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Factors Behind the 700 Point Rally in Sensex, Gland Pharma IPO, and Top Buzzing Stocks Today

Tue, 10 Nov Pre-Open

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   09:30 am   

   12:30 pm   

   Closing   

Indian share markets closed at record high levels yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 704 points (up 1.7%).

The NSE Nifty closed higher by 197 points (up 1.6%).

Divi's Laboratories and Bharti Airtel were among the top gainers.

The BSE Mid Cap index ended up by 1%. The BSE Small Cap index ended up by 0.6%.

On the sectoral front, gains were largely seen in the telecom sector, banking sector, and finance sector.

Gold prices were trading up by 0.6% at Rs 52,453 per 10 grams at the time of closing stock market hours yesterday.

Gold prices in domestic markets moved higher yesterday as the precious metal extended recent gains in the global market. Globally, gold prices edged higher supported by a weak dollar and hopes of more US stimulus amid optimism about the outlook under a Joe Biden presidency.

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

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about what happens to stock markets under the Joe Biden presidency, in one of his latest videos for Fast Profits Daily.

In the video below, Vijay also dissects Joe Biden's policies and how India will be affected by them.

Tune in here to find out more:

Top Stocks in Focus Today

ITC will be among the top buzzing stocks today.

Cigarettes-to-hotels major ITC was in focus yesterday as the company reported a standalone net profit of Rs 32.3 billion, down 19.7% year-on-year (YoY).

The company's revenue from operations rose a mere 0.1% to Rs 119.8 billion from Rs 118.7 billion a year ago.

Total revenue from cigarettes business dropped to Rs 51.2 billion from Rs 53.3 billion a year ago, while that from other FMCG businesses rose to 37.9 billion as compared to Rs 32.9 billion a year ago.

Lakshmi Vilas Bank will be in focus today as the company has reached out to the Clix Group with all the documents on its contingent liability related to Religare Finvest deposits, instruments the bank had set off against unpaid loans given to private firms of the erstwhile Religare promoters Malvinder and Shivinder Singh.

Market participants will also be tracking Biocon share price as the company said that the board of its subsidiary Biocon Biologics approved a capital infusion of US$ 150 million from Goldman Sachs.

Goldman Sachs will be issued optionally convertible debentures at a post-money equity valuation of US$ 3.9 billion.

According to Biocon CEO, Kiran Mazumdar Shaw, this transaction is a part of the overall strategic plan of value creation for the company's shareholders through Biocon Biologics.

Top 5 Factors Why Indian Stock Markets Rallied Yesterday

Joe Biden Wins US Presidential Election: Democratic candidate Joseph Biden won the 2020 United States presidential election after the state of Pennsylvania was called in his favour. Market participants are of the view that the Indian market is set to gain from Biden's Presidency.

As per experts, Biden's victory is most likely to be a favourable outcome for markets as it will instill confidence amongst investors by reducing policy uncertainty.

Strong Global Cues: Indian stock markets rose yesterday in sync with its major global peers as market participants cheered Biden's victory on expectations of stimulus and less regulatory reforms.

Foreign Inflows: Foreign institutional investors are seen having a bullish view on the Indian stock markets as they have pumped in Rs 133.9 billion into the Indian market in the month of November so far.

Improving Macroeconomic Data: Signs of improvement on the macroeconomic front also boosted stock market sentiment. Positive macroeconomic data on core sector growth, rebound in GST revenues, and robust power demand is driving economic recovery.

Strong Q2FY21 Earnings: Indian stock markets were also seen rising on the back of favorable September quarter result announcements from most companies.

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!

Gland Pharma IPO: Lackluster Start on First Day of Bidding Process

In news from the IPO space, Hyderabad-based Gland Pharma launched its maiden initial public offer (IPO) yesterday to raise around Rs 65 billion.

The IPO, however, had a lackluster start as the issue attracted just 2% bids in the first few hours of the bidding process yesterday.

The price band for the offer has been fixed at Rs 1,490-1,500 per share. The issue will close on 11 November.

The IPO, India's largest IPO in the pharma sector, comprises a fresh issue aggregating up to Rs 12.5 billion and an offer for sale of up to 34.9 million shares.

While China's Fosun Pharma Industrial Pte is offering to sell 19 million equity shares, Gland Celsus Bio Chemicals is planning to sell 10 million shares.

The other two shareholders Empower Discretionary Trust and Nilay Discretionary Trust are offloading 3.6 million and 1.8 million shares, respectively.

The company plans to utilize the fresh issue proceeds for funding incremental working capital requirements, capital expenditure requirements and for general corporate purposes.

The previous largest IPO in pharma space was Rs 17.4 billion raised by Eris Lifesciences in 2017 while Alkem Laboratories and Laurus Labs raised about Rs 13.5 billion each in 2015 and 2016, respectively.

So far in India, only 14 companies have raised over Rs 60 billion through IPOs.

So far in 2020, 11 companies have raised Rs 184.8 billion through IPOs of which SBI Cards and Payment Services alone has raised Rs 103.5 billion.

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

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 stock market.

You can check the same here: My View on the IPO Market

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!

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