Indian Share Markets Open at Record High; ICICI Bank & Infosys Top Gainers

Mon, 9 Nov 09:30 am

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Asian stock markets started strong as risk assets got a boost on expectations of fewer regulatory changes and more monetary stimulus under US president-elect Joe Biden.

The Hang Seng is trading up by 1.4% while the Nikkei is trading higher by 2.1%.

US stock markets ended the day flat after swinging between losses and gains during Friday's volatile session. The Dow Jones Industrial Average ended down by 0.2% while the Nasdaq ended on a flat note.

All three major indices notched their best weekly performance since April. The S&P 500 and Nasdaq jumped 7.3% and 9%, respectively, last week, while the Dow rose 6.9%. The S&P 500 also posted its biggest election week gain since 1932.

Back home, Indian share markets have opened the day on a strong note, following the trend on SGX Nifty.

Market participants are tracking Honeywell Automation share price and Oil India share price as these companies are slated to announce their financial results for the September quarter today.

The BSE Sensex is trading up by 606 points. The NSE Nifty is trading up by 157 points.

ICICI Bank is among the top gainers today. ITC, 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 is trading up by 0.7%.

All sectoral indices are trading in green with stocks in the energy sector and banking sector witnessing most of the buying interest.

The rupee is trading at 73.89 against the US$.

Gold prices are trading up by 0.2% at Rs 52,247 per 10 grams.

Speaking of the current stock market scenario, in her latest video, Co-head of Research at Equitymaster, Tanushree Banerjee talks about what you should expect from the stock markets this time.

She explains how you should prepare your stocks so that they could make the most of the Covid second wave.

Tune in to the video to find out more:

In news from the FMCG sector, ITC is among the top buzzing stocks today.

Cigarettes-to-hotels major ITC on Friday reported a standalone net profit of Rs 32.3 billion, down 19.7% from a year ago.

The company had reported a net profit of Rs 40.2 billion in the same quarter a year ago.

The company's revenue from operations rose a mere 0.1% to Rs 119.8 billion from Rs 118.7 billion a year ago.

Total revenue from cigarettes business dropped to Rs 51.2 billion from Rs 53.3 billion a year ago, while that from other FMCG businesses rose to 37.9 billion as compared to Rs 32.9 billion a year ago.

ITC's revenue from hotels business fell sharply to Rs 819.6 million from Rs 4,266.3 million in the year ago period.

ITC share price has opened the day down by 0.8%.

Note that the stock of ITC is a hot potato these days. There are investors who are unhappy with the company's management and wants them to pull up their socks. And then there are investors who believe that we need to be patient and that the company is on the right track.

What should investors do in light of these differences and how HUL's performance in the past could hold the key to ITC's future?

Rahul Shah answers these questions and more in one of his videos.

Tune in here to know more:

Moving on to news from the banking sector, Lakshmi Vilas Bank has reached out to the Clix Group with all the documents on its contingent liability related to Religare Finvest deposits, instruments the bank had set off against unpaid loans given to private firms of the erstwhile Religare promoters Malvinder and Shivinder Singh.

Last week on November 7, the lender posted a net loss of Rs 4 billion during the quarter ending September 2020.

Net interest margin shrunk to 1.4% for Q2FY21 against 1.5% for same period the previous year.

Operating loss narrowed to Rs 56.6 million against Rs 403.7 million for Q2 the previous year.

The lender's board also approved a capital raise of up to Rs 5 billion worth of equity shares by way of a rights issue.

In other news, state-owned Union Bank of India on Friday reported a 55.3% jump in its net profit at Rs 5.2 billion in the second quarter ended September. The bank had posted a net profit of Rs 3.3 billion in the three months ended June 2020.

Net interest income grew by 6.1% to Rs 62.9 billion in Q2FY21 from Rs 59.3 billion in the same period last year.

Gross Non-Performing Assets (NPAs) ratio improved to 14.7% of the gross advances at the end of September this year from 15.8% by September 2019.

Union Bank share price has opened the day up by 2.5%.

Speaking of the banking sector, note that the sector was one of the worst affected sectors in the Indian stock market when Covid-19 struck.

Banking stocks were severely punished. No investor wanted to touch them even with a 10-ft pole.

However, sentiment have changed now as investors are chasing banking stocks like never before.

Have a look at the monthly returns of major sectors for the month of March and October 2020 in the chart below:

Banks were among major losers with a cut of 34% in the month of March. Cut to October, they are the biggest gainers for the month with 11% returns!

As per Apurva Sheth, senior Research Analyst at Equitymaster, banks are set to outperform the broader markets going forward.

Apurva believes PSU banks are in a sweet spot right now and offer the best investing opportunity.

You can check out his video on contrarian trading in PSU banking space here: Contrarian Trading in PSU Banks.

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