Sensex Opens Higher; Automobiles and Healthcare Stocks Lead

Tue, 4 Aug 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.3% while the Hang Seng is up 0.6%. The Nikkei 225 is trading up by 1.4%.

Nasdaq surged to a record high close on Monday as a rebound in multibillion-dollar deals, including Microsoft's pursuit of TikTok's US operations, lifted sentiment, and efforts to hammer out a coronavirus relief bill resumed.

The SGX Nifty is trading positive in the morning session.

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

The BSE Sensex is trading up by 187 points.

The NSE Nifty is trading up by 70 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.9%.

BSE Small Cap index is also trading higher by 1%.

All sectoral indices are trading in green. BSE automobiles Index is witnessing buying interest, with TVS Motors and Bosch among the top gainers.

Moving on, the rupee is currently trading at 75.18 against the US$.

Gold prices are currently trading up by 0.3% at Rs 53,997.

Moving on to the stock specific news...

Bandhan Bank is among the top buzzing stocks today after it was reported that, Bandhan Bank's promoter will sell Rs 105 billion worth of equity stake in the private sector lender through a block deal on Monday.

The block deal involves selling 337.4 million shares in the lender at a floor price of Rs 311 per share, as per the terms sheet. The floor price is about 10% lower than Bandhan Bank's Friday closing price of Rs 345.25.

The bank's main shareholder Bandhan Financial Holdings Limited (BFHL or NOFHC), which currently owns 61% shares in the lender, is expected to offload about 21% stake in Bandhan Bank.

The move is a part of the bank's effort to bring down promoter shareholding in the lender to meet the Reserve Bank of India (RBI) regulatory norms.

As per the RBI's new banking licensing norms, banks have to bring down the promoter holding to 40% within three years from the date of commencement of business.

Bandhan Bank share price opened the day up by 0.6%.

In the news from financial markets. As per an article in a leading financial daily, equity mutual funds in India may witness their first monthly net outflows in more than four years as investors continue to cash out to tide over the pandemic-related credit crunch, while others hold off adding more in a rising stock market.

Net withdrawals from stock plans may top Rs 10 billion (US$134 million) in July, the reports noted. That would be the first net outflow since March 2016. AMFI data for July is due early next month.

Some are redeeming to book profits after the rebound and others are selling to meet the cash crunch in their businesses in the absence of bank finance.

Gross flows to equity funds are holding up but there's no let-up in redemptions. There will be net outflow for July as things stand today, the reports noted.

Speaking of mutual funds, have a look at the chart below which shows recent net inflows into equity mutual funds:

Investors did well to pour more money into stocks (via mutual funds) in April 2020 and thus, take advantage of the sharp correction.

However, it goes all downhill after that. Inflows fell in both May as well as June this year when stocks were still on sale.

In fact, they fell by a whopping 97% in June 2020.

This means that if investors had bought Rs 100 worth of stocks when they were very expensive, they bought only Rs 3 worth of stocks when they had turned significantly cheaper.

Speaking of stock markets, in his latest video, co-head of research, Rahul Shah talks about how you can make winning penny stock investments with the help of few simple ratios.

He talks about the most critical data points that are needed to make successful penny stock investments.

Tune in to find out more:

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

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