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Falling Gold Prices, Boom in IPO Market, and Top Buzzing Stocks Today
Fri, 25 Sep Pre-Open | Monish Vora, TM Team

Extending losses to the sixth session, Indian share markets witnessed heavy selling pressure yesterday and ended deep in the red.

Benchmark indices extended losses as the session progressed following steep losses in Asian peers. A series of warnings from US Federal Reserve officials suggested the US economy was worse than the market was pricing in.

Selling pressure was also seen as investors worried over resurging Covid-19 cases in European cities that led to more restrictions.

At the closing bell yesterday, the BSE Sensex stood lower by 1,115 points. In the past six sessions, Sensex has plunged more than 2,500 points.

Meanwhile, the NSE Nifty breached 10,800 mark and ended down by 326 points.

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IndusInd Bank was the top loser in NSE. Meanwhile, the top gainers in NSE included Bharti Infratel and HUL.

The BSE Mid Cap index ended down by 2.1%. The BSE Small Cap index tumbled 2.3%.

On the sectoral front, IT stocks and automobile stocks were among the hardest hit.

At 8 am today, the SGX Nifty was trading up by 77 points, or 0.7% higher at 10,910 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Speaking of stock markets, in our latest episode of Investor Hour Podcast, India's #1 trader Vijay Bhambwani joins Rahul Goel to talk about his views on stock market, currencies, his trading strategy, and more...

In the podcast, Vijay talks about the volatility in the benchmark indices. Instead of trading for short-term profits of 5-10%, he thinks it's a far better idea to wait for the big profit trades. These are longer-term trades which can pay out anywhere between 50-80%.

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Moving on, gold prices were trading down by 0.3% at Rs 49,340 per 10 grams at the time of closing stock market hours yesterday.

Watch Now: 3 Little-known Stocks We are Super Bullish On

Domestic gold and silver prices continued their fall yesterday, extending losses to the fourth day.

In four days, gold has lost about Rs 2,500 per 10 grams so far.

In global markets, gold prices continued their downward movement yesterday, falling to a more than two-month low. Investors remained cautious ahead of US jobless claims data due later in the day while a robust dollar weighed on the precious metal.

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



Top Stocks in Focus Today

Dr. Reddy's Laboratories will be among the top buzzing stocks today.

Amid the race to develop a potential vaccine against novel coronavirus in India, Dr Reddy's Laboratories, which has recently been roped in for Covid-19 vaccine manufacturing, said that it could begin late-stage clinical trials of Russia's potential coronavirus vaccine in the next few weeks.

The trials are part of a deal between the Russian Direct Investment Fund (RDIF) and Dr Reddy's, in which the Indian firm will conduct Phase III studies in the country.

Tata Chemicals share price and Tata Motors DVR share price will also be in focus today as Tata Sons raised stake in Tata Chemicals and Tata Motors DVR shares on Wednesday. Tata Sons bought 22.1 lakh shares of Tata Chemicals at an average price of Rs 287.6 per share and purchased 37.6 lakh shares of Tata Motors DVR 'A' ordinary shares at 59.8 per share, the data showed.

Promoters held 5.4% in Tata Motors DVR at the end of June, and this includes Tata Sons' 5.3% holding. Tata Sons held 28.5% in Tata Chemicals and total promoter holding in Tata Chemicals stood at 34.6% as of June.

Market participants will also track ONGC share price as a massive fire broke out at the state-owned exploration & production company's plant in Surat, Gujarat.

As per media reports, the reason for the massive fire is being attributed to three consecutive blasts that took place at two terminals of the Hazira-based ONGC plant in Surat at around 3:30 am.

MF Distributors Call for Halt on Fresh Purchases in Multi-Cap Schemes

In news from the mutual funds space, as per a leading financial daily, mutual fund distributors are discouraging investors from putting fresh money in multi-cap funds until fund houses clarify how they would navigate the recent regulatory circular.

The distributors said that lump-sum investments and flows through systematic transfer plans (STPs) from debt funds to such schemes are being put on hold.

Reports state that this could adversely impact flows into the schemes, which saw net outflows of over Rs 11 billion in August, and indirectly benefit other equity or debt categories as fresh allocations move there.

However, investment through systematic investment plans (SIPs) of less than Rs 50,000 are being continued on hopes the issue will be resolved in a month or two.

Note that earlier this month, the markets regulator mandated multicap funds to allocate at least 25% of their assets in midcaps, as well as smallcaps by February next year.

The regulator later clarified that funds cannot only rebalance the portfolio in their multi-cap schemes but also facilitate the switch to other schemes and merge such schemes with large-cap schemes or convert them to another scheme category, such as large and mid-cap.

Assuming every fund rebalances, the 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. As per her this could be a once in a decade opportunity to get rich from select smallcaps.

IPO Buzz: Busiest Month for IPOs; Angel Broking IPO Sees Strong Response

In news from the IPO space, the Rs 6-billion initial public offering of Angel Broking was subscribed 3.9 times at the time of closing stock market hours yeaterday.

The IPO received bids for 53 million equity shares against an offer size of 13.7 million equity shares.

The offer received bumper response from retail investors who have subscribed the issue 4.2 times so far.

The portion set aside for qualified institutional buyers witnessed 5.73 times subscription.

Speaking of IPOs, note that this month is proving to be one of the busiest months for initial public offerings (IPOs) in close to a decade, with nearly eight deals getting launched. The last time a month saw many deals getting launched was September 2011 when 8 IPOs were launched.

Asset management company UTI Mutual Fund and state-owned shipbuilder Mazagon Dock will launch their offerings just before the month ends.

The IPOs of Chemcon Speciality Chemicals and CAMS closed on Wednesday with strong response from investors. Bids for Chemcon's issue were 149 times the shares on offer, making it one of the most subscribed IPOs in five years. The Rs 22.4-billion IPO of CAMS was subscribed 46.9 times.

Reports state that stellar listings for last three IPOs has buoyed prospects for the primary markets. Happiest Minds Technologies and Route Mobile had blockbuster debuts, doubling investor wealth on listing day.

How the above IPOs sail through remains to be seen. We will keep you updated on the latest developments from this space. Stay tuned.

And 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

ONGC Share Price Down by 7%; BSE OIL & GAS Index Down 4.0% (Today's Market)

Feb 26, 2021 03:34 PM

ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).

ULTRATECH CEMENT Share Price Down by 5%; BSE 500 Index Down 3.4% (Today's Market)

Feb 26, 2021 03:30 PM

ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).

JAGRAN PRAKASHAN Share Price Up by 10%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).

UPL Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).

ICICI LOMBARD GENERAL INSURANCE Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).

Sensex Crashes 1,800 Points; Nifty Trades Below 14,700 Mark (Today's Market)

Feb 26, 2021 02:30 pm

The BSE Sensex is trading down by 1,464 points, while the NSE Nifty is trading down by 423 points.

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