SGX Nifty Up 169 Points, Why Stock Markets Surged Yesterday, First Tranche of SGBs 2021-22, and Buzzing Stocks Today

Tue, 18 May Pre-Open

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Indian share markets ended on a strong note yesterday amid steady fall in Covid-19 cases in India.

The BSE Sensex gained over 850 points and Nifty crossed 14,900 in intraday trade.

At the closing bell yesterday, the BSE Sensex stood higher by 848 points (up 1.7%).

Meanwhile, the NSE Nifty closed higher by 245 points (up 1.7%).

IndusInd Bank and SBI were among the top gainers.

Cipla and Larsen & Toubro, on the other hand, were among the top losers.

Both, the BSE MidCap index and the BSE SmallCap index ended up by 1.6%.

Sectoral indices ended on a positive note with stocks in the banking sector, finance sector and auto sector witnessing most of the buying interest.

Telecom stocks, on the other hand, witnessed selling pressure.

At 8:00 am today, the SGX Nifty was trading up by 169 points, or 1.1% higher at 15,115 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading up by 0.7% at Rs 47,989 per 10 grams at the time of closing stock market hours yesterday.

Top Factors Why Indian Share Markets Rallied Yesterday

Fall in Covid Cases: Daily cases of Covid-19 in India continued to fall after hitting a peak last week. India recorded 2.8 lakh cases yesterday. The country has so far reported 25 million cases.

Firm Global Cues: In US stock markets, Wall Street indices closed higher on Friday as investors took a weaker-than-expected reading of April retail sales in stride, shaking off a tumultuous week that has been marked by growing inflation fears.

US Bond Yields Fall: Benchmark US 10-year Treasury yields retreated further from a more than one-month high hit last week. A fall in yields means more money coming to Indian markets.

Sectoral Performance: Gains were also seen as banking, finance, and metal sectors witnessed huge buying interest. The banking sector ended the day up by 4% yesterday, while the finance sector and auto sector ended their day higher by 3.1% and 1.9%, respectively.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Cipla.

Cipla reported a 68% year-on-year (YoY) rise in its consolidated net profit of Rs 4 bn for the quarter ended March, which was sharply below analysts' estimate.The company's consolidated revenues for the quarter rose 5.2% YoY to Rs 46.1 bn, which was also sharply below the street's estimate. The drugmaker's bottomline performance was affected by a sharp jump of 50% YoY in tax expenses to Rs 1.3 bn during the quarter. Other income in the quarter also slumped 35.5% YoY to Rs 601 m.

However, the company's consolidated operating profit in the quarter rose 22% YoY to Rs 8 bn with margins expanding 2.4% to 17.3%.

The topline performance was aided by 17% YoY rise in sales from North American market to Rs 10 bn. In the European market, the company's sales grew 7% YoY to Rs 2.5 bn.

Back home, the sales performance was muted in the March quarter due to lower demand of Covid-19 treatment related drugs before the onset of the second wave towards the end of the quarter. Sales in India rose merely 4% YoY to Rs 18.1 bn.

Hero MotoCorp will also be in focus today as the company announced that it will be entering the growing industry of electric vehicles (EVs).

According to a company's senior official, Hero will be launching a new electric model next year.

The company will be using its Jaipur (Rajasthan) and Stephanskirchen (Germany) based R&D set-ups to develop its own products.

Earlier, the company had also announced its partnership with Taiwan-based Gogoro Inc to bring the latter's battery swapping platform to India.

Furthermore, both brands have also decided to collaborate on electric vehicle development to bring Hero-branded, powered by Gogoro network vehicles to market.

Note that the company has already entered two-wheeler EV in the form of investments in a Bengaluru-based EV startup Ather Energy.

First Tranche of Sovereign Gold Bond Scheme 2021-22 Opens for Subscription

The first tranche of Sovereign Gold Bonds (SGB) 2021-22 opened yesterday and will be open for subscription till Friday, 21 May. The bonds will be issued in six tranches from May 2021 to September 2021, the finance ministry has said in a statement.

While the subscription period for 2021-22 Series I will be from 17-21 May, the bonds will be issued on 25 May.

The Reserve Bank of India (RBI) will issue the bonds on behalf of the Government of India.

"The nominal value of the bond based on the simple average closing price for gold of 999 purity of the last three business days of the week preceding the subscription period...works out to Rs 4,777 per gram of gold," the central bank said in a statement last week.

The bonds can be bought by resident individuals, Hindu Undivided Families (HUFs), trusts, universities as well as charitable institutions but with a limit on investment.

The tenor of the bonds is for a period of eight years with an exit option after the fifth year to be exercised on the next interest payment dates.

The government, in consultation with the RBI, has decided to offer a discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode.

These bonds will be sold through banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges i.e NSE and BSE.

The minimum permissible investment is 1 gram of gold and the maximum limit of subscription is 4 kg for individual, 4 kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March).

The RBI said that know-your-customer (KYC) norms will be the same as that for the purchase of physical gold. This means that Voter ID, Aadhaar PAN or TAN cards and passport will be required as KYC documents.

We will keep you posted on updates from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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