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Indian Share Markets Open Higher; Banking Stocks Gain

Mon, 6 Jul 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 3.2% while the Hang Seng is up 2.2%. The Nikkei 225 is trading up by 1.4%.

Back home, Indian stock markets opened higher.

The BSE Sensex is trading up by 252 points. The NSE Nifty is trading up by 96 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.5%.

BSE Small Cap index is also trading higher by 0.5%.

Except FMCG stocks, all sectoral indices are trading in green.

BSE Bankex is witnessing maximum buying interest.

Moving on, the rupee is currently trading at 74.63 against the US$.

Gold prices are currently trading down by 0.2% at Rs 48,046.

Moving on to the stock specific news...

Maruti Suzuki is among the top buzzing stocks today.

As per an article in a leading financial daily, Maruti Suzuki is seeing better demand in rural areas due to a smaller number of COVID-19 cases as compared with urban regions which continue to reel under the high number of cases of the infectious disease.

Buying sentiment in rural areas is also better due to good initial spell of rains in June which has led to a better sowing of the kharif crop.

In June, the company reported a 53.7% dip in domestic sales at 53,139 units as against 1,14,861 units in June 2019.

The company's sales were, however, better than May, when it had posted domestic sales of 13,888 units.

With complete lockdown in April and limited sales in May, Maruti reported 81% dip in total first quarter sales at 76,599 units as compared with 4,02,594 units in same period of FY20.

Ramping up of production is happening in phases and retail sales are a reflection of production. Retail figures are much better, the company stated.

Maruti Suzuki share price opened the day up by 0.6%.

Moving on to the news from financial markets. As per an article in a leading financial daily, Mutual funds net invested nearly Rs 395 billion in the stock markets in the first six months of 2020, more than four times the amount infused in the year-ago period.

The rise came on the back of volatility and correction in the broader markets provided a good investment opportunity for investors.

Further, consistent SIP (systematic investment plan) inflows into equity funds gave fund managers a healthy stream of capital to keep buying quality companies.

Overall, mutual funds (MFs) have made a net investment of Rs 394.8 billion in stocks during January-June 2020, much higher than the Rs 87.4 billion invested in the first six months of 2019.

Meanwhile, here's an interesting data reported by Economic Times recently.

Nearly,1.2 million new demat accounts were opened in the month of March and April during the lockdown.

Most people are drawn to trading because of the availability of free time during the lockdown. It doesn't take much of an effort to enter the markets. But it would take hell of an effort to survive and profit from the market.

If you are one of those new to trading, and if you want to learn more about using technical analysis and charts to improve your trading, then read this free article here: The Secret to Success in Intra-Day Trading.

Speaking of the current stock market scenario, the last few months have witnessed the kind of shifts that most investors would recall as once in a lifetime.

The Sensex is up over 34% from the lows in March 2020. At that time, it had declined by over 20%. That seemed to suggest the start of a bear market.

What's Driving the Markets?

So, what's driving the markets? An important driver of this rally is the inflow from global funds, now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

As per our co-head of research, Rahul Shah, there is indeed something a lot more interesting about the rebound opportunity in smallcaps versus large-caps this time.

In times like these, Rahul has been looking at penny stock investing strategy that aims to maximise profits and at the same time, keep losses to a bare minimum.

In the video below, he tells us about a proven blueprint that you can use again and again to zero in on multi-bagger penny stocks on a consistent basis.

Tune in now...

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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