Sensex Opens Marginally Up; Automobiles and Power Stocks Gain

Wed, 26 Aug 09:30 am

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Asian stock markets are mixed today. The Hang Seng is higher by 0.1% while the Shanghai Composite is even. The Nikkei 225 is trading down by 0.2%.

Among global indices, the S&P 500 and the Nasdaq hit all-time closing highs on Tuesday, but a drop in Apple stock capped gains from positive developments in US-China trade and fresh progress in the medical battle against the coronavirus pandemic.

Back home, Indian share markets have opened the day in green.

The BSE Sensex is trading up by 81 points.

The NSE Nifty is trading higher by 29 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.3%.

BSE Small Cap index is also trading higher by 0.5%.

Sectoral indices are trading mixed with BSE Telecom Index witnessing selling pressure.

BSE Automobiles Index is trading in green with 1.3% gains.

Among the top gainers in the auto index include TVS Motors and Hero MotoCorp.

Moving on, the rupee is currently trading at 74.20 against the US$.

Gold prices are currently trading down by 0.7% at Rs 50,924. To know more about gold, just visit our Youtube Playlist on gold investing.

Speaking of the current stock market scenario, note that after over 2 years of lag, the smallcap index is beating Sensex in the post Covid rebound.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, the next few days would be crucial for making big gains in smallcap stocks.

But while it is time to act, you must tread with caution. Post Covid, Richa expects a lot of clean up in the smallcap space, with only a few best shares to invest that emerge as winners.

Moving on to the stock specific news...

VA Tech Wabag is among the top buzzing stocks today after it was reported that Rakesh Jhunjhunwala will buy 50 lakh shares of Va Tech Wabag as part of fund raising exercise of the water treatment firm.

The share of the Va Tech Wabag closed higher after the firm said it would issue up to 75 lakh equity shares on a preferential basis at a price of Rs 160 per share to raise Rs 1.2 billion from three investors.

Reportedly, the company would issue 50 lakh shares to Rekha Rakesh Jhunjhunwala for Rs 800 million, 15 lakh shares to Basera Home Finance Private Limited for Rs 240 million and 10 lakh shares jointly to Sushma Anand Jain and Anand Jaikumar Jain for Rs 160 million.

Va Tech Wabag share price opened the day down by 4.4%.

Allcargo Logistics share price is in focus today as well after were locked in the 20% upper circuit at Rs 130.8 on the BSE on Tuesday after its promoters Shashi Kiran Shetty and Talentos Entertainment Pvt Ltd proposed to voluntarily delist the company.

Reportedly, members of the promoter group collectively hold 172 million shares aggregating to 70% of the paid-up equity share capital of the company, while public shareholders hold 30%.

The company will hold a board meet on 27 August to consider the delisting proposal.

With its plans to go private, Allcargo joins other India corporates such as Vedanta Ltd, Adani Power Ltd and Hexaware Technologies, whose promoters are currently in the process of delisting their companies from the stock exchanges.

We will keep you updated on developments from this space.

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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