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Sensex Gains 300 Points, Nifty Above 15,750; UltraTech Cement & Maruti Suzuki Top Gainers
Mon, 12 Jul 09:30 am

Asian share markets are trading in green as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth.

China stocks rose after the central bank cut the amount of cash most banks must hold in reserve to buttress a slowing economic expansion.

The Hang Seng and the Nikkei are up by 0.7% and 2.3%, respectively. The Shanghai Composite is trading up by 0.9%.

In US stock markets, Wall Street indices staged a strong rebound Friday, finishing a topsy-turvy week at fresh records.

The S&P 500 finished last week at all-time highs as investors continued to bet that global growth remains on track despite new Covid-19 variants.

The Dow Jones Industrial Average added 448 points, or 1.3%. The Nasdaq Composite gained 142 points.

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

A total of 11 companies including HFCL, Steel Strips Wheels and Welcure Drugs & Pharma will release their quarterly earnings today.

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The BSE Sensex is trading up by 259 points. Meanwhile, the NSE Nifty is trading higher by 81 points.

UltraTech Cement is among the top gainers today. Bajaj Finserv, 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 0.6% and 0.9%, respectively.

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

Shares of TVS Srichakra and Tata Consumer hit their 52-week highs today.

The rupee is trading at 74.51 against the US$.

Gold prices are trading down by 0.5% at Rs 47,682 per 10 grams.

Meanwhile, silver prices are trading down by 0.4% at Rs 69,025 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.

If you get these two things right, smallcaps will work wonders for you.

In news from the IPO space, as per a leading financial daily, state-owned Life Insurance Corp of India (LIC) is weighing a bid for Zomato's shares in the online food delivery platform's initial public offering (IPO) this week.

LIC, which typically invests in secondary markets unless the public issue is a part of the government's divestment programme, is expected to bid for shares in the upcoming IPO of Zomato, said people aware of the matter.

Zomato is looking to raise as much as Rs 93.8 bn in the public issue.

Zomato's shares are priced between Rs 72 and Rs 76 apiece and will open for subscription on 14 July.

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This will be the first of a bunch of Indian consumer internet unicorns that will go public in the next few months.

Zomato's valuation has surged from around US$5.4 bn in January to over US$8 bn in June as the pandemic has boosted the popularity of online platforms as people avoid going out for fear of contracting infections.

In the quarter ended 31 March, LIC's holdings in publicly traded companies dropped to an all-time low of 3.66% of the market value of 296 companies (where its holding is more than 1%).

It was 3.7% as of 31 December 2020.

Given the huge hype surrounding Zomato's IPO, it is expected to see strong participation from retail investors.

How Zomato's IPO sails through remains to be seen.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about why the bulls are finding it difficult to push the market higher.

Tune in to the below video to find out more:

Moving on to stock specific news, Ujjivan Small Finance Bank (SFB) is among the top buzzing stocks today.

Ujjivan SFB on Saturday said it would initiate steps for the amalgamation of the holding company Ujjivan Financial Services with the bank.

The decision to merge the holding company with itself comes after the Reserve Bank of India (RBI) allowed SFBs to apply for amalgamation on completion of five years from the date of commencement of business.

In April this year, the Association of SFBs of India had made a representation to RBI to grant in-principal approval to small finance banks for reverse merger with their respective holding companies.

Ujjivan SFB is required to dilute its promoter's shareholding to 40% within a period of five years of commencement of business.

As on 31 March 2021, Ujjival Financial holds 83.32% of total equity share capital of the bank and it needs to bring down the stake by 31 January 2022.

Note that last week, Equitas SFB had also announced that it is looking to seek RBI's approval for merger of Equitas Holding with itself.

Ujjivan SFB share price has opened the day up by 7%.

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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