Factors Behind the Stock Market Rally, Yes Bank to Sell NPA Portfolio, and Top Buzzing Stocks Today

Wed, 4 Nov Pre-Open

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Indian share markets ended on a strong note yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 504 points (up 1.3%).

The NSE Nifty closed higher by 144 points (up 1.2%).

ICICI Bank and Hindalco were among the top gainers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.4%.

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

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

Gold prices were trading up by 0.2% at Rs 51,160 per 10 grams at the time of closing stock market hours yesterday.

Note that gold prices are now down Rs 6,000 in Indian markets from their August highs. However, the precious metal may benefit from safe-haven buying amid increasing challenges to global economy

To know more about gold, visit our YouTube Playlist on gold investing.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani explains why crude oil and natural gas prices are moving in opposite directions, in his latest video for Fast Profits Daily.

In the video below, Vijay talks about how this strange situation developed in the energy market and what is the best approach for a trader.

So, how did this happen? And should you trade this move?

Tune in here to find out more:

Top Stocks in Focus Today

National Mineral Development Corporation (NMDC) will be among the buzzing stocks today.

NMDC said its board will meet next week to consider a proposal to buy back shares. The company said its board will also approve the financial result for the quarter ended September.

According to a regulatory filing, a meeting of the Board of Directors of the company is scheduled to be held on November 10, to consider the proposal for buyback of the fully paid-up equity shares of the company of face value of Rs 1 each.

Havells India share price will also be in focus today as the company regained the Rs 500-billion market valuation yesterday, after its stock rallied 6% to hit a record high of Rs 827.65.

Shares of the consumer electronics company have gained as much as 8% in the past three trading sessions after it reported a strong 80% year-on-year (YoY) growth in its standalone net profit at Rs 3.3 billion in September quarter (Q2FY21). Net revenue grew 10% YoY at Rs 24.5 billion.

Market participants will also track Tata Motors share price as the company reported a 27% YoY growth in its total domestic sales to 49,669 units for the month of October. The company had sold 39,152 vehicles in the year ago period.

Passenger vehicle sales during the month surged 79% YoY whereas total commercial vehicle sales grew by 2% YoY. Commercial vehicle sales were mainly driven by exports which grew 20% YoY.

Top Factors Why Indian Stock Markets Rallied Yesterday

Positive Global Markets: Indian share markets rose in sync with major Asian peers as investor sentiment got a boost by strong factory output data from major economies.

US-Fed Meet: The Federal Open Market Committee (FOMC) will begin its two-day meeting on interest rate policy on Wednesday, with policymakers expected to reaffirm its commitment to support the pandemic-struck economy and keep interest rates unchanged.

Banking and Finance Stocks Rally: Gains in banking and financial heavyweights such as ICICI Bank, HDFC twins, Axis Bank, SBI and Bajaj Finance lifted benchmarks indices yesterday.

Q2 Earnings: So far, September quarter earnings have been along expected lines and have even beaten market expectations in some cases.

Improving Economic Activity: US manufacturing activity accelerated more than expected in October, with new orders jumping to their highest in nearly 17 years, while Chinese factory activity expanded the fastest in a decade and eurozone manufacturing also sped up.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Yes Bank to Sell its Entire NPA Portfolio to ARCs

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.

How this development pans out remains to be seen. Meanwhile, 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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