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Sensex Opens Higher; ICICI Bank & Tata Steel Top Gainers
Tue, 27 Jul 09:30 am

Asian share markets are trading on a positive note after touching year to date lows the day before.

Market participants are keeping an eye on the US where major companies report earnings and the Federal Reserve meets on policy this week.

The Hang Seng is down 1% while the Nikkei is up 0.5%. The Shanghai Composite is trading higher by 0.2%.

In US stock markets, Wall Street indices eked out record closing highs for a second straight session as investors were optimistic heading into a slew of earnings from heavyweight technology and internet names this week.

The Dow Jones Industrial Average closed 0.2% higher and the Nasdaq Composite added 0.1%.

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

Market participants will track shares of IndiGo and IndusInd Bank as these companies are scheduled to post their quarterly numbers today.

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The BSE Sensex is trading up by 130 points. Meanwhile, the NSE Nifty is trading higher by 47 points.

Tata Steel and ICICI Bank are among the top gainers today. Axis Bank, 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 0.5% and 0.8%, respectively.

Barring capital goods and power stocks, all sectoral indices are trading in green with stocks in the realty sector and metal sector witnessing most of the buying interest.

Shares of ACC and Ajanta Pharma hit their 52-week highs today.

The rupee is trading at 74.34 against the US$.

Gold prices are trading down by 0.2% at Rs 47,428 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 67,111 per kg.

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

The government's up to 8% stake sale in HUDCO at a floor price of Rs 45 per share opened for institutional investors today.

The sale of over 160.1 m shares, or a total of 8% stake, would fetch around Rs 7.2 bn to the exchequer.

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The government is selling over 5% stake with an option to retain over-subscription of 2.5% through an offer for sale (OFS).

The offer will open for retail investors on Wednesday.

The floor price of Rs 45 a share for the OFS is at a discount of around 5% over Monday's closing price.

The sale would reduce the government's shareholding in the company to 81.81% if it offloads the entire 8% in the public sector undertaking (PSU).

This is the second time the government is offloading its stake in a PSU through an OFS in the current financial year - the first one being NMDC.

The government is looking to meet its Rs 1.75 tn divestment target.

It has already raised Rs 76.5 bn through minority stake sale. Of this, Rs 36.5 bn is from NMDC OFS and Rs 39.9 bn from sale of SUUTI stake in Axis Bank.

HUDCO share price has opened the day down by 2%.

Speaking of public sector undertakings (PSU), have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in BSE-PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

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Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in a recent edition of Profit Hunter:

  • However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.

    In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.

One of Richa's stock recommendation (subscription required) is a stock from this space. This smallcap PSU is leading the digitisation drive from the frontlines.

Richa believes it could be a perfect bet for these uncertain times. Hidden Treasure subscribers can read the recommendation here.

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Moving on, in latest developments from the IPO space, at least nine companies are planning to raise over Rs 200 bn through IPOs over the next two weeks.

Companies are rushing to tap the primary markets on the back of strong response from investors to the IPO of Zomato and its stellar listing.

While Rolex Rings has announced the opening of its IPO on 28 July, three companies - Devyani International, CarTrade, and Windlas Biotech are expected to launch their issues early in August.

Other companies that plan to launch their IPOs in early August include Nuvoco Vistas, Krsnaa Diagnostics, and Aptus Value Housing.

Ruchi Soya, owned by Patanjali Ayurved, is also expected to launch its follow-on offer (FPO) early in August.

The flood of share sales comes after the success of Zomato's listing. Shares of the food delivery technology company have risen almost 82% from their issue price of Rs 76 since listing on July 23.

So far in July, four companies have raised Rs 123.9 bn through IPOs. Glenmark Life Science and Rolex Rings are expected to raise Rs 22.5 bn.

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!

Read the latest Market Commentary


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Stock Market Updates

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Dec 6, 2021 10:30 am

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