Indian Share Markets Open Higher; HDFC & IndusInd Bank Top Gainers

Wed, 21 Oct 09:30 am

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Asian stock markets are trading on a positive note today. The Hang Seng is trading up by 0.5% and the Nikkei is trading up by 0.3%.

In US markets, renewed stimulus hopes helped Wall Street indices to settle higher overnight, although wobbles in the tech sector kept a lid on investor sentiment.

The Dow Jones ended up 0.4% and the Nasdaq Composite rose 0.3%.

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

Investors will be tracking market regulator's chairman Ajay Tyagi's address to the investor community at industry body CII's Financial Markets Summit, scheduled later today.

Market participants will also track shares of Bajaj Finserv, Bajaj Finance, and UltraTech Cement as these companies are scheduled to announce their quarterly earnings today.

The BSE Sensex is trading up by 315 points. The NSE Nifty is trading higher by 88 points.

HDFC and IndusInd Bank are among the top gainers today. Nestle, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4%. The BSE Small Cap index opened up by 0.3%.

All sectoral indices are trading in green with stocks in the energy sector and automobile sector witnessing most of the buying interest.

The rupee is trading at 73.41 against the US$.

Gold prices are trading up by 0.3% at Rs 51,059 per 10 grams.

Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

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

Speaking of the current stock market scenario, note that Indian share markets have climbed back to their highest levels since the pandemic began.

The Sensex breached the 40,000-mark earlier this month. Meanwhile, the Nifty went past the 12,000-mark last week.

The smallcap index is up more than 60% since 23 March.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, there could still be a lot of steam left to this smallcap rebound rally.

Have a look at the history of previous smallcap crashes and rebounds over the last two decades...

As you can see, every big fall in the smallcap index was followed by a sharp up move, a minimum gain 200%. Twice the rebounds were just shy of touching 300%.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

In latest developments from the IPO space, the initial public offer of Equitas Small Finance Bank (ESFB) was subscribed 40% on the first day of bidding on Tuesday.

The Rs 5.2-billion IPO received bids for 4,54,01,850 shares against 11,58,50,001 shares on offer, as per data available with the NSE.

Non institutional investors category was subscribed 3% and retail portion was subscribed 85%.

The initial public offer comprises a fresh issue of Rs 2.8 billion and an offer for sale of 72 million shares.

ESFB, a subsidiary of Equitas Holdings, has fixed the price band for the IPO at Rs 32-33 per share.

Equitas Small Finance Bank has allotted 42,327,271 shares to 35 anchor investors and raised Rs 1.4 billion.

ICICI Prudential Life Insurance Company, SBI Life Insurance, Franklin India Smaller Companies Fund, Mirae Asset Large Cap Fund and HDFC Life Insurance Company are among the anchor investors.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on all the developments from this space. Stay tuned.

Speaking of IPOs, in one of his videos, Vijay Bhambwani shares his thoughts on the recent spate of IPOs and what it means for the market.

Tune in here to find out more:

Moving on to stock specific news...

Motherson Sumi is among the top buzzing stocks today.

Auto component major Motherson Sumi Systems on Tuesday said it has inked a pact to acquire Bombardier's Mexico-based electrical wiring interconnection systems (EWIS) business for around US$ 10 million.

The company through its Mexican subsidiary, Motherson Rolling Stocks (MRS), has signed an asset sale and purchase agreement to acquire the activities of EWIS at Bombardier Transportation's manufacturing site in Huehuetoca, Mexico.

In 2019, the company through a subsidiary had acquired Bombardier's UK rolling stock electrical component and systems business in Derby.

Now, with the execution of this definitive agreement, the relationship will expand to Mexico, the company said.

The transaction includes the transfer of assets, employees and inventories, on a debt-free and cash-free basis.

Motherson Sumi share price has opened the day up by 2%.

Apart from Motherson Sumi, market participants are also tracking Bajaj Auto share price.

Life Insurance Corporation of India (LIC) has increased its stake in Bajaj Auto to 6.4% in the September quarter from 4.76% in the June quarter.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers