Sensex Opens Higher; Realty Stocks Lead

Mon, 13 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 0.7% while the Hang Seng is up 0.4%. The Nikkei 225 is trading up by 1.7%.

US stocks rose on Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped soothe investor worries over a record rise in coronavirus cases in the United States and as financial shares surged.

Back home, Indian share markets opened higher.

The BSE Sensex is trading up by 286 points. The NSE Nifty is trading up by 92 points.

Meanwhile, the BSE Mid Cap index has opened up by 1%.

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

All sectoral indices are trading in the green. BSE Realty is witnessing maximum buying interest.

Moving on, the rupee is currently trading at 75.19 against the US$.

Gold prices are currently trading down at Rs 48,863.

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.

Investors and traders who are new to stock markets have had a superb experience over past three months as almost any and every stock has given them phenomenal returns.

The problem is that this experience may not be lasting unless investors now take a careful look at their portfolio and literally sanitize them to get rid of the unwanted elements.

In her latest video, co-head of Research at Equitymaster, Tanushree Banerjee shows three charts that every investor must see today, irrespective of whether you are an investor or a day trader, a novice or an expert in the stock markets.

Tune in here...

Moving on to the stock specific news...

Reliance Industries is among the top buzzing stocks today ahead of its annual general meeting (AGM) to be held on 15 July.

As in the past, market participants are expecting a slew of big-ticket announcements, and details of the recently launched videoconferencing app, JioMeet.

With the theme 'Make in India, Made for India', further plans for Jio Platforms are also likely to be unveiled, the reports noted.

Further plans for JioMart, the e-commerce venture of RIL subsidiary Reliance Retail, which has already rolled out services across the major cities, are also expected to be unveiled.

The markets and shareholders are also awaiting the announcements of Jio Platforms' listing, probably on the global bourses.

At its AGM, Mukesh Ambani is also expected to throw light on the US$15-billion deal with Saudi Aramco.

We will keep you updated on developments from this space.

Reliance Industries share price opened the day up by 1.6%.

Alembic Pharma is in focus today after it was reported that the company is looking at enhancing profitability of its domestic business and expects it to grow in double digits in the current financial year with focus on high-margin products.

The company stated that it has already started witnessing an uptick in domestic business with new product strategy in place.

In FY20, the company's revenues from domestic business stood at Rs 14.3 billion, a growth of 3% over Rs 13.8 billion in FY19 and accounted for 31% of the company's overall revenues that stood at Rs 46.1 billion.

The company's international generics business, on the other hand, accounted for 54% of its overall revenues in FY20.

The company is investing in capacity expansion at existing plants as well as in setting up new manufacturing facilities.

Benefits from these expansions are likely to start from FY22, the company stated.

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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