Sensex Opens 300 Points Higher; Automobile and Banking Stocks Lead

Mon, 5 Jul 09:30 am

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Asian stock markets are trading on a mixed note today. The Hang Seng is down 0.3% while the Nikkei is trading lower 0.6%.

The Shanghai Composite is trading higher by 0.2%.

In US stock markets, Wall Street indices finished at fresh all-time high on Friday, after a monthly report employment was better than expected.

The S&P 500 reached a record for a seventh day.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all climbed for a second straight week. The Dow rose 1% last week, while the Nasdaq climbed 1.9%.

US markets will remain closed today in observance of Independence Day.

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

Shares of India Pesticides will list on the exchanges today.

The BSE Sensex is trading up by 305 points. Meanwhile, the NSE Nifty is trading higher by 86 points.

Axis Bank is among the top gainers today. Dr Reddy's Lab, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.2% and 0.6%, respectively.

Barring power stocks, all sectoral indices are trading in green with stocks in the auto sector and banking sector witnessing most of the buying interest.

Shares of Vinati Organics and Balkrishna Industries hit their 52-week highs today.

The rupee is trading at 74.49 against the US$.

Gold prices are trading down by 0.1% at Rs 47,305 per 10 grams.

Meanwhile, silver prices are trading up by 0.2% at Rs 69,118 per kg.

Gold edged lower today after hitting a two-week high in the previous session, weighed down by a slight uptick in the dollar.

Speaking of the current stock market scenario, note that the BSE Smallcap index has rebounded sharply from the March 2020 lows.

Despite the index being up 1.5 times, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

As can be seen from the chart above, the rebound in the smallcap index at 157% is way below past rebounds which have ranged from 210% to 293%.

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

• There's consolidation happening in the smallcap space. The survivors and resilient players are not just see fundamental upside but are also likely to get rerated.
  
  But there is more to stock markets than smallcaps.
  
  And it will be good to see how different stock classes are stacked against each other.

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 cement sector, JK Cement is among the top buzzing stocks today.

JK Cement, part of JK Organisation, is targeting up to 10% growth in its revenue this fiscal, helped by the government's push for infrastructure, a good monsoon and pent-up demand for the sector.

Despite a blip in sales in the April-June 2021 quarter on account of pandemic-led disruptions, JK Cement is optimistic and expects its growth momentum to continue in 2021-22 also, recovering quickly in the rest of nine months led by a good growth.

Besides, the company expects its expansion project at Panna, Madhya Pradesh, to be completed in the next financial year after which, it would have a manufacturing capacity of nearly 20 m tonnes per annum (MTPA) from the current installed capacity of 14.7 MTPA.

The company's Chief Operating Officer (grey cement business) Rajnish Kapur said JK Cement envisages having a production capacity of 25 MTPA in the next five years.

On capital expenditure, Kapur said it must make sense to the company's long-term plan and did not rule out an acquisition for the growth of the company.

Last fiscal, JK Cement had reported good results as its revenues were up 15% to Rs 62.3 bn and EBITDA reached up to Rs 15.1 bn.

In the past one year, the company's market capitalisation has increased three times.

JK Cement share price has opened the day up by 0.5%.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares why he has turned cautious on the market, in one of his videos for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the automobile sector, as per an article in The Economic Times, sales of commercial vehicles are expected to post robust growth in the second half of 2021 driven by replacement demand and a pickup in construction activity amid easing of local lockdowns.

Industry officials said that heavy duty trucks of 18.5 tonne and more capacity are expected to drive the sales revival.

Even though the commercial vehicle manufacturers may not be able to recover fully the volumes lost due to the impact of the second wave of the coronavirus pandemic, sales of medium and heavy commercial vehicles (with capacity of more than 3.5 tonnes) in this fiscal year are expected to grow to more than 334,000 units registered in the last financial year, industry officials said.

'When recovery happens, it will start from heavy duty trucks, because they were majorly impacted the last two years' said Vinod Aggarwal, managing director at VE Commercial Vehicles (VECV).

The maker of Volvo and Eicher brands of trucks and buses said it has built capacity to meet rising consumer demand as the market recovers.

Note that demand for heavy duty trucks was hit the hardest in past two fiscal years due to the economic slowdown and a revision in axle-load norms, which permitted carriage of additional payload in existing trucks.

We will keep you updated on the latest developments 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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