Market Today

1. Facebook buys 9.99% stake in Reliance Jio for Rs 43,574 cr, largest FDI in India's tech sector

"In the post-Corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation," Mukesh Ambani, chairman and MD of RIL, said in the statement.

2. ICICI Bank skids 9% on $100 mn exposure to troubled Singaporean oil trader

Shares of ICICI Bank tumbled as much as 8.7 per cent to Rs 330 on the BSE on Tuesday after the bank clarified it has exposure to Ocean Tankers, a unit of Singapore oil-trading firm Hin Leong Trading (HLT), that has filed for bankruptcy in Singapore. The firm owes nearly $100 million -- or nearly Rs 760 crore -- to the lender.

3. Pharma shares rise; Aurobindo Pharma surges 17%

Pharma shares were trading in the positive zone in Tuesday's session with their sectoral index trading higher.
The Nifty Pharma index was trading 3.65 per cent up at 9483.

4. Singapore’s Caladium ups stake in Bandhan Bank to 4.49%

Caladium Investment, an affiliate of Singapore’s sovereign wealth fund, now holds 7.2 crore shares in the Bandhan bank.

5. Cognizant's ransomware attack is making peers like TCS and Infosys nervous

Even though cybercriminals seem to have become more active during the coronavirus lockdown, working from home isn’t the primary issue.
The Maze ransomware attack on Cognizant workers will have an impact on its revenue.

The attack has put Indian IT companies like Infosys, Wipro and Tata Consultancy Services (TCS) on alert to continuously monitor their own systems.

My Opinion :

As an investor we should have an eye on banking sector (HDFC, Bandhan bank). It seems banking sector will perform better post corona virus.

Sovereign wealth funds are increasingly getting interested to pick up shares in Indian financial institutions at cheap valuations amid the corona tension.

For instance, PBoC purchased 1.75 crore shares in one of the largest housing finance lenders, HDFC Ltd.
The Saudi Arabian central bank, too, has been raking up its stake in HDFC Ltd.

Another instance, Singapore's GIC affiliate Caladium Investment PTE has raised stake in Kolkata-based Bandhan Bank.

As the data shows, FII are also bullish on banking sector. (ICICI bank is exception)