Sensex Trades Marginally Higher; HDFC and M&M Top Gainers

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Share markets in India are presently trading on a positive note. Sectoral indices are trading mixed with stocks in the telecom sector and realty sector witnessing selling pressure, while oil & gas stocks and consumer durable stocks are witnessing buying interest.

The BSE Sensex is trading up by 74 points while the NSE Nifty is trading up by 19 points. The BSE Mid Cap index is trading down by 0.3%, while the BSE Small Cap index is trading down by 0.5%.

The rupee is trading at 70.90 against the US$.

Speaking of share markets in general, Vijay Bhambwani, editor of Weekly Cash Alerts, gives quick insights on what to expect going forward.

When everyone was busy cheering the tax rate cuts by FM Nirmala Sitharaman, Vijay was the one to notice that just a few minutes later China cut its interest rates.

Tune in to find out his non-mainstream view...

In news from the banking sector, IndusInd Bank share price is in focus today. Shares of the private sector lender are trading lower for the third straight day despite issuing clarification that its exposure to a housing finance company (HFC) is fully collateralised with no overdues.

Following a 34% fall in the shares of Indiabulls Housing Finance yesterday, IndusInd Bank, without naming the non-bank said that their exposure to a large mortgage lender is secured.

In a BSE filing on Monday, it said "the bank's gross exposure to the HFC, its subsidiaries and associate finance companies stands at approximately 0.35% of the loan book. The group also maintains equal or higher amounts of unpledged fixed deposits with the bank."

In the past three trading sessions, shares of IndusInd Bank have slipped 16% and are presently trading close to their respective 52-week lows.

Reports also state that the Reserve Bank of India (RBI) may not give an extension to executive director of IndusInd Bank, Romesh Sobti, after his current term ends.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of the banking sector, it is interesting to note that public sector banks (PSBs) have struggled due to rising NPAs.

NBFCs have struggled after the IL&FS crisis and are wary to lend.

There has been a silver lining in this mess. i.e. the increased market share of private sector banks. This is evident in the chart below:

India's Credit Shift Megatrend

Since 2014, private banks have consistently gained market share mainly at the expense of PSU banks.

With PSU banks still struggling to get out of their NPA mess, this trend is set to continue.

One such good quality private bank makes it to Tanushree's top 7 stocks to buy list.

These 7 stocks will be a part of many such megatrends that will play out over the next decade in India.

Moving on, in latest developments from the IPO space, the initial public offer of the state-owned Indian Railway Catering and Tourism Corporation (IRCTC) was fully subscribed on day 2 of the bidding process.

As of 10.15 AM today, the issue received bids for 25.5 million equity shares against the IPO size of 20.2 million shares. The retail quota was also subscribed over 3 times.

The price band has been fixed at Rs 315-320 per share and the offer will close for subscription on October 3.

IRCTC is a central public sector enterprise, wholly owned by the Government of India and under the administrative control of the Ministry of Railways.

It is the only entity authorized by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.

IRCTC operates one of the most transacted websites, www.irctc.co.in, in the Asia-Pacific region with transaction volume averaging 25 to 28 million transactions per month during the five months ended August 31, 2019.

The company has also diversified into other businesses, including non-railway catering and services such as e-catering, executive lounges and budget hotels, which are in line with its objective to build a "one stop solution" for its customers.

Ankit Shah has shared the detailed note of the IPO. You can read it here.

How this IPO sails through remains to be seen. We will keep you updated on all the news from this space.

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