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Indian Indices Recover from Day's Low; SBI Jumps 4%
Wed, 12 Aug 12:30 pm | Monish Vora, TM Team

Share markets in India have recouped most of the early losses and are presently trading on a flat note.

Benchmark indices edged lower in early trade today, tracking other Asian shares which fell on growing uncertainty over whether the US lawmakers would agree on an additional round of big fiscal stimulus to support the virus-hit economy.

Presently, the BSE Sensex is trading down by 63 points (down 0.15%), at 38,350 levels.

Meanwhile, the NSE Nifty is trading down by 23 points (down 0.2%).

The BSE Mid Cap index is trading down by 0.4%.

The BSE Small Cap index is trading up by 0.1%.

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Sectoral indices are trading on a mixed note with stocks in the metal sector and healthcare sector witnessing selling pressure.

Auto stocks, on the other hand, are witnessing buying interest.

The rupee is trading at Rs 74.80 against the US$.

Gold prices are trading down by 2.2% at Rs 50,789 per 10 grams. Hopes of vaccine development prompted some investors to reduce exposure to the yellow metal.

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Moving on, Hindustan Aeronautics is among the top buzzing stocks today.

Shares of the company rallied as much as 9% and hit fresh 52-week high of Rs 1,078 on the BSE after the Ministry of Defence (MoD) on Tuesday approved the acquisition of 'Make in India' equipment worth Rs 87.2 billion.

Of this, bulk will go towards purchasing the first fixed wing aircraft that Hindustan Aeronautics has designed and developed in decades.

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In news from the auto-ancillary sector, Minda Industries share price is in focus today.

Stock of the company jumped over 6% after the auto components maker on August 11 said its board has fixed the issue price at Rs 250 per equity share for its Rs 2.5-billion rights issue.

The board of directors of the company approved fixing of issue price at Rs 250 per equity share, including a premium of Rs 248 per equity share over face value of Rs 2 per equity share, Minda Industries said in a regulatory filing.

The rights entitlement ratio has also been fixed at one fully paid-up equity shares for every 27 equity share held by eligible shareholders as on the record date - August 17.

The company's board, on June 29, had approved the issue of equity shares of face value of Rs 2 each by way of a rights issue to eligible shareholders for an amount aggregating up to Rs 2.5 billion.

The rights issue will open on August 25 and close on September 8 and the last date for on market renunciation is September 3, 2020.

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Moving on to news from the mutual funds space, the asset base of India's mutual fund (MF) industry swelled by over 6% on-month in July to Rs 27.12 lakh crore, marking the fourth straight month of gains.

Overall assets under management (AUM) were last seen over the Rs 27 lakh crore level in February, before falling precipitously in March when the market witnessed a correction due to the Covid-19 pandemic and ensuing lockdown.

Reports state that mark-to-market (MTM) gains in equities and firm inflows in debt funds contributed to the July increase. Continued strong interest in gold and equity exchange traded funds (ETFs) also played a role.

Redemptions across most categories led to open-ended equity schemes recording their first cumulative net outflow since April 2019, when the Association of Mutual Funds in India (AMFI) began disseminating data in the current format.

Net flows in the category have been on a downward spiral since April and barely positive at Rs 2.4 billion in June. In July, the trend continued, leading to net outflows of Rs 24.8 billion.

On the positive side, flows through systematic investments plans (SIPs) have sustained around the Rs 80 billion mark till June.

Multi-cap funds bore the brunt of outflows in July, amounting to Rs 10.33 billion while mid-cap funds saw investors pull Rs 5.8 billion. Incidentally, these are the highest net monthly outflows that both categories have seen since April 2019.

Value/contra funds witnessed net outflows totaling Rs 5.5 billion, while for the large and midcap category, the corresponding outflow figure was Rs 4.7 billion.

However, ETFs drew significant investor interest in July, with inflows for ETFs other than gold at Rs 131.3 billion, the highest since the February 2020 level of Rs 163.4 billion.

Further, surge in gold prices also continued to benefit gold ETFs, which saw net inflows of Rs 9.2 billion in July compared with Rs 4.9 billion in June.

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

How this trend pans out in coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space. Stay tuned.

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

ASTER DM HEALTHCARE LTD Share Price Up by 8%; BSE HEALTHCARE Index Up 3.3% (Today's Market)

Sep 18, 2020 03:34 PM

ASTER DM HEALTHCARE LTD share price is trading up by 8% and its current market price is Rs 148. The BSE HEALTHCARE is up by 3.3%. The top gainers in the BSE HEALTHCARE Index are ASTER DM HEALTHCARE LTD (up 7.7%) and DR. REDDYS LAB (up 9.9%). The top losers are ALKEM LABORATORIES (down 0.1%) and FORTIS HEALTHCARE (down 1.6%).

DILIP BUILDCON LTD Share Price Down by 5%; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

Sep 18, 2020 03:34 PM

DILIP BUILDCON LTD share price is trading down by 5% and its current market price is Rs 377. The BSE CAPITAL GOODS is down by 0.3%. The top gainers in the BSE CAPITAL GOODS Index are AIA ENGINEERING (up 7.3%) and FINOLEX CABLES (up 1.8%). The top losers is DILIP BUILDCON LTD (down 5.2%).

DR. REDDYS LAB Share Price Up by 10%; BSE HEALTHCARE Index Up 3.4% (Today's Market)

Sep 18, 2020 03:32 PM

DR. REDDYS LAB share price is trading up by 10% and its current market price is Rs 5,497. The BSE HEALTHCARE is up by 3.4%. The top gainers in the BSE HEALTHCARE Index are DR. REDDYS LAB (up 10.1%) and NATCO PHARMA (up 14.1%). The top losers are ALEMBIC PHARMA (down 1.2%) and FORTIS HEALTHCARE (down 1.4%).

ORIENT ELECTRIC Share Price Down by 5%; BSE 500 Index Down 0.0% (Today's Market)

Sep 18, 2020 03:32 PM

ORIENT ELECTRIC share price is trading down by 5% and its current market price is Rs 215. The BSE 500 is down by 0.0%. The top gainers in the BSE 500 Index are NATCO PHARMA (up 14.1%) and RAJESH EXPORTS (up 11.6%). The top losers are ORIENT ELECTRIC (down 5.3%) and ESSEL PROPACK (down 8.1%).

GUJARAT GAS Share Price Up by 6%; BSE OIL & GAS Index Down 0.2% (Today's Market)

Sep 18, 2020 03:26 PM

GUJARAT GAS share price is trading up by 6% and its current market price is Rs 322. The BSE OIL & GAS is down by 0.2%. The top gainers in the BSE OIL & GAS Index is GUJARAT GAS (up 5.5%). The top losers are BPCL (down 1.1%) and IOC (down 1.5%).

Indian Indices Trade Higher; Dr Reddy's Lab & Cipla Surge Over 8% (Today's Market)

Sep 18, 2020 12:30 pm

The BSE Sensex is trading up by 76 points, while the NSE Nifty is trading up by 41 points.

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