9% while the Hang Seng is down 0.3%. The Nikkei 225 is trading higher by 1.8%.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 229 points while the NSE Nifty is trading higher by 61 points. The BSE Mid Cap index and BSE Small Cap index have opened the day up by 0.4%.

Sectoral indices opened on a mixed note with stocks in the oil & gas sector and consumer durables sector witnessing selling pressure, while power stocks and metal stocks are witnessing buying interest.

The rupee is currently trading at Rs 68.89 against the US$.

On Friday, the Indian rupee ended marginally higher at 69.02 as the currency market awaited further cues from the G20 summit. Meanwhile, on the weekly basis, the local currency rose by 55 paise.

Rupee rose for the third successive session ahead of the important G20 meeting that was scheduled for last week.

At the end of the meeting between US and Chinese leaders, US President Donald Trump said he had an excellent meeting with Chinese President Xi Jinping, as good as it was going to be.

JSW steel share price is in focus today as lenders to the company have approved the bid for Asian Colour Coated Ispat. The company will offer Rs 15.3 billion upfront to financial creditors.

In May, it was reported that JSW Steel has improved its bid to Rs 15 billion from the previous bid of Rs 10-12 billion range, which bankers were unwilling to approve.

Asian Colour Coated Ispat was part of the Reserve Bank of India's (RBI) second list of 28 defaulters that banks were to refer to insolvency court.

The company runs a cold rolling mill complex with an installed capacity of 3,00,000 tonnes per annum for manufacturing cold rolled, galvanised and colour-coated products for the automobile, white good and general engineering sectors.

Moving on to the news from the finance space, lenders of Dewan Housing Finance Corporation (DHFL) are scheduled to meet today, seeking a solution for the Rs 900 billion debt that is owed to them.

The consortium of 30 lenders led by Union Bank of India, which includes banks and other financial institutions, may also consider conversion of debt into equity that can make them the largest shareholder in the mortgage lender.

Reportedly, Bank of Baroda (BoB) has entered into a transaction with DHFL to acquire loans worth Rs 30 billion against its exposure to the non-bank lender. BoB acquired the pool of loans made by DHFL and adjusted it against its loans to the non-bank lender.

Reports also state that the debt recast plan will be arrived at as per the RBI's revised circular on resolving asset quality stress. The circular gives lenders a 30-day period since default to arrive at a debt recast plan.

DHFL's promoter group, the Wadhawan family which owns over 39% of the firm, has been looking at various ways of coming out of the stress which first came to light late last year following the IL&FS crisis.

Last week, multiple rating agencies downgraded the company's debt ratings as the stress kept building up.

Last week on Friday, stock of the company witnessed huge selling after the company deferred the release of its March 2019 quarter (Q4) results which were scheduled to be announced on Saturday (June 29).

In a regulatory filing, the company cited "certain unforeseen operational engagements including no availability of a few directors to ensure participation of all the members of the Audit Committee as well as the Board" for deferring the results.

DHFL share price is presently trading down by 1.8%.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

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

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers