Sensex Opens Over 300 Points Up; ICICI Bank and Axis Bank among Top Gainers

Tue, 11 Aug 09:30 am

   Previous Close   

   Pre-Open   

   12:30 pm   

   Closing   

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%.

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.

If you want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing. Get trading ideas on gold by India's #1 trader Vijay Bhambwani. Find out the right way to profitably trade gold now.

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%.

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

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers