Sensex Opens Flat; Kotak Mahindra Bank Jumps 6%

Tue, 27 Oct 09:30 am

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Asian stock markets are lower today as soaring global coronavirus cases and slow progress on a US stimulus deal dampened investor sentiment.

The Nikkei is trading down by 0.3% and the Hang Seng is trading down by 1.1%.

US stock markets fell sharply on Monday, as anxiety over new record daily Covid-19 cases and uncertainty about a fiscal relief bill in Washington dimmed the outlook for the US economic recovery.

The Dow Jones Industrial Average fell 2.3% while the Nasdaq dropped 1.6%.

Back home, Indian share markets have opened the day on a flat note.

Market participants are tracking Bharti Airtel share price and Tata Motors share price as these companies are slated to announce their financial results for the September quarter today.

The BSE Sensex is trading down by 41 points. The NSE Nifty is trading down by 5 points.

Kotak Mahindra Bank and Nestle are among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.2%. The BSE Small Cap index opened down by 0.1%.

Sectoral indices are trading mixed with stocks in the metal sector witnessing selling pressure. FMCG stocks, on the other hand, are trading in green.

The rupee is trading at 73.93 against the US$.

Gold prices are trading up by 0.3% at Rs 51,081 per 10 grams.

Speaking of the current stock market scenario, note that the Sensex is trading at a price to earnings multiple of 30 times, a valuation that would make conventional value investors shake their heads in disgust.

In her latest video, lead smallcap analyst at Equitymaster, Richa Agarwal shares the fallacies in this broad and sweeping narrative and an interesting approach to playing the markets for healthy returns.

Tune in to the video to find out more:

In news from the power sector, NTPC is among the top buzzing stocks today.

State-run power giant NTPC on Monday informed stock exchanges that its board of directors will consider a proposal for buyback of equity shares on 2 November.

Last week on Friday, the capital markets regulator had granted exemption to NTPC from certain buyback norms for the proposed merger of wholly-owned subsidiaries with the parent company.

In October, NTPC had filed an application with the regulator to seek exemption from the strict enforcement of the buyback norms.

The application had been necessitated on account of a scheme of amalgamation providing for the merger of NTPC's wholly-owned subsidiaries with itself.

In November 2019, NTPC's board of directors approved a scheme of amalgamation entailing the merger of Nabinagar Power Generating Company and Kanti Bijlee Utpadan Nigam with NTPC.

Note that last week, it was reported that the Indian government is planning to ask some state-owned companies to repurchase shares to help the government shore up its finances amid the coronavirus pandemic.

Reportedly, Coal India, NTPC, NMDC, MOIL, and Engineers India are among the eight companies that might be asked to buy back shares this year.

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

Speaking of the power sector, it is interesting to note that the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below:

This is abysmally low by global standards. This shows that there is big upside in the market share of power exchanges in India.

As per Tanushree Banerjee, co-head of Research at Equitymaster, India's power sector is currently in transition. It is driven by increasing reliance on short-term contracts and electricity spot markets. This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

Tanushree recently recommended a high quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

Moving on to news from the chemical sector, GHCL on Monday reported a 27.7% decline in consolidated net profit to Rs 848.6 million for the quarter ended September 2020.

The company had posted a consolidated net profit of Rs 1,168.4 million in the July-September period a year ago.

Revenue from operations dipped 3.5% to Rs 8,065.1 million as against Rs 8,355.2 million in the corresponding period of the previous financial year.

The chemicals and textiles manufacturer's Managing Director R S Jalan said the company's businesses are returning towards normal.

Home textiles revenue rose 11.1% to Rs 3,266.1 million as against Rs 2,940.2 million.

GHCL share price has opened the day down by 2.6%.

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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