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Sensex Opens in Green; HDFC & Asian Paints Top Gainers
Wed, 7 Jul 09:30 am

Asian share markets tumbled today as a bout of risk aversion boosted bonds and the dollar, while investors braced for minutes from the Federal Reserve's last meeting.

The Hang Seng is down 0.8% while the Nikkei is trading lower by 0.9%. The Shanghai Composite is trading up by 0.4%.

In US stock markets, Wall Street indices fell on Tuesday, with financials and other groups closely tied to economic growth leading declines.

The Dow Jones industrial Average fell 0.6% while the Nasdaq added 0.2%.

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

The BSE Sensex is trading up by 83 points. Meanwhile, the NSE Nifty is trading higher by 26 points.

HDFC and Asian Paints are among the top gainers today. Titan, 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 0.3%.

Sectoral indices are trading mixed with stocks in the telecom sector and realty sector witnessing buying interest.

Oil & gas stocks and FMCG stocks, on the other hand, are trading in red.

Shares of Grindwell Norton and VIP Industries hit their 52-week highs today.

The rupee is trading at 74.33 against the US$.

Gold prices are trading up by 0.2% at Rs 47,763 per 10 grams.

Meanwhile, silver prices are trading down by 0.1% at Rs 69,490 per kg.

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Speaking of the current stock market scenario, note that the BSE smallcap index has surged 188% since the crash in March 2020.

Despite the index being up more than 1.8 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...

The 188% gain in the smallcap index in current rebound is way short of almost 300% gains in the last two rebound cycles.

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

  • The Smallcap to Sensex ratio, a metric I often refer to get a sense of relative valuations, currently stands at 0.49 times. To be sure, this is higher than a median of 0.43 times.

    And yet, it's the lowest of all the peaks in the smallcaps so far. In the last cycle which peaked in January 2018, when the ratio touched 0.49, the peak was still 9 months away.

As per Richa, smallcaps are a great opportunity to make some big returns. But you need to stay disciplined when it comes to allocating money. And you need to be sharp when picking the right stocks.

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In news from the commodities space, crude oil prices tumbled on Tuesday in a volatile session after OPEC producers canceled a meeting when major players were unable to come to an agreement to increase supply.

Brent crude settled down 3.4% to US$74.53, after hitting a session peak of US$77.84, its highest since October 2018.

Speaking of crude oil, India's #1 trader Vijay Bhambwani explains why crude oil prices will not stay at US$100, in one of his videos for Fast Profits Daily.

As per Vijay, even if oil goes up to US$100, it won't sustain at those levels. In the below video, Vijay explains why.

Tune in to find out more:

In news from the finance sector, Bajaj Finance is among the top buzzing stocks today.

Bajaj Finance on Tuesday, shared headline numbers for the June quarter, which showed muted disbursements and lower customer acquisition.

Bajaj Finance's assets under management (AUM) grew by over 15% year-on-year (YoY) and 4% sequentially despite widespread lockdowns. The AUM stood at Rs 1.59 lakh crore.

Disbursements were slow and fell 17% sequentially with new loans disbursed at Rs 4.6 m, down from Rs 5.5 m in the March 2021 quarter.

Though it was much better than Rs 1.8 m seen during same period last year.

The company's deposit book stood at approximately Rs 280 bn as of June 2021, up 39.6% compared to Rs 200.6 bn in June 2020 quarter.

Its total customer base stood at 50.5 m, a growth of 17% YoY and 3.9% sequentially, with fresh additions of 1.9 m customers in the quarter.

It had added 2.3 m additions in the March quarter of 2021.

Bajaj Finance's capital adequacy stood at 28.6%. It has a liquidity buffer of Rs 109 bn as of 30 June 2021, which is lower than Rs 160 bn in the last quarter.

Bajaj Finance share price has opened the day up by 0.5%.

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Moving on to news from the mining sector, the Rs 36 bn share sale by government in NMDC managed to garner full subscription.

A total of 219.5 m shares have been put on the block by the government. The offer for sale (OFS) has garnered bids for 220.45 m shares from institutional investors.

About 21.95 m shares reserved from retail investors will be auctioned today.

The floor price for the OFS has been set at Rs 165 per share.

Most of the bids on Monday came at Rs 166, data provided by stock exchanges showed.

At present, the government holds 68.3% stake in NMDC. Following the OFS, the stake will drop to 60.8%.

The OFS by NMDC will be a part of the disinvestment programme for 2021-22, the target for which has been set at Rs 1.75 trillion.

NMDC share price has opened the day down by 1.1%.

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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Stock Market Updates

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Dec 3, 2021 (Close)