Share markets in India are presently trading on a strong note, tracking firm global cues.
Benchmark indices edged higher today, tracking Asian peers which rose to two-week highs after US President Donald Trump was discharged from hospital following treatment for Covid-19.
The Reserve Bank of India (RBI) said that its six-member monetary policy committee (MPC) is scheduled to meet from October 7 to October 9.
The BSE Sensex is trading up by 351 points, up 0.9 %, at 39,300 levels.
Meanwhile, the NSE Nifty is trading up by 97 points.
Tata Motors and HDFC are among the top gainers today. Infosys and TCS are among the top losers today.
The BSE Mid Cap index is trading up by 0.6%.
The BSE Small Cap index is trading up by 0.5%.
On the sectoral front, banking stocks and realty stocks are witnessing most of the buying interest.
Gold prices are trading down by 0.7% at Rs 50,100 per 10 grams.
The rupee is trading at 73.38 against the US$.
Moving on to stock-specific news...
Adani Ports and SEZ is among the top buzzing stocks today.
Adani Ports & SEZ share price rose as much as 3% in early trade today after the company announced the completion of the acquisition of the Krishnapatnam Port (KPCL) for an enterprise value of Rs 120 billion.
Earlier this year in January, Adani Ports & SEZ had agreed to buy KPCL at a value of Rs 137.5 billion, but due to the pandemic, the company paused the acquisition to renegotiate a lower deal.
As per the deal, the company will acquire 75% stake in KPCL. The acquisition will help the company achieve its goal of handling 500 million tonnes of cargo by 2025.
Krishnapatnam Port is a multi-cargo facility port in the southern part of Andhra Pradesh.
This would be the 12th port in the company's portfolio. Adani Ports & SEZ has 11 ports and terminals across the country which make up 24% of India's total port capacity.
Moving on to news from the finance sector, Housing Development Finance Corporation (HDFC) on Monday said its individual loan business improved in the second quarter.
In a notice to stock exchanges, the company said that loan disbursements during the September quarter were at 95% levels of the corresponding quarter last year and that individual loan approvals grew 9% year-on-year (YoY) while the number of loan applications received increased by 12%.
The housing finance company said that September saw the highest recovery since the coronavirus outbreak and believes demand is coming back.
In June 2020, the company's operation and retail business was affected with a 4.7% YoY fall in standalone profit. However, in July 2020, the company achieved 81% of July 2019 disbursements.
HDFC share price is presently trading up by 6.3%.
Speaking of the finance sector, note that the market crash impacted all stocks, but finance stocks took the worst hit.
Even as the Sensex made a comeback to pre-COVID levels, the slowdown and asset quality concerns amid the moratorium extension, is an overhang on the financial sector.
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