Equity Fund Redemptions in November, Jet Airways Resolution Plan, and Top Buzzing Stocks Today

Tue, 8 Dec Pre-Open

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Indian share markets ended on a positive note yesterday.

The Sensex, which crossed the 45,000-mark last week for the first time, continued momentum and ended higher for the fourth consecutive session.

At the closing bell yesterday, the BSE Sensex stood higher by 181 points (up 0.4%).

The NSE Nifty closed higher by 37 points (up 0.3%).

TCS and UltraTech Cement were among the top gainers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.2% and 0.3%, respectively.

On the sectoral front, gains were largely seen in the IT sector and energy sector.

On the other hand, telecom sector was the top loser.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 49,825 per 10 grams at the time of closing stock market hours yesterday.

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Speaking of stock markets, in his latest video, Brijesh Bhatia, Research Analyst of Fast Profits Reports, shares his learnings from 15 years in the market.

In the video, he explains what separates the few successful traders from every other trader in the market.

Tune in to the video to find out more:

In case you missed his very first Equitymaster video, you can watch it here.

Top Stocks in Focus Today

HDFC Bank will be among the top buzzing stocks today.

India's largest private lender HDFC Bank has invested an undisclosed amount in investment startup Smallcase, as part of its recently-concluded US$ 14 million Series B funding round.

The smallcase platform is integrated with India's largest brokers, including Zerodha, HDFC Securities, Kotak Securities, 5Paisa and AxisDirect, to offer "smallcases" to their clients.

Founded in 2015 by Vasanth Kamath, Rohan Gupta and Anugrah Shrivastava, "smallcases" are model portfolios of stocks and exchange-traded funds (ETFs) that are created and managed by registered individuals and entities and accessible to retail investors.

Goodyear India share price will also be in focus today as the board of Goodyear approved an interim dividend of Rs 80 per equity share of face value of Rs 10 each, for the financial year 2020-21.

The interim date of the dividend has been fixed on December 15, 2020 for the purpose.

In the September quarter, the company had reported net profit of Rs 485.6 million as compared to Rs 377.9 million a year ago.

US-headquartered tyre major Goodyear has recently forayed into automotive lubricants segment in India.

Market participants will also track Yes Bank share price today. The stock of Yes Bank witnessed huge buying interest yesterday on hopes the stock will be upgraded to large cap category from midcap by mutual fund industry body AMFI.

As per news, Yes Bank and four other firms- Adani Enterprises, PI Industries, Hindustan Aeronautics and Jubilant Food-Works - are likely to get upgraded as part of the half-yearly market-cap categorization by mutual fund industry body Association of Mutual Funds in India (AMFI), which is expected to release a fresh list by January 5.

Jet Airways Resolution Plan: Airline to Restart Operations by Summer

In news from the aviation sector, as per a leading financial daily, Jet Airways, the full-service airline which went bankrupt last year, could be back in the skies as early as the summer.

Its new promoters, Murari Lal Jalan and Kalrock Capital, plan to start domestic and international flights with all the slots that were available to the airline before it stopped operations.

The promoters contemplated starting a new airline but chose to stick with the Jet brand due to its continuing value, connect with customers and important flight slots at various airports.

According to the resolution plan, Jet Airways intends to operate all of its historic domestic slots in India and restart international operations.

If everything goes according to plan, and the new consortium receives the National Company Law Tribunal's and other regulatory approvals on time, Jet Airways will be back in the skies by the summer of 2021, a statement issued by the company said.

On 18 October, lenders approved a resolution plan submitted by a consortium comprising UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan to revive and operate the airline, which was forced to shut operations in April last year due to a severe fund crunch and heavy debt burden.

AMFI Data: Equity Fund Redemptions at Rs 129 Billion in November

Stocks from the asset management companies (AMC) space will be in focus today after the AMFI data release.

Data released by the Association of Mutual Funds in India (AMFI) showed investors continued to redeem from their equity mutual fund holdings in November.

Equity funds witnessed net redemptions worth Rs 129.1 billion in November 2020, compared to Rs 27.2 billion in October 2020.

Hybrid schemes - which invest in stocks, bond and gold in varied proportions - also saw net exit of Rs 52.4 billion compared to Rs 16.8 billion in the previous month.

During November 2020, the number of systematic investment plan (SIP) accounts grew to 3.4 crore from 3.37 crore in October.

Monthly SIP contribution in November fell to Rs 73 billion compared to Rs 78 billion in October, according to AMFI.

Bond funds witnessed buying interest in the current low interest rate environment. All debt fund categories put together saw net inflows of Rs 449.8 billion in November. Low duration, short term and corporate bond funds saw net inflows of Rs 271 billion, Rs 130.9 billion and Rs 110.9 billion, respectively in November. Investor interest appears to be on the higher side with respect to short-term debt funds.

Gold ETFs saw net outflows of Rs 1.4 billion, compared to net inflow of Rs 3.8 billion in previous month. Gold ETFs have corrected 5.7% in the last one month due to weak gold prices.

It would be interesting to see how this trend pans out in the coming months. Meanwhile, we will keep you updated on all the 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.

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