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Sensex Opens 450 Points Higher; L&T and Tata Motors Top Gainers

Fri, 26 Mar 09:30 am

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Asian stock markets followed their US peers higher as vaccine distribution bolstered economic optimism despite a climb in global Covid-19 cases.

President Joe Biden doubled his target for administering the vaccines crucial for economic revival.

The Nikkei is trading up by 1.5% while the Hang Seng is up 1.1%. The Shanghai Composite is trading higher by 1.4%.

In US stock markets, Wall Street indices rose in a late-day rally on Thursday as investors bought stocks likely to do well in the recovery and picked up beaten-down Apple and Tesla shares in anticipation that the US economy grows at its fastest pace in decades this year.

The Nasdaq gained 16 points or 0.1% while the Dow Jones Industrial Average rose 199 points or 0.6%.

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

Shares of Kalyan Jewellers and Suroday Small Finance Bank will list at the bourses today. The IPO of Suryoday SFB was subscribed 2.37 times while that of Kalyan Jewellers was subscribed 2.61 times.

Market participants will track the Supreme Court judgement today on the cross appeals filed by Tata Sons and Cyrus Investments against the NCLAT order which had restored Cyrus Mistry as the executive chairman of the over US$ 100 billion salt-to-software Tata conglomerate.

The BSE Sensex is trading up by 441 points. Meanwhile, the NSE Nifty is trading higher by 136 points.

L&T is among the top gainers today. TCS, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened higher by 1.1%.

All sectoral indices are trading in green with stocks in the realty sector and automobile sector witnessing most of the buying interest.

The rupee is trading at 72.54 against the US$.

Gold prices are trading down by 0.3% at Rs 44,571 per 10 grams.

Speaking of the current stock market scenario, note that stock market has started to fall in earnest. Many analysts are calling it the long-awaited correction.

But why is the market falling?

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani identifies three immediate reasons for the fall.

In the video, Vijay also tells you what to do with your positions.

Tune in to the video below to find out more:

Moving on to stock specific news...

Hathway Cable and Den Networks are among the top buzzing stocks today.

Reliance Industries, which acquired Den Networks and Hathway Cable in 2018 through its subsidiaries, will offload stakes in both companies through offers for sale (OFS) to comply with market regulator's minimum public holding norms.

The OFS will open for non-retail investors today and for retail buyers on Tuesday.

Exchange filings showed that Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings together will sell 55.5 million shares, or 11.63% stake, in Den Networks at a floor price of Rs 48.50 per share, at a discount of 10.8% to Thursday's closing price of Rs 54.40. Promoters held 86.53% stake in the company as on December 31, 2020.

Meanwhile, the promoters hold 94.1% stake in Hathway Cable. They will sell 338 million shares, or 19.09% stake, in the company at a floor price of Rs 25.25 per share, a discount of 11.7% to Thursday's closing price of Rs 28.6.

In both the offers, 10% of the offered shares are reserved for retail investors.

Shares of Hathway Cable and Den Networks have opened the day down by 5.1% and 3.4%, respectively.

Moving on to news from the FMCG sector, FMCG stocks are in focus today.

As per an article in a leading financial daily, 62% of sales in fast-moving consumer goods (FMCG) sector came from local brands in 2020.

These are the highlights of a report released by market research firm NielsenIQ covering Asia's FMCG industry, including India, China, Korea, Singapore and Thailand.

The report said that owing to the outbreak of covid-19, on the whole, FMCG growth was flat at -0.1% in 2020 in Asia compared with 8% growth in 2019.

When broken down country wise, India did not rank well as it saw an unprecedented 40% decline in FMCG sales in April 2020 owing to stringent lockdown and mass store closures. However, FMCG growth bounced back to 2019 levels towards the end of the year, somewhat balancing out the decline.

While the report said 62% of FMCG sales in Asia came from local brands, a recent consumer survey by the company also showed that Asians prefer buying local to support homegrown brands. This seems true for India where the government has been relentless in its reiteration of "Atmanirbhar Bharat" and with brands supporting local sellers.

The report also said that 80% of FMCG sales were from small players. With 300,000 brands operating across Asia, 80% of total sales come from brands ranked outside the top 20 in their categories.

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

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009:

While the Sensex has offered 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.

Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes this outperformance could continue for many years.

With a rising population and standards of living, Indian's consumption demand for FMCG products will skyrocket over the coming years.

We are keeping a close eye on FMCG stocks and will keep you updated on all the news 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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