Sensex Gains 200 Points; Sun Pharma & Titan Among Top Gainers

Tue, 3 Aug 09:30 am

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Asian stock markets slipped today as the Delta coronavirus variant spread in key markets in the region and put Chinese authorities on high alert, rattling investor confidence.

Adding to the negative sentiment is ongoing investor concern about increasing Chinese official regulation in sectors ranging from technology, fintech and education.

The Hang Seng is down 0.7% while the Shanghai Composite is trading on a flat note. The Nikkei is trading down by 0.9%.

In US stock markets, Wall Street indices gave up early gains and turned negative for the session on Monday as concerns about Covid variants and peaking economic growth weighed against strong earnings results.

The Dow Jones Industrial Average fell 97 points, or 0.3% while the Nasdaq Composite clung to a gain of just 0.1%.

Back home, Indian share markets have opened on a positive note.

Market participants will track shares of Bharti Airtel, Tata Consumer and Dabur India as these companies are scheduled to announce their quarterly earnings today.

The BSE Sensex is trading up by 202 points. Meanwhile, the NSE Nifty is trading higher by 54 points.

Titan and Sun Pharma are among the top gainers today. HCL Tech, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap indexs have opened higher by 0.3% and 0.5%, respectively.

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

Metal stocks, on the other hand, are trading in red.

Shares of NGL Fine Chem and Balaji Amines hit their 52-week highs today.

The rupee is trading at 74.35 against the US$.

Gold prices are trading up by 0.3% at Rs 47,900 per 10 grams.

Meanwhile, silver prices are trading down by 0.5% at Rs 67,524 per kg.

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 Smallcap to Sensex ratio, a metric referred to get a sense of relative valuations, currently stands at 0.48 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.

Here's what Richa wrote in a recent edition of Profit Hunter...

• When it comes to buying smallcap stocks, especially at this point in the rebound rally, you will need a bottom up approach, and a long term horizon.
  
  In fact, if you don't have the stomach to withstand a 20%-30% kind of corrections and volatility, this space may not be for you at all. And you should stop reading right here.

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.

In latest developments from the IPO space, edible oil major Adani Wilmar on Monday filed the draft red herring prospectus (DRHP) with markets regulator for an initial public offer (IPO) to raise up to Rs 45 bn.

The company, which sells cooking oils under the Fortune brand, is a major player in the edible oil industry.

The proposed listing of Adani Wilmar on the stock exchanges will comprise an IPO in the form of fresh issue of new equity shares for an amount of up to Rs 45 bn.

There will not be any secondary offering, Adani Enterprises, the flagship firm of Adani group, said in a regulatory filing.

Currently, six Adani group companies are listed on domestic bourses.

Apart from Adani Enterprises, other listed ones are Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and SEZ.

How the IPO of Adani Wilmar sails through remains to be seen.

Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares why he thinks the Nifty is making a short-term top in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to stock specific news...

RBL Bank is among the top buzzing stocks today.

RBL Bank slumped to a loss in the quarter ended June 2021 as the bank jacked up provisions to deal with current and future stress as it prepared to clean up its balance sheet to prepare for opportunities in the next four years.

The bank reported a net loss of Rs 4.6 bn largely due to almost a threefold rise in provisions to Rs 14.3 bn from Rs 5 bn a year earlier on a sharp surge in slippages from the bank's microfinance and credit card portfolios.

Total slippages at Rs 13.4 bn included about Rs 4.5 bn each from microfinance and credit card loans where collections were hit due to the second wave of the pandemic.

Provisions also included Rs 6 bn of extra provisions as the bank decided to increase cover for bad loans and improve the coverage ratio to 61% from 52% in March.

Gross NPAs increased to 4.99% up from 3.45% a year ago.

CEO Vishwavir Ahuja said the bank has consciously decided to bite the bullet as it wants to double down on the opportunities in the near future.

The bank is expecting the market to resume normal operations by the third quarter. It has set itself a target of increasing its customers base threefold from the current 4 m in the next four years.

The bank has appointed four new directors - Vimal Bhandari as a non-independent director and Somnath Ghosh, Chandan Sinha and Manjeev Singh Puri as independent directors subject to shareholder approval.

RBL Bank share price has opened the day down by 2.5%.

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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