Sensex Opens Higher; Realty Stocks Rally

Thu, 27 Aug 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.1% while the Hang Seng is down 1%. The Nikkei 225 is trading down by 0.5%.

US stocks surged on Wednesday, pushing the S&P 500 to its fourth straight record closing high, as investors stayed focused on largecap momentum stocks that have outperformed since the onset of the coronavirus pandemic.

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

The BSE Sensex is trading up by 181 points.

The NSE Nifty is trading higher by 77 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.4%.

BSE Small Cap index is also trading higher by 0.7%.

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

BSE Realty Index is trading in green with 3.1% gains.

Among the top gainers in the auto index include Sunteck Realty and Oberoi Realty.

Moving on, the rupee is currently trading at 74.22 against the US$.

Gold prices are currently trading up by 1.7% at Rs 51,779.

To know more about gold, just visit our Youtube Playlist on gold investing.

Moving on to the stock specific news...

Tata group stocks are among the top buzzing stocks today after it was reported that the conglomerate is building an all-in-one e-commerce app for its swathe of consumer products and services.

The prototypes, which consolidate all of the group's consumer-facing businesses and existing online assets, are ready and a launch is expected by end-2020 or early next year, the reports noted.

The group is stepping up efforts to have a significant presence online in a market where internet users are forecast by Cisco Systems Inc. to reach 900 million by 2023. Almost all of them use smartphones to watch streamed content, shop and pay for purchases.

Tata is also seeking to catch up with rivals such as Amazon.com Inc., Walmart Inc.'s Flipkart and new entrant, billionaire Mukesh Ambani's Reliance Industries, who have unveiled grand plans for India.

Reliance just finished raising more than US$20 billion from investors, including Facebook Inc. and Google, for its digital services platform, while Amazon founder Jeff Bezos has bet US$6.5 billion on growth in the world's second-most populous country.

How this pans out going forward remains to be seen. We will keep you updated on developments from this space.

Tata group stocks are trading mixed with Tata Motors and Titan leading the gainers.

Moving on to the news from automobiles sector.

Mahindra & Mahindra (M&M) inked a pact with Tel Aviv-based REE Automotive to explore production of electric commercial vehicles.

The firm has signed a memorandum of understanding (MOU) with the startup to explore development and manufacturing of electric commercial vehicles for global markets.

Reportedly, the strategic collaboration will leverage REE's revolutionary electric vehicle corner module and platform technology of integrating powertrain, suspension and steering components in the arch of a vehicle wheel.

This coupled with Mahindra's well-established vehicle design, engineering, sourcing capability and manufacturing assets, is set to be a win-win strategic partnership for both companies, the company noted.

The partnership will support REE's global customer need for 2-2.5 lakh electric commercial vehicle units over a few years, including any volumes for Mahindra's domestic and international markets.

Production would be scaled further to support additional volume in the global as well as Indian market, the automaker stated.

M&M share price opened the day up by 1.2%.

Speaking of the automobile sector, note that the sector has rebounded sharply from its March lows.

Have a look at the chart below:

Healthcare sector is at the top, followed by the automobile sector.

As per Apurva Sheth, the auto index entered the greed phase in September 2019 and will stay there until December 2021. This means there is still a lot of fuel left for auto stocks.

How automobile stocks perform in the coming months remains to be seen. Stay tuned for more updates 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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