Indian share markets witnessed buying interest during closing hours today and ended their trading session on a positive note.

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

At the closing bell, the BSE Sensex stood higher by 263 points (up 0.7%) and the NSE Nifty closed higher by 74 points (up 0.7%).

The BSE Mid Cap index ended up by 1%, while the BSE Small Cap index ended the day up by 0.8%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood up by 0.08% and the Nikkei was trading up by 1.19%, while the Shanghai Composite was trading down by 0.16%.

European markets were trading on a positive note. The FTSE 100 was up by 0.46%. The DAX was trading up by 1.04%, while the CAC 40 was up by 0.86%.

The rupee was trading at 71.54 to the US$ at the time of writing.

Speaking of Indian stock markets, Richa Agarwal reveals her investing strategy amid all gloom and doom.

She also talks about the stock she is looking at. She is very cautious in her approach and looks for the stocks that survive in all the market cycles.

Tune in to find out more...

In the news from the power sector, Kalpataru Power Transmission share price was in focus today after the company said it has secured new orders worth about Rs 12.6 billion.

These orders include transmission and distribution works from Power Grid Corporation and South America.

The company also got orders for design, supply, erection, testing and commissioning for railway electrification and associated works in India from RVNL (Rail Vikas Nigam Ltd).

Gruh Finance share price was also in focus today amid reports that HDFC might have cut stake in Gruh Finance during early trade today. As per the news, HDFC was expected to raise Rs 16.78 billion by selling 9.2% in Gruh Finance.

In the news from the currency markets, China's yuan continued its downtrend today. The currency is set for its worst month since the country's currency reform in 1994, due to trade tensions with the United States and a slowdown in the domestic economy.

The yuan has been witnessing selling pressure against the US dollar this week as the Sino-US trade war sharply escalated, threatening to inflict more damage on the world's largest economies and weigh further on global growth.

So far this month, the yuan has fallen 3.6% as trade tensions between Beijing and Washington worsened, sparking fears of a global currency war.

China's central bank had been trying to stabilize the yuan in recent weeks after allowing a sudden slide in its value in early August following new US tariff threats.

Speaking of US China trade war, India is targeting companies including Apple, Foxconn and Wistron Corp with a charm offensive aimed at encouraging them to shift business out of trade war-hit China.019

The dispute between the United States and China, the world's two largest economies, has led to higher tariffs on goods worth billions of dollars and disrupted global supply chains, prompting companies to look at other investment avenues to escape higher tariffs.

Amid suggestions that India is late to capitalize on the trade war, government ministries have been asked to submit their policies and incentive structures to Invest India, the country's foreign investment promotion agency. Nine sectors including electronics, autos pharmaceuticals and telecoms will be targeted.

The document said the government will meet companies between August 26 and September 5 to suggest the best investment zones for their operations.

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

In the news from the banking sector, Finance Minister Nirmala Sitharaman is likely to hold a press briefing today amid expectations that the government may announce a mega consolidation plan for public sector banks.

As per the news, the Ministry of Finance has called a meeting with chief executives of ten state-run banks, which are seen as top contenders for merger.

The banks invited for meeting today are Allahabad Bank, Andhra Bank, Canara Bank, Corporation Bank, Indian Bank, OBC, Punjab National Bank, Syndicate Bank, Union Bank of India and United Bank of India.

The government has already consulted the Reserve Bank of India (RBI) in this regard earlier this year.

Nirmala Sitharaman yesterday said the Centre will announce two more big steps in the coming days to give momentum to industry. The minister, however, did not elaborate on the two steps to be taken by the government.

We will keep you updated on the announcements made by the FM today. Stay tuned.

Speaking of the banking sector, public sector banks (PSBs) have struggled due to rising NPAs.

NBFCs have struggled after the IL&FS crisis and are wary to lend.

There has been a silver lining in this mess. i.e. the increased market share of private sector banks. This is evident in the chart below:

India's Credit Shift Megatrend

Since 2014, private banks have consistently gained market share mainly at the expense of PSU banks.

With PSU banks still struggling to get out of their NPA mess, this trend is set to continue.

One such good quality private bank makes it to Tanushree's top 7 stocks to buy list.

These 7 stocks will be a part of many such megatrends that will play out over the next decade in India.