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Indian Share Markets Open Marginally Higher; ICICI Bank & IndusInd Bank Top Gainers

Tue, 10 Nov 09:30 am

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Asian stock markets started strong on Tuesday as global investors cheered progress in the development of a coronavirus vaccine which lifted confidence in a world economic recovery.

The Hang Seng is trading up by 0.7% while the Nikkei is trading higher by 0.4%.

US stock markets soared and ended strong on Monday after the progress in development of a Covid-19 vaccine propelled stocks to hit new heights. The Dow Jones Industrial Average ended 835 points higher after hitting an intraday record on Pfizer vaccine news. The Nasdaq, however, ended 181 points lower.

Back home, Indian share markets have opened the day marginally higher, following the trend on SGX Nifty and positive global cues.

The BSE Sensex is trading up by 86 points. The NSE Nifty is trading up by 25 points.

ICICI Bank is among the top gainers today. Tech Mahindra, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 0.2%. The BSE Small Cap index is trading down by 0.1%.

Sectoral indices are trading on a mixed note with stocks in the banking sector and finance sector witnessing most of the buying interest.

IT stocks, on the other hand, are witnessing most selling pressure.

The rupee is trading at 74.02 against the US$.

Gold prices are witnessing selling pressure after Pfizer reported that its experimental COVID-19 vaccine is found to be more than 90% effective in preventing the novel coronavirus infection. Market participants went on to liquidate their long position in both gold and silver after this announcement and sent stock markets higher.

Pfizer share price surged over 12% at opening hours today on the back of above announcement.

Speaking of the current stock market scenario, in her latest video, Co-head of Research at Equitymaster, Tanushree Banerjee talks about what you should expect from the stock markets this time.

She explains how you should prepare your stocks so that they could make the most of the Covid second wave.

Tune in to the video to find out more:

In news from the IT sector, Tata Consultancy Services (TCS) is among the top buzzing stocks today.

India's largest IT services provider TCS is acquiring Postbank Systems AG from Deutsche Bank AG. The deal value is not disclosed yet.

Postbank Systems AG provides IT services to Deutsche Bank. TCS will acquire 100% of the shares of Postbank Systems and its 1,500 employees will become part of TCS. The technology is based in Germany and will help TCS expand its presence in the region.

The transaction is subject to both parties finalising further agreements by year-end-2020 and is subject to regulatory and governmental approvals.

TCS has lapped up companies in the past during economic downturns. During the Great Financial Crisis, the IT services provider completed the acquisition of Citigroup Inc's interest in Citigroup Global Services Ltd for US$ 512 million in cash.

TCS last made acquisitions in 2018. It acquired W12 Studios, a digital design studio based in London for an undisclosed amount. It also acquired BridgePoint Group, LLC, a US management consulting firm.

TCS share price has opened the day down by 2.7%.

In news from the mutual funds space, strong inflows in debt schemes lifted mutual fund industry assets to a record high at Rs 28.2 lakh crore at the end of October. However, this rise was partially limited by outflows from equity funds, data from mutual fund industry body AMFI showed.

With a net inflow of Rs 1.1 lakh crore in debt schemes and a net outflow of Rs 27.2 billion from equity funds, the fund industry recorded an overall positive flow of Rs 985.7 billion in October.

After showing a declining trend for seven consecutive months, systematic investment plan (SIP) inflows showed a marginal uptick during October. Monthly contribution from SIPs was at Rs 78 billion, up marginally from Rs 77.8 billion in September. At the end of the month, total SIP AUM rose to a little over Rs 3.4 lakh crore.

In the debt segment, the surge in assets came mainly from liquid, money market, short duration, corporate bond and ultra-short duration funds. On the equity side, while sectoral & thematic funds witnessed net flows, multi-cap and value & contra funds witnessed outflows.

Multi-cap funds saw outflows as the stock market regulator-imposed deadline for these schemes to rejig their portfolio neared.

How these numbers pan out in coming months remains to be seen. Meanwhile, we will keep you updated on all the latest developments from this space.

Speaking of mutual funds, note that on September 11, the capital markets regulator issued a circular directing multi-cap schemes to deploy at least 25% each in large-, mid-, and small-caps. At present, such schemes manage Rs 1.47 trillion in assets.

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 Richa, there could be a speculative rally across smallcaps.

Here's what she wrote about it in a recent edition of the Profit Hunter:

• It would be myopic and imprudent to bet on any smallcap in the hope of a regulation driven rally.
  
  That said, you must invest in smallcaps selectively with long-term horizon in mind.
  
  Here's why...

• You see, despite the rally in smallcaps since March, there is still a huge valuation gap between smallcaps and Sensex.
  
  The ratio of smallcaps to Sensex stands at 0.37 now, as compared to long-term average of 0.44 times.
  
  This means certain smallcaps will witness a significant rebound, irrespective of regulations.

Richa believes this could be a once in a decade opportunity to get rich from select smallcaps.

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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Indian Share Market Update: Top Gainers and Losers