Sensex Opens Marginally Lower; Banking & Finance Stocks Under Pressure

Thu, 12 Nov 09:30 am

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Asian share markets are trading on a mixed note today. Stocks rose toward a more than two-year peak, buoyed by sustained global stimulus efforts and hopes of a coronavirus vaccine.

The Nikkei is trading up by 0.3% and the Hang Seng is trading up by 0.1%.

In US, Wall Street indices ended mixed overnight. The Nasdaq closed up 2% as investors switched back to technology stocks and away from economically sensitive sectors as they weighed Covid-19 vaccine progress and the likely timing of an economic rebound.

The Dow fell 0.1% and the S&P 500 ended up by 0.8%.

Back home, Indian share markets have opened on a negative note.

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

Finance Minister Nirmala Sitharaman is set to address media at 12:30 pm today.

Investors will also take cues from reports about another stimulus package by the government before Diwali. A Reuters report said that the Centre is likely to unveil another stimulus package of about US$ 20 billion this week focusing on stressed sectors, middle-income groups in urban and rural areas, and employment generation before Diwali.

The BSE Sensex is trading down by 154 points. Meanwhile, the NSE Nifty is trading lower by 29 points.

M&M is among the top gainers today. HDFC, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.3%. The BSE Small Cap index is trading up by 0.2%.

Sectoral indices are trading on a mixed note with stocks in the banking sector and finance sector witnessing most of the selling pressure. IT stocks are trading in green.

The rupee is trading at 74.44 against the US$.

Gold prices are trading up by 0.3% at Rs 50,302 per 10 grams.

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

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.

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In news from the auto-ancillary sector, Bharat Forge on Wednesday reported a consolidated net loss of Rs 13.2 million in the second quarter ended September 30 hit by the coronavirus pandemic induced disruptions.

The auto components major had posted a consolidated net profit of Rs 2,054.9 million in the same quarter last fiscal.

Consolidated revenue from operations during the quarter under review stood at Rs 13.8 billion as against Rs 21.6 billion in the year-ago period.

The company said domestic automotive industry that was severely impacted by the nationwide lockdown imposed in the first quarter of FY2021, started showing some signs of recovery from the months of July and August.

Commenting on the performance, Bharat Forge Chairman and Managing Director BN Kalyani said, "The consolidated quarterly weak financials reflect the full impact of Covid-19 lockdown on our overseas manufacturing operations in Europe and North America during April-June period. Despite governmental assistance, they recorded an EBITDA loss of Rs 334 million."

He further said the company's restructuring of both the Indian and international operations to enhance sustainability continues.

Bharat Forge share price has opened the day up by 0.5%.

Moving on to news from the steel sector, Tata Steel is among the top buzzing stocks today.

Reportedly, the company is about to close sale of European business by this weekend as Swiden company is showing interest.

The board of directors of Tata Steel are scheduled to meet on Friday, November 13, 2020 to consider and approve the audited standalone and unaudited consolidated financial results of the company for the quarter and half year ended September 30, 2020.

In other news, shares of steel companies witnessed buying interest on Wednesday with Tata Steel and Steel Authority of India (SAIL) rallying over 7% on expectation of steady domestic steel production and consumption going forward.

Tata Steel PP share price was also locked in 10% upper circuit limit yesterday.

Recently, rating agency Care Ratings said in a report that domestic steel production and consumption is expected to remain steady going forward in October-March period (H2FY21).

While large players have reported faster return to normalcy after covid-19 impact, the report highlighted that recovery by smaller players is expected to be long and protracted due to their limited diversification and weaker financial flexibility.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of the stocks, here is an illustration of the four phases that a stock goes through during its life cycle. The cycle repeats itself after the stock goes through all four stages.

According to Senior Analyst at Equitymaster, Apurva Sheth, this cycle defines everything in markets.

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To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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