Sensex, Nifty Open Higher Tracking Firm Global Cues; ONGC & ITC Top Gainers

Wed, 9 Dec 09:30 am

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Asian share markets rose to a record high and US stock futures gained as investors tracked positive news on COVID-19 vaccines and ongoing efforts to launch more fiscal stimulus.

The Hang Seng is trading up by 1.1% while the Shanghai Composite is trading higher by 0.1%. The Nikkei is up 1.2%.

In US stock markets, Wall Street indices notched new record levels overnight, boosted by gains in the healthcare sector on the back of positive vaccine news and seeming progress on US stimulus talks.

The Dow Jones Industrial Average rose 0.4% while the Nasdaq added 0.5%.

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

The BSE Sensex is trading up by 258 points. The NSE Nifty is trading higher by 72 points.

ITC and ONGC are among the top gainers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened the day up by 0.8%.

All sectoral indices are trading on a positive note with stocks in the energy sector and realty sector witnessing maximum buying interest.

Finance and banking stocks are once again in focus today as the Supreme Court will continue its hearing in the interest waiver case today.

The central government on Tuesday cautioned the Supreme Court against granting any more relief by way of loan moratorium to the real estate and power sectors on the ground that these suffered from legacy issues pre-dating the pandemic and any such relief to them would wipe many banks out of existence.

The rupee is trading at 73.61 against the US$.

Gold prices are trading down by 0.7% at Rs 49,766 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 stock markets, in his latest video, Brijesh Bhatia, Research Analyst of Fast Profits Reports, shares his learnings from 15 years in the market.

In the video, he explains what separates the few successful traders from every other trader in the market.

Tune in to the video to find out more:

In case you missed his very first Equitymaster video, you can watch it here.

In news from the banking sector, ICICI Bank is among the top buzzing stocks today.

The private lender will sell 2.21% stake in ICICI Securities through the offer for sale (OFS) route on December 9 and 10.

The floor price for the OFS has been fixed at Rs 440 per share, a 6% discount to Tuesday's closing price of Rs 461.

About 10% of the offer is reserved for retail investors who can subscribe on Thursday while non retail investors can put their bids on Wednesday.

As of September 30, 2020, ICICI Bank held 77.2% stake in ICICI Securities. ICICI Bank is selling the shares to comply with the minimum public shareholding norms.

ICICI Securities had come with an IPO in March 2018 at an issue price of Rs 520 per share. All newly listed companies will have to comply with 25% public holding norms within three years of listing.

ICICI Bank share price has opened the day up by 0.9%.

In other news, the Reserve Bank of India (RBI) on Tuesday said it has cancelled the license of Karad Janata Sahakari Bank in Maharashtra as it does not have adequate capital and earning prospects.

More than 99% of the depositors of the bank will get full payment of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement.

The RBI said the bank was under "all-inclusive directions" since November 7, 2017. The Commissioner for Cooperation and Registrar of Cooperative Societies in Maharashtra has been asked to issue an order for winding up the bank and appointing a liquidator.

The RBI said, "Public interest would be adversely affected if the bank is allowed to carry on its banking business any further."

We are closely tracking this sector and will keep you updated on all the top news from this space. Stay tuned.

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 more than 11% returns!

If you're interested in knowing what could be the reason behind such a change in sentiment, you can read about it in one of the editions of Profit Hunter: Banks are booming in a Covid World

Moving on to news from the economic space, Fitch Ratings on Tuesday revised upward its gross domestic product (GDP) estimate for India to a contraction of 9.4% in FY21 from -10.5% projected earlier on the back of faster-than-expected recovery and expected rollout of coronavirus vaccines.

However, the rating agency cautioned that the vaccine rollout over the next 12 months will not reach majority of the people, given the huge logistical and distribution challenges in the heavily populated country.

Fitch Ratings expects GDP to grow at 11% in FY22. However, it maintained that the coronavirus recession has nevertheless inflicted severe economic scarring.

The rating agency believes retail inflation has peaked and should start to decelerate rapidly on favorable base effects and an easing of supply disruptions.

Fitch Solutions, a sister organization of Fitch Ratings, in a separate note released on Tuesday said it expects Indian economy to contract 8.6% in FY21. It expects the festive boost to the economy to wane after November and India's economic recovery momentum may slow thereafter.

Indian economy staged a faster normalization in September quarter on the back of rebound in the manufacturing output from 23.9% dip in GDP registered in June quarter.

The RBI on Friday projected the Indian economy to contract 7.5% in FY21, shallower than 9.5% contraction it projected just two months ago, on the back of a host of lead indicators, suggesting sustained economic recovery.

Note that last week, S&P Global Ratings stuck to its earlier projection of 9% dip in GDP in FY21, holding it awaits more proof of sustained recovery in economic activities.

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

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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