Sensex, Nifty Open at Fresh Record High; ITC and Sun Pharma Top Gainers

Fri, 16 Jul 09:30 am

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Asian stock markets are trading on a negative note today amid concerns about the economic growth outlook and coronavirus flareups in some parts of the world.

The Hang Seng is trading up by 0.4, while the Shanghai Composite is down by 0.1%. The Nikkei is trading down by 0.8%.

In US stock markets, Wall Street indices declined as Jerome Powell's persistent dovishness raised concerns about the sustainability of the economic recovery.

The Dow Jones Industrial Average rose 0.2% while the S&P 500 lost 0.3% and Nasdaq Composite 0.7%.

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

Market participants will track shares of HDFC AMC, Den Networks, Just Dial and L&T Finance Holdings as these companies are scheduled to announce their quarterly earnings today.

The BSE Sensex is trading up by 101 points. Meanwhile, the NSE Nifty is trading higher by 33 points.

Tech Mahindra is among the top gainers today. Maruti Suzuki, 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 0.5%.

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

IT stocks and power stocks, on the other hand, are trading in red.

Shares of Hinduja Global and Mastek hit their 52-week highs today.

The rupee is trading at 74.55 against the US$.

Gold prices are trading up by 0.2% at Rs 48,413 per 10 grams.

Meanwhile, silver prices are trading up by 0.3% at Rs 69,651 per kg.

Gold is headed for the fourth straight weekly gain, as investors took comfort from Jerome Powell's stance that the US central bank would continue to support the economy and inflation will be transitory.

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 IT sector, Wipro is among the top buzzing stocks today.

Wipro on Thursday reported a 9% sequential rise in its consolidated net profit to Rs 32.4 bn for the quarter ended June 2021.

This was higher than what the street was expecting.

On a YoY basis, Wipro reported a 35.7% rise in consolidated net profit.

The Bengaluru-based company reported a 12.4% sequential rise in consolidated revenues to Rs 182.5 bn in the reported quarter.

Even the topline was above market expectations.

Wipro is now expecting its revenue from IT services business to be in the range of US$2.53 bn to US$2.58 bn, which translates to a sequential growth of 5% to 7% in the September quarter.

IT service revenues climbed 12.2% sequentially to US$2.4 bn, reflecting a strong demand environment for the company.

During the quarter, Wipro closed eight large deals that resulted in US$715 m in new orders for the company.

It added two more clients in the US$100 m plus bracket and two each in the US$50 m plus and US$20 m plus categories.

On the operating front, the company's margin performance suffered likely due to wage hikes undertaken to retain talent.

The attrition rate in the company jumped to 15.5% from 12.1% in the previous quarter.

Wipro share price has opened the day up by 2%.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about why India has a great opportunity to grab market share from China, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the IPO space, online food delivery company Zomato's initial public offering (IPO) was subscribed nearly five times on Thursday.

The issue has so far garnered bids for 3.45 bn shares, worth Rs 260 bn.

The qualified institutional buyer (QIB) category was subscribed more than 7 times and the retail portion was subscribed 4.73 times.

Meanwhile, the high net-worth individual (HNI) and employee portions were subscribed just 45% and 36%, respectively.

Note that most of the bids come on the last day of the IPO, which is today.

The price band for the IPO is set at Rs 72-76 per share.

Zomato's IPO comprises Rs 90 bn of fresh fundraise and Rs 3.8 bn secondary share sale by Info Edge.

In the grey market, Zomato shares are available at a premium of Rs 10, which is higher from its previous day's premium of Rs 8.75 to Rs 9.

The rise in Zomato IPO grey market premium (GMP) may attract some extra bidders today, the final day of bidding.

How Zomato's shares perform on listing day remains to be seen.

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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