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SGX Nifty Down 24 Points, Fresh Investments by Mutual Funds, SAIL Q1 Results, and Top Buzzing Stocks Today
Wed, 16 Sep Pre-Open | Monish Vora, TM Team

Indian share markets ended higher yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 288 points. Meanwhile, the NSE Nifty stood higher by 82 points.

IndusInd Bank and Bajaj Finance were among the top gainers. Titan, on the other hand, was among the top losers.

The BSE Mid Cap index ended up by 0.9%. The BSE Small Cap index ended up by 1.4%.

Barring realty stocks, all sectoral indices ended on a positive note with stocks in the healthcare sector and banking sector witnessing maximum buying interest.

At 8 am today, the SGX Nifty was trading down by 24 points, or 0.2% lower at 11,510 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.

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Gold prices were trading up by 0.7% at Rs 52,048 at the time of closing stock market hours yesterday.

Gold and silver prices rose yesterday ahead of US Federal Reserve's policy meet. Rising Covid-19 cases also helped the demand for bullion counters.

Even with the recent volatility in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic. Earlier, gold had hit a record high of Rs 56,191 in Indian markets amid a global rally.

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Top Stocks in Focus Today

JB Chemicals will be among the top buzzing stocks today. JB Chemicals reported a 92.6% year-on-year (YoY) jump in its consolidated net profit at Rs 1,194.2 million for the quarter ended June 2020 against Rs 620 million profit in the year-ago period.

Revenue came in at Rs 5,222.8 million, up 17% against Rs 4,461.1 million in the corresponding quarter of the previous fiscal. Total income rose 18.7% YoY at Rs 5,449.7 million. EBITDA rose by 61.9% YoY and stood at Rs 1,554.1 million in Q1FY21.

Tata Motors share price will be in focus today as the company has ramped up monthly production to 16,000-18,000 cars for the coming months. It was reported that Tata Motors has initiated the process of selling stakes in units Tata Technologies and Tata Hitachi Construction Machinery Co. as part of its ambitious plan to turn debt-free in three years. The intent is to monetise non-core assets and the exercise has begun with these two companies.

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Fresh Buying and Selling in Mutual Funds

In news from the mutual funds space, as per an article in a leading financial daily, mutual funds made fresh buying in eight stocks and exited four counters.

As per the article, the eight stocks that funds invested in include ADF Foods, Associated Alcohols & Breweries, Fairchem Organics, Fiem Industries, Kovai Medical Center & Hospital, MSTC, Technocraft Industries and Mindspace Business Parks REIT.

On the other hand, the four stocks they exited are Macpower CNC Machines, NDR Auto Components, Novartis India and RSWM.

Among Nifty 50 stocks, maximum buying was seen in Axis Bank and Coal India whereas selling was seen in Adani Ports and Asian Paints.

Speaking of mutual funds, note that last week on Friday, the markets regulator issued guidelines for 'multi-cap' equity mutual fund schemes.

The circular mandates multi-cap equity schemes to allocate 25% each to largecaps, midcaps, and smallcaps. The remaining 25% is up to the fund manager.

The regulator also issued a clarification on Sunday, suggesting that based on the preference of unit holders, mutual funds could consider rebalancing.

They also have an option to facilitate a switch for unitholders to other schemes. They could also merge the multicap fund with a largecap fund or convert it to large cum midcap fund.

Assuming every fund rebalances, Friday's circular is expected to trigger a move of around Rs 280 billion from largecaps to smallcaps.

Richa Agarwal, lead smallcap analyst at Equitymaster, believes this move would be net positive for select smallcap stocks.

The BSE smallcap index gained over 4% yesterday. This was the highest ever single day move in last five years.

As per Richa, there could be a speculative rally across smallcaps as we saw yesterday.

Here's what she wrote about it in yesterday's edition of the Profit Hunter:

  • It would be myopic and imprudent to bet on any smallcap in the hope of a regulation driven rally.

    That said, you must invest in smallcaps selectively with long-term horizon in mind.

    Here's why...
  • You see, despite the rally in smallcaps since March, there is still a huge valuation gap between smallcaps and Sensex.

    The ratio of smallcaps to Sensex stands at 0.37 now, as compared to long-term average of 0.44 times.

    This means certain smallcaps will witness a significant rebound, irrespective of regulations.

Richa believes this could be a once in a decade opportunity to get rich from select smallcaps.

SAIL Posts Net Loss of Rs 12.3 Billion in Q1

SAIL posted a consolidated net loss of Rs 12.3 billion for the first quarter ended June 30, mainly on account of reduced income. The company had posted Rs 1 billion net profit in the year-ago quarter.

During the quarter under review, the company said its net profit declined to Rs 93.5 billion from Rs 150 billion in the April-June period of the preceding fiscal.

Its total income stood at Rs 113.3 billion as against Rs 148.9 billion a year ago.

The company said the pandemic outbreak and measures to contain it have caused significant disturbance and slowdown of economic activities. Consequently, the company's manufacturing operations had to be scaled down during the said quarter.

Though the operations resumed in the later part of the quarter with limited availability of workforce and disrupted supply chain, the restrictions imposed adversely impacted the sales volume and realization.

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

What else is happening in the markets today? Dig in...

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Stock Market Updates

CENTRAL BANK Share Price Up by 6%; BSE BANKEX Index Up 0.5% (Today's Market)

Dec 3, 2020 01:00 PM

CENTRAL BANK share price is trading up by 6% and its current market price is Rs 14. The BSE BANKEX is up by 0.5%. The top gainers in the BSE BANKEX Index is CENTRAL BANK (up 5.8%). The top losers are AXIS BANK (down 0.1%) and CITY UNION BANK (down 0.6%).

FORCE MOTORS Share Price Up by 6%; BSE AUTO Index Up 1.4% (Today's Market)

Dec 3, 2020 12:58 PM

FORCE MOTORS share price is trading up by 6% and its current market price is Rs 1,220. The BSE AUTO is up by 1.4%. The top gainers in the BSE AUTO Index are FORCE MOTORS (up 5.5%) and MARUTI SUZUKI (up 5.8%). The top losers are CUMMINS INDIA (down 0.1%) and EXIDE INDUSTRIES (down 0.3%).

MARUTI SUZUKI at 52 Week High; BSE 500 Index Up 0.4% (Today's Market)

Dec 3, 2020 12:46 PM

MARUTI SUZUKI share price has hit a 52-week high. It is presently trading at Rs 7,588. BSE 500 Index is up by 0.4% at 17,349. Within the BSE 500, MARUTI SUZUKI (up 5.3%) and SOUTH IND.BANK (up 16.4%) are among the top gainers, while top losers are GAYATRI PROJECTS and CORPORATION BANK.

P&G HYGIENE Share Price Up by 5%; BSE FMCG Index Up 0.3% (Today's Market)

Dec 3, 2020 12:08 PM

P&G HYGIENE share price is trading up by 5% and its current market price is Rs 11,139. The BSE FMCG is up by 0.3%. The top gainers in the BSE FMCG Index are P&G HYGIENE (up 5.3%) and GSK CONSUMER (up 5.1%). The top losers are ITC (down 0.3%) and HUL (down 0.3%).

ECLERX SERVICES Share Price Up by 5%; BSE IT Index Down 0.5% (Today's Market)

Dec 3, 2020 11:50 AM

ECLERX SERVICES share price is trading up by 5% and its current market price is Rs 761. The BSE IT is down by 0.5%. The top gainers in the BSE IT Index is ECLERX SERVICES (up 5.4%). The top losers are TECH MAHINDRA (down 0.1%) and TCS (down 0.7%).

Sensex, Nifty Open at Fresh Record Highs; Metal & Automobile Stocks Lead (Today's Market)

Dec 3, 2020 09:30 am

Indian share markets open on a positive note. The BSE Sensex is trading up by 174 points, while the Nifty is trading higher by 56 points.

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Dec 3, 2020 01:08 PM