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Sensex Opens Over 300 Points Up; ICICI Bank and Axis Bank among Top Gainers
Tue, 11 Aug 09:30 am | Rini Mehta, TM Team

Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.5% while the Hang Seng is up 2.4%. The Nikkei 225 is trading up by 1.7%.

Meanwhile, among global indices, the S&P 500 ended up slightly and the Nasdaq fell on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a US fiscal support bill.

Back home, Indian share markets have opened higher today.

The BSE Sensex is trading up by 319 points.

The NSE Nifty is trading higher by 88 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.5%.

BSE Small Cap index is also trading higher by 0.8%.

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Sectoral indices are trading mixed with BSE Consumer Durables Index under pressure.

BSE Metal Index is witnessing buying interest, with Hindalco and JSW Steel are among the top gainers today.

Moving on, the rupee is currently trading at 74.91 against the US$.

Gold prices are currently trading up by 0.3% at Rs 54,946.

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Moving on to the stock specific news...

Reliance Industries is among the top buzzing stocks today.

ICICI share price opened the day up by 0.4%.

ICICI Bank has launched an institutional share sale offering that will see the bank raise as much as Rs 150 billion (approximately US$2 billion).

The bank said it has fixed a floor price of Rs 351.4 apiece for the so-called qualified institutional placement (QIP) offering. ICICI Bank's shares closed at Rs 363.6 per share on the BSE yesterday, up 1.6% from the previous close.

ICICI Bank's QIP follows the spate of share sales last week from HDFC Ltd, Axis Bank, Info Edge (India) Ltd and Alembic Pharma, which collectively raised over Rs 266 billion in the span of a week.

Note that, most lending institutions, including banks and NBFCs, have tapped the equity markets or are looking to do so in the coming weeks, as they look to bolster their balance sheets against disruptions caused by the covid-19 pandemic as well as to take advantage of opportunities arising out of the pandemic.

How this pans out remains to be seen.

ICICI Bank share price opened the day up by 2.7%.

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Moving on to the news from mutual funds sector.

Investors continued to repose their faith in mutual funds and preferred to invest via the systematic investment plan (SIP) route to take exposure to the equity market.

However, the mutual fund SIP juggernaut seems to have slowed a tad.

According to data released by the Association of Mutual Funds in India (AMFI), monthly SIP contribution in July fell to Rs 78.3 billion from Rs 79.3 billion in June.

Subsequently, the number of SIPs discontinued also showed a marginal increase. The number of SIPs discontinued in July stood at 7 lakhs last month as against 6.5 lakhs in June.

Mutual fund managers attributed the fall in SIP inflows to deteriorating economic and jobs scenario, which may have forced investors to discontinue their SIPs.

Speaking of mutual funds, 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.

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

SAIL Share Price Up by 5%; BSE METAL Index Up 2.8% (Today's Market)

Sep 25, 2020 03:34 PM

SAIL share price is trading up by 5% and its current market price is Rs 34. The BSE METAL is up by 2.8%. The top gainers in the BSE METAL Index are SAIL (up 5.2%) and JINDAL STEEL & POWER (up 7.2%).

FORCE MOTORS Share Price Up by 5%; BSE AUTO Index Up 3.4% (Today's Market)

Sep 25, 2020 03:28 PM

FORCE MOTORS share price is trading up by 5% and its current market price is Rs 1,060. The BSE AUTO is up by 3.4%. The top gainers in the BSE AUTO Index are FORCE MOTORS (up 5.2%) and MOTHERSON SUMI (up 5.6%).

VODAFONE IDEA Share Price Up by 13%; BSE 500 Index Up 2.4% (Today's Market)

Sep 25, 2020 03:24 PM

VODAFONE IDEA share price is trading up by 13% and its current market price is Rs 10. The BSE 500 is up by 2.4%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 13.5%) and IFB INDUSTRIES LTD (up 11.9%). The top losers are OBEROI REALTY and BAJAJ HOLDINGS & INVESTMENT .

BAJAJ CONSUMER CARE Share Price Up by 5%; BSE FMCG Index Up 2.0% (Today's Market)

Sep 25, 2020 03:24 PM

BAJAJ CONSUMER CARE share price is trading up by 5% and its current market price is Rs 185. The BSE FMCG is up by 2.0%. The top gainers in the BSE FMCG Index are BAJAJ CONSUMER CARE (up 5.1%) and GSK CONSUMER (up 5.1%). The top losers are GILLETTE INDIA (down 0.5%) and EMAMI LTD (down 0.5%).

ADANI TRANSMISSION Share Price Up by 6%; BSE POWER Index Up 2.2% (Today's Market)

Sep 25, 2020 03:24 PM

ADANI TRANSMISSION share price is trading up by 6% and its current market price is Rs 250. The BSE POWER is up by 2.2%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 6.0%) and TATA POWER (up 5.5%). The top losers is SIEMENS (down 0.5%).

Indian Indices Trade Higher; HCL Tech, Bharti Airtel & TCS Up Over 4% (Today's Market)

Sep 25, 2020 12:30 pm

The BSE Sensex is trading up by 451 points, while the NSE Nifty is trading up by 127 points.

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