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Markets will remain closed on May 13, 2021 on account of Id-Ul-Fitr (Ramzan Id).

Sensex Opens Marginally Lower; Bajaj Finance & ICICI Bank Top Losers
Fri, 9 Apr 09:30 am | Monish Vora, TM Team

Asian stock markets are trading on a mixed note today. The Nikkei is trading up by 0.4% while the Hang Seng is down 1%. The Shanghai Composite is trading lower by 0.7%.

In US stock markets, Wall Street indices rose on Thursday, setting record highs as Treasury yields fell following softer-than-anticipated labour market data and helped lift technology and other growth stocks.

Weekly initial jobless claims data showed a second straight rise, conflicting with the recent payrolls report.

Federal Reserve Chair Jerome Powell signaled on Wednesday the central bank is nowhere near to reducing its support for the US economy, noting that an expected rise in prices this year is likely to be temporary.

The Dow Jones Industrial Average rose 0.1% while the Nasdaq added 1% to 13,820.

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

The BSE Sensex is trading down by 212 points. Meanwhile, the NSE Nifty is trading lower by 56 points.

HUL is among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.1%. The BSE Small Cap index is trading higher by 0.6%.

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Sectoral indices are trading on a mixed note with stocks in the FMCG sector and metal sector witnessing buying interest.

Banking stocks and power stocks, on the other hand, are trading in red.

The rupee is trading at 74.62 against the US$.

Gold prices are trading down by 0.1% at Rs 46,800 per 10 grams.

Speaking of the current stock market scenario, note that smallcap stocks have been on a roll recently with the BSE Small-Cap index hitting a new high in intra-day deals on Thursday.

In the past two weeks, since March 25, the index has outperformed the market by gaining as much as 7.3%. In comparison, the BSE Midcap index was up 6%, while the BSE Sensex gained 3.6% during the same period.

The BSE smallcap index had crashed to a multi-year low of 8.6k back in March 2020. Who would have thought that in less than a year, the index will come roaring back and go up a massive 133%?

Despite the Covid-related headwinds, Indian markets registered their best financial year performance in a decade in FY21. While the Sensex and Nifty surged 68% and 71% respectively, gains in mid-and small-caps have been sharper with both the indices rallying 91% and 115%, respectively.

New Research: Our #1 Stock Pick Right Now

While caution is indeed warranted, Richa Agrawal, Research Analyst at Equitymaster, thinks there is still a lot more steam left to this smallcap rally.

Despite rallying more than 130% since the March 2020 lows, Richa believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's what she wrote in a recent edition of Profit Hunter...

  • The P/E for smallcap index doesn't make sense. There are thousands of listed small companies. Some have negative earnings. The base is not a valid data to work with.

    That said, the closest proxy to relative valuations is the Smallcap to Sensex ratio,

    Historically, this ratio has averaged 0.43x. In the previous mega runs of the smallcap index, this ratio has gone as high as 0.75x.

    In January 2018, when smallcaps peaked, the ratio was at 0.58x.

    Guess where this ratio is now after a 100% run up in the smallcap index?

    0.38.r

    It's lower than the median over 2 decades.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

In news from the IPO space, the initial public offer (IPO) of Macrotech Developers, also known as Lodha Developers, was subscribed 35% on Thursday, a day ahead of its close.

Most of the bids so far have come from qualified institutional buyers (QIBs). The QIB segment of the IPO was subscribed 66%, high net worth (HNI) portion was subscribed 25% and retail portion was subscribed 19%.

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The Mumbai-based developer is looking to issue fresh shares worth Rs 25 billion in the IPO. The company will use the IPO proceeds to reduce debt and for land acquisition.

The price band for the IPO is set at Rs 483 - 486 per equity share.

At the top-end of the price band, Macrotech will have a post-diluted market capitalisation of Rs 217.4 billion.

Note that this is the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges. In 2009 and 2018, the company had filed IPO documents and also got market regulator's approval but did not hit the capital market as market conditions were not conducive.

Stay tuned to get all the updates on Macrotech Developers IPO.

Moving on to news from the steel sector, JSW Steel on Thursday joined the elite club of companies with Rs 1.5-trillion market capitalization on the BSE, after its share price rallied 14% to hit an all-time high of Rs 638.90 in intra-day trade.

