Sensex Opens Over 300 Points Up; IT and Metal Stocks Lead

Wed, 15 Jul 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.3% while the Hang Seng is down 0.1%. The Nikkei 225 is trading up by 1.4%.

Wall Street surged on Tuesday, with the Dow Jones Industrial Average ending more than 2% higher as investors bought energy and materials stocks and looked beyond a recent rise in coronavirus cases.

Back home, Indian share markets opened higher.

The BSE Sensex is trading up by 303 points. The NSE Nifty is trading up by 92 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.8%.

BSE Small Cap index is also trading higher by 0.7%.

Sectoral indices are trading mixed. BSE Telecom is under pressure, down 0.4%.

BSE IT index is witnessing buying interest.

Moving on, the rupee is currently trading at 75.38 against the US$.

Gold prices are currently trading up by 0.6% at Rs 49,259.

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 has risen up from the lows seen in March 2020 when it had declined by over 20%.

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 his latest video, Rahul Shah talks about a very effective technique for zeroing in on the right penny stock.

He also shares how can one go about implementing the same.

Tune in to find out more...

Moving on to the stock specific news...

Reliance Industries is among the top buzzing stocks today.

Reliance Industries will hold its 43rd Annual General Meeting (AGM) today.

This will be Reliance Industries' first virtual AGM amid COVID-19 crisis.

The company has recently become the first Indian company to cross 12-million market capitalisation.

The company has successfully achieved its target set in the last AGM, to become a net debt free well before its schedule of 31 March 2021, by selling more than 25% stake in Jio Platforms, rights issue of Rs 531.2 billion and stake sale to British energy giant BP in the petro-retail joint venture.

We will keep you updated on developments from this space.

Reliance Industries share price opened the day up by 1%.

Moving on to the news from banking sector.

Yes Bank garnered Rs 41 billion from anchor investors yesterday, a day ahead of its follow-on public offering.

All 12 anchor investors placed their bids for 3,415.4 million equity shares at the lower end of price band of Rs 12-13 per share.

Reportedly, Bay Tree India Holdings I, owned by Tilden Park, was the largest anchor investor, investing Rs 22.5 billion in Yes Bank for an allocation of 1,875 million shares.

Yes Bank is aiming to raise Rs 150 billion through this issue, the price band for which have been fixed at Rs 12-13 per share, a 53-49% discount to its last week's closing price.

Yes Bank share price opened the day up by 0.7%

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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