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Sensex Ends 209 Points Higher; Hindalco and Tata Steel Among Top Nifty Gainers
Thu, 29 Jul Closing

Indian share markets witnessed positive trading activity throughout the day today and ended higher.

Benchmark indices were trading higher in today's session after three days of selloff as the global mood stabilised post the favourable US Federal Reserve meet outcome.

Besides, reports that the Chinese Securities regulator has stepped-in to assuage investor concerns over the tech crackdown supported sentiment.

At the closing bell, the BSE Sensex stood higher by 209 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 69 points (up 0.4%).

Hindalco and Tata Steel were among the top gainers today.

Maruti Suzuki and Power Grid Corp, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,822, up by 44 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.4% and 0.9%, respectively.

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Sectoral indices ended on a positive note with stocks in the metal sector and realty sector witnessing most of the buying interest.

FMCG stocks, on the other hand, witnessed selling pressure.

Shares of Bajaj Finserv and V-Mart Retail hit their respective 52-week highs today.

Asian stock markets ended on a strong note today as the US Federal Reserve signaled it was in no rush to taper stimulus.

The Hang Seng and the Shanghai Composite ended the day up by 3.3% and 1.5%, respectively.

The Nikkei ended up by 0.7% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 135 points.

The rupee is trading at 74.28 against the US$.

Gold prices for the latest contract on MCX are trading up by 1% at Rs 48,045 per 10 grams.

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In news from the sugar sector, Balrampur Chini was among the top buzzing stocks today.

Shares of Balrampur Chini Mills moved higher by 11% to hit a record high of Rs 387.1 on the BSE in the intra-day trade today after the company announced its share buyback plan.

The stock of the sweetener surpassed its previous high of Rs 370, touched on 29 June 2021.

The board of directors of Balrampur Chini Mills is scheduled to meet on Monday, 9 August 2021, to consider buyback of equity shares of the company and matters related/ incidental thereto.

The board will also consider the financial results of the company for the quarter ended 30 June 2021.

As on 30 June 2021, the promoter group held 41.21% stake in Balrampur Chini Mills.

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The remaining 58.8% holdings are with the foreign portfolio investors (20.8%), individual shareholders (17.1%) and mutual funds (13.9%), shareholding pattern data shows.

In the past four consecutive calendar years, Balrampur Chini Mills had bought back shares from its shareholders.

Buyback is a corporate action in which a company buys back its shares from the existing shareholders usually at a price higher than market price.

In the past six months, the market price of Balrampur Chini Mills has zoomed nearly 120% on improved outlook.

The sugar sector has seen a turnaround from being a cyclical to a structural growth sector backed by government's aggressive ethanol blending programme.

With the massive increase in distillery capacities by sugar companies, ethanol sales are likely to double for most of sugar companies.

Balrampur Chini share price ended the day up by 7.9% on the BSE.

Speaking of the current stock market scenario, note that the BSE Smallcap index touched life-time high recently.

Despite the index being up more than 157% since the March 2020 lows, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

As per Richa, the smallcap to Sensex ratio is a good metric to gauge while coming to some conclusions about relative valuations.

So, what is this indicator suggesting now?

As you can see from the chart below, the ratio currently stands at 0.46 times, as compared to long term average of 0.43 times.

Here's what she wrote about it in a recent edition of Profit Hunter:

  • In the last one year, the smallcaps have done well to cover the gaps with the large peers.

    But it could be premature to call this a peak.

    In the previous two rounds, the average ratio has been 0.57, suggesting more upside from these levels.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Moving on to news from the auto sector...

Maruti Suzuki Slips 3% on Disappointing June Quarter Results

Shares of Maruti Suzuki India dipped nearly 3% to Rs 6,940 on the BSE today, down 4% in past two trading days, after the car and utility vehicles company reported disappointing numbers for the quarter ended June 2021.

The company's total operating income declined 26% quarter on quarter (QoQ) to Rs 177.7 bn in the first quarter of the current year 2022, due to a 28% volume decline to 3.5 lakh units.

Profit after tax (PAT) declined 62% QoQ to Rs 4.4 bn.

It had posted a loss of Rs 2.5 bn in the year-ago quarter.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) margins declined by 367 basis points (bps) sequentially to 4.6%

The company said profit for the first quarter was primarily impacted due to lower sale volumes.

The commodity prices increased steeply but the company continued to make efforts to reduce costs.

In a statement, the company said,

  • The second wave of the pandemic adversely impacted quarter one production and sales.

    While all parameters this quarter were substantially better than the first quarter of the last year, a comparison is not meaningful because last year had a much higher degree of disruption due to the pandemic.

    Sales in the same period of previous fiscal remain far below the previous high in quarter one of 2019.

Maruti Suzuki share price ended the day down by 2.2% on the BSE.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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Oct 22, 2021 (Close)