With the market-cap of Rs 1.54 trillion, JSW Steel stood at 24th position in overall market-cap ranking. JSW Steel surpassed Bajaj Finserv, Sun Pharma and HDFC Life Insurance Company in market-cap ranking during intra-day trade yesterday.

In the past one month, JSW Steel share price has surged 57%.

The company informed the stock exchanges yesterday that it achieved crude steel production of 4.19 million tons in January-March quarter of the financial year 2020-21 (4QFY21), registering a growth of 2% sequentially and 6% on a year-on-year (YoY) basis.

The company's average capacity utilisation improved from 91% in Q3FY21 to 93% for Q4FY21.

The company said that even though the average capacity utilisation improved from 66% in Q1FY21 to 93% in Q4FY21, the crude steel production for FY2020-21 was lower by 6% mainly due to disruption in production caused by the outbreak of Covid-19 in Q1FY21.

Shares of JSW Steel have opened the day up by 1.8%.

Speaking of stock markets, note that there has been a big geopolitical development recently that you as an astute trader should know about.

The Indian government has decided to reduce the country's dependence on crude oil imports from Saudi Arabia.

This has big implications for the economy in the long-term but what about the short-term? Should we change the way we trade crude oil?

India's #1 trader Vijay Bhambwani answers these questions in his latest video for Fast Profits Daily.

Tune in to find out more:

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


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Stock Market Updates

Sensex Trades Over 300 Points Lower, Dow Futures Down by 128 Points (Today's Market)

May 12, 2021 12:30 pm

BSE Sensex is trading down by 328 points, while the NSE Nifty is trading down by 89 points.

GODREJ AGROVET Share Price Up by 9%; BSE FMCG Index Down 0.1% (Today's Market)

May 12, 2021 12:14 PM

GODREJ AGROVET share price is trading up by 9% and its current market price is Rs 577. The BSE FMCG is down by 0.1%. The top gainers in the BSE FMCG Index are GODREJ AGROVET (up 8.5%) and GSK CONSUMER (up 5.1%). The top losers are GILLETTE INDIA (down 0.2%) and ITC (down 0.2%).

Sensex Dips 300 Points, Nifty Falls Below 14,800; Godrej Consumer Zooms 10% (Today's Market)

May 12, 2021 09:30 am

Indian share markets open lower. The BSE Sensex opened down by 325 points, while the Nifty is trading lower by 84 points.

SIEMENS at All Time High; BSE CAPITAL GOODS Index Up 0.7% (Today's Market)

May 12, 2021 09:36 AM

SIEMENS share price has hit an all time high at Rs 2,096 (up 7.5%). The BSE CAPITAL GOODS Index is up by 0.7%. Among the top gainers in the BSE CAPITAL GOODS Index today are SIEMENS (up 7.5%) and HONEYWELL AUTOMATION (up 0.1%). The top losers include CARBORUNDUM UNIVERSAL (down 0.1%) and SCHAEFFLER INDIA (down 0.4%).

CADILA HEALTHCARE at All Time High; BSE HEALTHCARE Index Down 0.1% (Today's Market)

May 12, 2021 09:36 AM

CADILA HEALTHCARE share price has hit an all time high at Rs 640 (up 1.1%). The BSE HEALTHCARE Index is down by 0.1%. Among the top gainers in the BSE HEALTHCARE Index today are CADILA HEALTHCARE (up 1.1%) and ABBOTT INDIA . The top losers include TORRENT PHARMA (down 0.1%) and SANOFI INDIA (down 0.1%).

BLISS GVS PHARMA Share Price Down by 6%; BSE HEALTHCARE Index Down 0.1% (Today's Market)

May 12, 2021 09:34 AM

BLISS GVS PHARMA share price is trading down by 6% and its current market price is Rs 124. The BSE HEALTHCARE is down by 0.1%. The top gainers in the BSE HEALTHCARE Index are SUN PHARMA ADV. RES. (up 2.0%) and AJANTA PHARMA (up 1.9%). The top losers are BLISS GVS PHARMA (down 5.6%) and DISHMAN CARBOGEN AMCIS (down 7.8%).

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