5 Reasons Why Sensex Surged 432 Points, Revival in Steel Sector, and Top Buzzing Stocks Today

Fri, 27 Nov Pre-Open

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Indian share markets ended yesterday's volatile session higher.

The BSE Sensex, that hit a low of 43,582, bounced back nearly 700 points and ended around 44,250 levels.

At the closing bell yesterday, the BSE Sensex stood higher by 432 points (up 1%).

The NSE Nifty closed higher by 129 points (up 1%).

Bajaj Finance and Tata Steel were among the top gainers.

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

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

Gold prices for the latest contract on MCX were trading up by 0.5% at Rs 48,736 per 10 grams at the time of closing stock market hours yesterday.

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

Note that Indian share markets fell sharply on Wednesday this week. One of the reason for this fall was the new rules on margins announced by the regulator.

From 1^st December, new margin rules will apply in the Indian stock market.

In his latest video, Vijay Bhambwani talks about this topic. As per Vijay, from 1^st December, your life as a trader will get harder.

For a detailed discussion on this important topic, tune in to Vijay's video:

Top Stocks in Focus Today

Siemens will be among the buzzing stocks today.

Technology major Siemens reported a 4.7% year-on-year (YoY) fall in net profit at Rs 3.3 billion for September quarter. The company's profit was impacted mainly due to expenses amounting to Rs 2.8 billion incurred during the lockdown period. The company follows October-September financial year.

The company also saw its revenue from operations decline 9.2% to Rs 34.2 billion over the corresponding quarter of the previous year.

Laurus Labs share price will also be in focus today as the company has signed a definitive agreement to acquire a 72.5% stake in Bengaluru-based Richcore Lifesciences for Rs 2.5 billion.

This acquisition marks Laurus Labs' entry into the broader biologics and biotechnology segments, providing the company access to its high growth areas, globally and in India.

With this acquisition, Laurus adds a fourth revenue stream to its three existing divisions - API, formulations and synthesis.

Top 5 Reasons Why Sensex Ended 432 Points Higher Yesterday

Economic Recovery: Reserve Bank of India (RBI) Governor Shaktikanta Das said the country's economy has recovered stronger than expected from the initial impact of the Covid-19 pandemic, but there is a need to be watchful of demand sustainability after the end of festivities.

Relaxation in Surveillance Measures: The capital market regulator on Wednesday relaxed certain surveillance measures, including those pertaining to market-wide position limits, that were put in place eight months ago to curb volatility in the markets due to the coronavirus pandemic.

Positive Global Cues: Indian share markets reversed trend with positive opening in European markets yesterday.

Japanese shares closed at a more than 29-and-a-half-year high today, as tech shares advanced overnight in the US, but worries over latest coronavirus restrictions at home hindering economic recovery capped gains.

Steel Stocks Extend Rally: Steel stocks witnessed huge buying interest yesterday with the BSE Metal index surging as much as 4.5%. Data from the World Steel Association (WSA) showed that India's steel production increased by almost 1% to 9.06 million tonnes in October compared with the same period a year ago.

Bluechips Regain Momentum: Select bluechips including HDFC Bank, HDFC, Reliance Industries and Kotak Mahindra Bank surged in the last hour of trading.

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!

Bank Credit Growth Decelerates to 5.8% in September

Bank credit growth decelerated to 5.8% in the September quarter from 8.9% in the year-ago period, according to the RBI data.

Aggregate deposits of banks rose 11% YoY in the July-September period as compared to 10.1% growth a year ago, according to the 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs), September 2020' - released by the Reserve Bank of India.

The deceleration in bank credit growth was seen across all the population groups.

Annual growth in credit by private sector banks moderated significantly to 6.9% in September 2020 from 14.4% a year ago, whereas it increased marginally for public sector banks to 5.7% from 5.2% over the same period last year.

How these numbers pan in the coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Steel Sector Sees Revival in Q3

Steel stocks witnessed huge buying interest yesterday with the BSE Metal index surging as much as 4.5%.

Shares of Tata Steel, JSW Steel and Jindal Steel & Power surged over 6% intraday.

After being hit badly by the onset of Covid-19 pandemic, Indian steel production has begun to gather steam since the third quarter of the current fiscal.

Data from the World Steel Association (WSA) showed that India's steel production increased by almost 1% to 9.06 million tonnes in October compared with the same period a year ago.

WSA data also showed that China alone accounted for over half the production in October at 92.2 million tonnes, a rise of 12.7% over October 2019.

For the 10 months to October, the steel association data showed a sharp 14% drop in India output.

Steel production in India was affected due to Covid-19 pandemic in March with the Union Government announcing a shutdown.

According to the Organization for Economic Cooperation and Development, India's steelmaking capacity could touch 142 million tonnes by 2022.

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

And 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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