Sensex Ends 377 Points Higher; Banking and Finance Stocks Rally

Tue, 27 Oct Closing

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After opening the day on a flat note, share markets in India extended gains as the session progressed and ended on a strong note, lifted by gains in financials and FMCG stocks.

At the closing bell, the BSE Sensex stood higher by 377 points (up 0.9%).

The NSE Nifty closed higher by 122 points (up 1%).

Kotak Mahindra Bank and Nestle were among the top gainers today.

The SGX Nifty was trading at 11,880, up by 101 points, at the time of writing.

The BSE Mid Cap index ended up by 1.7%. The BSE Small Cap index ended up by 0.6%.

On the sectoral front, gains were largely seen in the banking sector and finance sector.

IT stocks, on the other hand, witnessed selling pressure.

Asian stock markets ended on a negative note. As of the most recent closing prices, the Hang Seng ended down by 0.5% and the Shanghai Composite ended up by 0.1%. The Nikkei ended on a flat note.

US stock futures are trading in green indicating a positive opening for Wall Street indices. Nasdaq Futures are trading up by 38 points (up 0.3%), while Dow Futures are trading up by 7 points.

Speaking of the current stock market scenario, have a look at the chart below which shows the performance of BSE Smallcap index and the BSE Sensex since 23 March:

As you can see, the smallcap index is up with 68% gains versus 56% gains in the Sensex.

The markets are back at the highest levels since the pandemic began.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, there could still be a lot of steam left to this smallcap rebound rally.

As per Richa, if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Moving on, the rupee is trading at 73.71 against the US$.

Gold prices are trading down by 0.3% at Rs 50,760 per 10 grams.

Domestic gold prices rose in early trade today, before erasing gains later in the session, as the US dollar softened, and rising Covid-19 cases made investors look away from riskier equities.

Note that gold prices are up about 30% so far this year in Indian markets. Most of these gains are seen as gold is seen as an inflation hedge amid unprecedented pandemic-driven stimulus across the world.

So, is the rally over? Will gold and silver prices fall?

India's #1 trader Vijay Bhambwani doesn't think so. Vijay believes the bull market still has a long way to go.

In one of his videos, he tells you why. Tune in to the video to find out more.

In news from the finance sector, lenders to debt-ridden Dewan Housing Finance Corp (DHFL) have asked the four bidders for the company to get back with a revised offer by 31 October as part of the ongoing resolution process.

The lenders' decision comes after the committee of creditors met on Monday.

Lenders said that they are looking at a much-improved bid, at least as much as 2X times the initial bid offer. The bids will have to come in by 31 October, after which the CoC (committee of creditors) will need to finalize the resolution plan and send it to RBI (Reserve Bank of India) by 16 November.

DHFL has received bids from Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy to either pick a stake in the company or buy out assets.

Oaktree has made an offer to take over the entire company for Rs 280 billion while Piramal has bid for the retail books for Rs 150 billion. Adani Group is keen on the construction finance and slum redevelopment area books and has offered around Rs 30 billion while SC Lowy wants to take over the construction finance books.

Last year in November, the RBI referred DHFL to the NCLT for insolvency proceedings. DHFL was the first finance company to be referred to NCLT by RBI using special powers under Section 227.

State Bank of India (SBI) is the lead banker with an exposure of over Rs 100 billion to DHFL. Reportedly, banks have an exposure of Rs 380 billion to DHFL.

DHFL share price ended the day down by 5%.

In other news, Angel Broking was among the top buzzing stocks today.

Shares of the company rallied 20% after it reported highest-ever quarterly profit after tax at Rs 746 million in the September quarter (Q2FY21). It had posted profit of Rs 483 million in June quarter (Q1FY21).

The broking firm announced its maiden quarterly results after listing its shares earlier this month.

During the quarter, the company's total income grew 29% quarter-on-quarter (QoQ) at Rs 3.2 billion against Rs 2.5 billion in previous quarter.

The company said it witnessed strong net addition in client base which grew by 59% QoQ to 539,567 clients in Q2FY21 from 339,573 clients in Q1FY21.

Angel Broking share price ended the day up by 20%.

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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