Sensex Opens 400 Points Higher; Finance and Banking Stocks Lead

Tue, 3 Nov 09:30 am

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Asian stock markets are trading on a positive note today as investors shrugged off US election jitters and took hope in strong factory output data in China, Europe and United States.

The Hang Seng is trading up by 1.9% and the Shanghai Composite is trading up by 1.1%.

In US, Wall Street indices posted strong gains in overnight deals ahead of the polls.

Investors also took cues from US manufacturing activity data which accelerated more than expected in October, with new orders jumping to their highest level in nearly 17 years amid a shift in spending toward goods like motor vehicles and food.

The Dow Jones Industrial Average rose 1.6% and the Nasdaq added 0.4%.

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

Market participants are tracking shares of Sun Pharma, Adani Gas, and PVR as these companies are scheduled to announce their quarterly earnings today.

The BSE Sensex is trading up by 388 points. The NSE Nifty is trading higher by 112 points.

ICICI Bank and SBI are among the top gainers today. Bharti Airtel, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.9%. The BSE Small Cap index opened up by 0.7%.

Barring telecom stocks, all sectoral indices are trading in green with stocks in the finance sector and banking sector witnessing most of the buying interest.

The rupee is trading at 74.38 against the US$.

Gold prices are trading down by 0.2% at Rs 50,950 per 10 grams.

Speaking of stock markets, Rakesh Jhunjhunwala, one of India's most famous investors, recently made Rs 5 billion investment in Tata Motors.

In his latest video, co-head of Research at Equitymaster, Rahul Shah discusses Rakesh Jhunjhunwala's Tata Motors Bet from a value investing perspective.

Is there enough margin of safety in the current valuations or the run up in recent months has made it a risky bet?

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 posted 7.4% year-on-year (YoY) growth in net profit at Rs 35 billion for the quarter ended September 30 on account of exceptional gains of Rs 5.6 billion.

The company had posted a profit of Rs 32.6 billion in the corresponding quarter last year.

The company's revenue from operations rose 8.4% to Rs 246.8 billion.

Under the government's Atmanirbhar Bharat Special Economic and Comprehensive Package, the company had to allow a rebate of 20-25% on capacity charges during the lockdown period, and has allowed Rs 13.6 billion under the same for FY21, which is disclosed as an exceptional item.

NTPC's power plants received 38.5 million tonne (MT) coal, 4.6% more than what was supplied in Q2FY20.

NTPC also announced that its board has approved buyback of up to 197.8 million equity shares at a price of Rs 115 for an amount up to Rs 22.8 billion as part of capital restructuring.

The company has fixed November 13 as the record date for the purpose of ascertaining the eligibility of shareholders for buyback of equity shares.

NTPC share price has opened the day up by 1.4%.

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 banking sector, Yes Bank is looking to sell its entire NPA portfolio of Rs 323.4 billion to Asset Reconstruction Companies (ARCs) or other potential investors.

Reports state that the entire NPA portfolio is to be sold at 25% or Rs 80 billion. Yes Bank's offer to ARCs will be to recover at least 15% amount i.e. Rs 50 billion upfront. The balance 10% amount i.e. Rs 30 billion may be potential recovery by way of deferred payments.

Yes Bank has already made provisions for Rs 244.8 billion which represents 76% of GNPA. GNPA on books post such provision, is now only Rs 78.7 billion.

Reportedly, NPA sale proposal has been approved by Yes Bank's board, to ensure immediate recovery and enable Bank to clean-up its balance sheet.

Yes Bank share price has opened the day up by 0.8%.

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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