Sensex, Nifty End Higher as Auto & Power Stocks Witness Buying; Tata Motors Rallies 9%

Mon, 11 Oct Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended marginally higher.

Benchmark indices scaled fresh peaks with the NSE Nifty hitting the 18,000 mark for the first time ever, shrugging off weakness in other Asian markets.

Gains in automobile, metal, financial and power stocks pushed the market higher, though sharp losses in IT shares such as TCS and Infosys limited the upside.

At the closing bell, the BSE Sensex stood higher by 77 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 51 points (up 0.3%).

Tata Motors and Coal India were among the top gainers today.

TCS and Tech Mahindra, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,950, up by 50 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.6%.

Sectoral indices ended on a positive note with stocks in the power sector and auto sector witnessing most of the buying interest.

IT stocks, on the other hand, witnessed selling pressure.

Shares of Avenue Supermarts and Solar Industries hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended up by 2%, while the Shanghai Composite ended on a flat note. The Nikkei ended up by 1.6% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 74 points.

The rupee is trading at 75.36 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 46,980 per 10 grams.

Speaking of precious metals, India's #1 trader Vijay Bhambwani discusses whether you should buy silver ETFs, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the food & tobacco sector, Radico Khaitan was among the top buzzing stocks today.

Shares of Radico Khaitan were up over 5% on the BSE today after the company revealed that it has ventured into two new luxury products.

Radico Khaitan has unveiled two new luxury products in the brown and white spirit categories - Magic Moments Dazzle Vodka and Royal Ranthambore Heritage Collection Royal Crafted Whisky.

Both Magic Moments Dazzle and Royal Ranthambore will be available in select stores in Delhi, Karnataka, Uttar Pradesh, Goa, Maharashtra, Rajasthan and Haryana in the first phase of launch.

In a statement, the company said,

• In the pursuit to expand our product base in the premium whisky category, Radico Khaitan is all set to offer most luxurious Indian whisky by the name of Royal Ranthambore Heritage Collection-Royal Crafted Whisky.
  
  We are extremely optimistic about the fact that this brand will be a game changer in this space and will undisputedly be the most phenomenal trend setter.

To expand the vodka category, they are doing a number of things including new flavours, new expressions and now an ultra-premium offering by the name of Magic Moments Dazzle Vodka.

Radico Khaitan, formerly Rampur Distillery & Chemical Company, is an Indian company that manufactures industrial alcohol, Indian made foreign liquor, country liquor and fertilizers. It is the fourth largest Indian liquor company.

Radico Khaitan share price ended the day up by 5.2% on the BSE.

Speaking of the current stock market scenario, note that the BSE smallcap index has surged more than 180% since the crash in March 2020.

Despite the index being up more than 1.8 times, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

The Smallcap to Sensex ratio, a metric referred to get a sense of relative valuations, currently stands at 0.48 times. To be sure, this is higher than a median of 0.43 times.

And yet, it's the lowest of all the peaks in the smallcaps so far. In the last cycle which peaked in January 2018, when the ratio touched 0.49, the peak was still 9 months away.

Here's what Richa wrote in one of the editions of Profit Hunter...

• When it comes to buying smallcap stocks, especially at this point in the rebound rally, you will need a bottom up approach, and a long term horizon.
  
  In fact, if you don't have the stomach to withstand a 20%-30% kind of corrections and volatility, this space may not be for you at all. And you should stop reading right here.

As per Richa, smallcaps are a great opportunity to make some big returns. But you need to stay disciplined when it comes to allocating money. And you need to be sharp when picking the right stocks.

Moving on to news from the IPO space...

Blackstone may get 5x returns on Fino Investment

US private equity (PE) major Blackstone Group is likely to make more than five times return on its investment in Fino Payments Bank when the latter goes ahead with its public listing planned for next month.

The Navi Mumbai-based scheduled commercial bank is a fully-owned subsidiary of Fino Paytech, which is backed by marquee investors such as Blackstone Group, Mauritius-based Headland Asian Ventures Fund 3 (HAV 3 Holdings), Intel Capital, World Bank unit and global development finance institution international finance corporation (IFC), ICICI Group and Bharat Petroleum (BPCL).

The decision on shareholding dilution will be decided by November.

New York-headquartered Blackstone Group had first invested Rs 1.5 bn (approximately US$33 m) in Fino Limited, now Fino Payments Bank, for a significant minority stake in July 2011.

With an expected valuation of Rs 53 bn for the upcoming initial public offering (IPO), its 15.13% stake in the company is now valued at more than Rs 8 bn.

Thus, the investor is set to make annualized returns of close to 18% with its initial investment growing by more than 5.3 times.

Besides, Fino has already expressed its intent of looking to raise a pre-IPO round and a rights issue of Rs 750 m at the holding company level (Fino Paytech).

According to a media report, the proceeds of this rights issue will go to a microfinance subsidiary, Fino Finance.

If the listing goes ahead as planned, it will be the third IPO for a Blackstone portfolio company this year after Sona Comstar and TaskUS.

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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