Sensex Opens 350 Points Higher; Tata Motors & Coal India Among Top Nifty Gainers

Mon, 28 Dec 09:30 am

   Previous Close   

   Pre-Open   

   SGX Nifty   

   12:30 pm   

   Closing   

Asian stock markets are trading higher today after US President Donald Trump signed into law a US$ 2.3 trillion pandemic aid and spending package he had until now refused to sign.

The Nikkei is trading up by 0.4% and the Hang Seng is trading up by 0.1%. The Shanghai Composite erased early losses and is presently trading higher by 0.3%.

US stock markets ended a holiday-shortened trading week slightly up on Thursday.

The Dow Jones Industrial Average ended up by 0.2% while the Nasdaq ended up by 0.3%.

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

The BSE Sensex is trading up by 376 points. Meanwhile, the NSE Nifty is trading higher by 114 points.

ONGC is among the top gainers today. TCS, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.8%. The BSE Small Cap index is trading up by 0.9%.

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

The rupee is trading at 73.55 against the US$.

Gold prices are trading up by 0.8% at Rs 50,456 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 our latest episode of Investor Hour Podcast, Ajit Dayal, founder of Quantum group, shared his views on gold, the covid situation around the world, as well as specific investment opportunities.

In the podcast, Ajit also shares his personal asset allocation.

Tune in here to know more:

In news from the banking sector, state-run Punjab National Bank (PNB) has put up for sale three stressed accounts, including Birsa Institute of Technology (Trust), with total outstanding dues of nearly Rs 345 million.

The three accounts are Mangalam Oil Industries with outstanding dues of Rs 107.7 million, Alliance Fibres (Rs 183.1 million) and Birsa Institute of Technology (Trust) (Rs 54.1 million).

"We intend to place three accounts for sale to ARCs/NBFCs/other banks/FIs etc, on the terms and conditions stipulated in the bank's policy, in line with the regulatory guidelines," PNB said in an auction notice.

"Bank at its sole discretion may withdraw the account offered for sale, without assigning any reasons," PNB added.

The final date to receive interest from interested bidders is December 29, 2020 and the bids will be opened on January 6, 2021.

PNB share price has opened the day up by 1.6%.

In other news, as per a leading financial daily, the government may set up an asset management firm to assist state-run lenders in disposing of their bad loans, leaving them to focus on core banking.

The proposed firm will not be a full-fledged bad bank. Instead, it will act as a conduit between distressed funds, asset reconstruction firms and lenders.

Unlike a bad bank, it won't take up the impaired loan portfolio on its books and then find ways to settle it.

According to the RBI's Financial Stability report of July 2020, the gross NPA ratio of state-owned banks, which was at 11.3% in March 2020, may increase to 15.2% by March 2021.

Earlier this month, Economics Affairs secretary had said the government was looking at various options to improve health of the banking sector, which includes setting up of a bad bank.

In their customary pre-budget meeting with Finance Minister Nirmala Sitharaman, industry associations had also sought for the setting up of a bad bank to tackle rising bad loans.

How the above developments pan out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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 were 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 finance sector, DHFL is among the top buzzing stocks today.

Ahead of the crucial three-week long voting staring today to decide on the new owner of troubled lender Dewan Housing Finance (DHFL), Oaktree has written to lenders and the RBI hinting at legal action if its revised bid is not considered.

This comes after Piramal Capital on December 24 raised its total offer for DHFL to Rs 382.5 billion, Rs 18.3 billion higher than Oaktree's commitment of Rs 364.2 billion.

Oaktree in its letter said that it was concerned that despite its bid offering maximum value for all stakeholders, it appeared there was "a consistent campaign to misrepresent information" on its bid.

"Information is not only being presented in an incomplete and inaccurate manner but also in order to discredit Oaktree's bid and favour the second highest bidder," the Economic Times quoted Oaktree as saying in a report.

According to a leading financial daily, a key point raised by Oaktree in the letter is the structure Piramal has proposed in its business plan, which involves a merger between DHFL and Piramal Capital, its finance arm, to swell the combined entity's net worth to more than Rs 180 billion and cushion its ability to issue debt.

However, Oaktree argued that this structure would rob the benefit of any proposed fresh capital infusion to the lenders of the troubled home mortgage company. Instead, it said, the "co-mingled" entity would be burdened by other liabilities.

However, according to Piramal, its plan merges DHFL with an AA-rated entity, offers more than Rs 100 billion of equity immediately and provides clarity on quality and secondary market valuation of non-convertible debentures.

Oaktree also said Piramal's fresh capital infusion of Rs 38 billion to improve the operational performance of DHFL in the first 12 months after implementation of the resolution plan was without a firm commitment letter. In comparison, it said its offer of a Rs 10 billion infusion as a cushion to DHFL lenders was backed by one.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers