Indian Share Markets Open Strong; Maruti Suzuki & Titan Among Top Gainers

Tue, 22 Jun 09:30 am

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Asian share markets jumped today, clawing back most of the previous session's losses as investors reassessed the hawkish turn at the US Federal Reserve.

The Hang Seng and the Nikkei are up 0.1% and 3%, respectively. The Shanghai Composite is trading higher by 0.8%.

In US stock markets, Wall Street rallied overnight, with the Dow completing its strongest session in over three months.

The Dow Jones Industrial Average rose 1.8%, while the Nasdaq Composite climbed 0.8%.

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

Market participants will track shares of NMDC, Aster DM Healthcare and Bharat Electronics as these companies are scheduled to release their quarterly earnings today.

The BSE Sensex is trading up by 330 points. Meanwhile, the NSE Nifty is trading higher by 107 points.

Maruti Suzuki is among the top gainers today. UltraTech Cement, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.9%. The BSE Small Cap index is trading higher by 1.3%.

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

Shares of CRISIL and Dixon Technologies hit their 52-week highs today.

The rupee is trading at 74.15 against the US$.

Gold prices are trading up by 0.3% at Rs 47,220 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 67,780 per kg.

Gold prices edged higher today as a slight retreat in the dollar offered support to the safe-haven metal, ahead of US Federal Reserve Chairman Jerome Powell's testimony to Congress later in the day.

Crude oil prices continued to rally, with Brent oil hitting US$75 a barrel for the first time in more than two years.

In crypto markets, Bitcoin tumbled on Monday, to a two-week low of US$31,333, on China's expanding crackdown on bitcoin mining.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report talks about why he is bullish on IT stocks and why they will lead the next leg of the rally, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the media sector, Dish TV is among the top buzzing stocks today.

Direct-to-home company Dish TV India on Monday said its board has approved raising up to Rs 10 bn through a rights issue in one or more tranches.

The Essel group company said this would be subject to receipt of such corporate, regulatory and other approvals/consents, as may be required under applicable rules, regulations and laws.

Funds would be raised through issuance of fully paid-up equity shares at Rs 10 apiece, including premium of Rs 9 per fully paid-up equity share, to eligible shareholders of the company as on the record date.

On 7 February this year, the company's board had considered various options for fundraising.

Later on 17 February, the board constituted a fund raising committee for recommending, taking actions and monitoring in the matters of raising funds and related matters thereof.

How Dish TV's fund raising activity pans out remains to be seen.

Dish TV share price has opened the day down by 1.7%.

Moving on to news from the banking sector, state-owned Indian Bank on Monday launched its qualified institutional placement (QIP) of shares to raise around Rs 40 bn.

The public sector bank (PSB) set the floor price at Rs 142.15 per share. Floor price is the minimum price set for an issue, below which an offer cannot be made.

The committee of directors on capital raising in its meeting held on Monday approved and authorised the opening of the QIP yesterday.

"The bank may, in accordance with the special resolution of the shareholders, at its discretion offer a discount of up to 5% on the floor price in the QIP," Indian Bank said in a regulatory filing.

Further, a meeting of the committee is scheduled to be held later this week on 24 June to consider and approve the issue price, including a discount for the equity share to be allotted.

In March this year, the committee of directors had accorded approval for raising equity capital aggregating up to Rs 40 bn through QIP in one or more tranches.

Last month, the bank had reported a net profit of Rs 17.1 bn in the March quarter against a loss of Rs 21.8 bn in the year ago period, buoyed by rise in core income and Rs 9 bn tax write back.

The net interest margin (NIM), a key profitability parameter, rose 12 basis points year-on-year to 2.85%.

Indian Bank share price has opened the day up by 1.4%.

Speaking of public sector undertakings (PSU), have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in BSE-PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in a recent edition of Profit Hunter:

• However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.
  
  In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.

One of Richa's stock recommendation (subscription required) is a stock from this space. This smallcap PSU is leading the digitisation drive from the frontlines.

Richa believes it could be a perfect bet for these uncertain times. Hidden Treasure subscribers can read the recommendation here.

And if you're not a subscriber, here's where you can sign up.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers