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SGX Nifty Down 32 Points, 4 Factors Behind the Sensex Rally, HAL Adjourns Split Plan, and Buzzing Stocks Today
Wed, 22 Sep Pre-Open

Indian share markets ended on a strong note yesterday.

Improved optimism in European markets and strength in US equity futures boosted market confidence at home, as investors awaited the start of the US Federal Reserve policy meeting.

At the closing bell yesterday, the BSE Sensex stood higher by 514 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 165 points (up 1%).

JSW Steel and ONGC were among the top gainers.

Maruti Suzuki and BPCL, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.8% and 0.1%, respectively.

On the sectoral front, gains were largely seen in the realty sector, metal sector, and IT sector.

Shares of Pidilite Industries and ITC hit their respective 52-week highs.

At 8:00 am today, the SGX Nifty was trading down by 32 points, or 0.2% lower at 17,530 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 46,334 per 10 grams at the time of closing stock market hours yesterday.

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Here are 4 Factors which Pushed Indian Share Markets Higher

FIIs on buying spree: Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 925.4 m, data available with NSE suggested.

The fact that FPIs did not sell any shares in the past two days is also very encouraging for Indian investors.

Advantage India: There is another view that apparently, Chinese crisis bode well for India, facilitating increasing capital flows to India.

Fed meet: The US Federal Reserve's FOMC will meet on 21-22 September to take decisions on its monetary policy.

There is a possibility that the US Fed may talk about the timeline for tapering, which could be as early as November, and that may lead to cautious moves in the equity markets globally.

Other than the US Fed, the Bank of Japan will also come out with its monetary policy today.

Sectoral performance: Huge gains were seen in the realty, IT, and metal sectors. The realty sector ended up by 3.5%, while the IT sector and metal sector ended higher by 1.5% and 2.6%, respectively.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Revealing this Monday: A Potentially Life-Changing Opportunity

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The small cap index has been on a tear of late and the rally doesn't look like running out of steam anytime soon.

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Top Stocks in Focus Today

Among the buzzing stocks today will be SBI Cards.

Private equity firm Carlyle Group will nearly offload half of its stake in SBI Cards and Payment Services for as much as US$443 m.

CA Rover Holdings, a Carlyle entity, which as of June 2021 held a 6.5% stake in SBI Cards, will sell around 32 m shares through a block trade.

It will offer the shares at an indicative price band of Rs 1,021 to Rs 1,072.3 apiece.

This sale follows Carlyle selling a 5.1% stake in SBI Cards for Rs 48.1 bn in June, while in March, it offloaded a little more than 4% for about Rs 38 bn through block deals.

The stake sales followed SBI Cards' public listing in March last year. Carlyle divested a 10% stake in SBI Cards for around Rs 70 bn, marking the largest private equity exit through an initial share sale in India.

Note that last month, Carlyle undertook a block trade to sell its remaining stake in life insurer SBI Life Insurance for around US$289 m.

HCL Technologies share price will also be in focus today.

Shares of HCL Technologies hit a new high of Rs 1,315.10 on the BSE after the company announced a five-year digital transformation deal with US-based MKS Instruments.

It is a global provider of instruments, systems, subsystems and solutions for advanced manufacturing processes.

In a statement post market hours yesterday, the company said,

  • HCL will drive digital and cloud-enabled transformation for MKS Instruments through AI/ML-led automation, enhanced user experience with end-to-end Infrastructure services, digital workplace services and IT transformation.

HCL's board is scheduled to meet next month on 14 October to consider financial results for the quarter and half year ending September 2021.

The board will also consider the payment of a third interim dividend for the financial year 2021-22.

The record date for determining the entitlement of the shareholders for the payment of aforesaid interim dividend is 23 October 2021.

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HAL Board Defers Proposal of Stock Split

Hindustan Aeronautics (HAL) deferred the proposal of stock split in yesterday's board meeting.

In a regulatory filing, the company said,

  • This is to inform that the Board of Directors of the Company in its meeting held on 21 September 2021, has deferred the proposal of sub-division of shares.

Shares of HAL traded 1.5% lower after the outcome of the board meeting at Rs 1,354.8 apiece on BSE.

On 3 September, HAL had informed the stock exchanges of a stock split decision would be considered on 21 September.

The stock had hit a 52-week high of Rs 1,456.2 on 30 August 2021. The stock hit a 52-week low of Rs 660 on 4 November 2020.

Cadila Healthcare Subsidiary Inks Deal to Sell Two Brands to Integrace

Cadila Healthcare share price fell in early trade yesterday after the company said it is going to sell its two brands.

Zydus Healthcare, a wholly owned subsidiary of Cadila Healthcare, entered into an agreement with Integrace, the purchaser, to sell two brands viz. Mifegest and Cytolog.

The transaction is expected to be completed within 30 days from the date of execution of agreement subject to customary approvals.

The purchaser is a part of the portfolio companies of private equity (PE) firm, True North.

Mifegest is an anti-progestational steroid class of drug used for medical termination of pregnancy while Cytolog tablet is a medicine used for medical abortion.

How this pans out remains to be seen. Meanwhile, 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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Stock Market Updates

Sensex Trades Marginally Higher, Dow Futures Down by 9 Points (Today's Market)

Oct 22, 2021 12:30 pm

BSE Sensex is trading up by 13 points, while the NSE Nifty is down by 34 points

Sensex Gains 400 Points as Realty, Finance Stocks Rally; Titan & HDFC Top Gainers (Today's Market)

Oct 22, 2021 09:30 am

Indian share markets open strong. The BSE Sensex opened up by 371 points, while the Nifty is trading higher by 98 points.

GAYATRI PROJECTS Share Price Up by 6%; BSE REALTY Index Up 1.8% (Today's Market)

Oct 22, 2021 09:39 AM

GAYATRI PROJECTS share price is trading up by 6% and its current market price is Rs 44. The BSE REALTY is up by 1.8%. The top gainers in the BSE REALTY Index is GAYATRI PROJECTS (up 6.1%).

IRB INFRA Share Price Up by 12%; BSE REALTY Index Up 2.1% (Today's Market)

Oct 22, 2021 09:37 AM

IRB INFRA share price is trading up by 12% and its current market price is Rs 275. The BSE REALTY is up by 2.1%. The top gainers in the BSE REALTY Index is IRB INFRA (up 12.2%).

KOTAK MAHINDRA BANK at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

Oct 22, 2021 09:37 AM

KOTAK MAHINDRA BANK share price has hit a 52-week high. It is presently trading at Rs 2,169. BSE 500 Index is up by 0.6% at 24,796. Within the BSE 500, KOTAK MAHINDRA BANK (down 12.2%) and IRB INFRA (up 12.2%) are among the top gainers, while top losers are DHFL and SOUTH IND.BANK.

INDIAN BANK Share Price Up by 5%; BSE BANKEX Index Up 0.2% (Today's Market)

Oct 22, 2021 09:33 AM

INDIAN BANK share price is trading up by 5% and its current market price is Rs 185. The BSE BANKEX is up by 0.2%. The top gainers in the BSE BANKEX Index is INDIAN BANK (up 5.4%). The top losers are ICICI BANK (down 0.2%) and FEDERAL BANK (down 0.2%).

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