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Markets will remain closed on May 13, 2021 on account of Id-Ul-Fitr (Ramzan Id).

4 Reasons Why Sensex Ended 568 Points Higher Today
Fri, 26 Mar Closing | Yash Vora, TM Team

Indian share markets witnessed positive trading activity throughout the day today and ended on a strong note.

After witnessing two consecutive days of sell-off, benchmark indices rebounded sharply today with Sensex jumping more than 750 points in intraday trade and Nifty rising above 14,550.

At the closing bell, the BSE Sensex stood higher by 568 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 182 points (up 1.3%).

Bajaj Finserv and Tata Steel were among the top gainers today.

UPL and Power Grid, on the other hand, were among the top losers today.

The SGX Nifty was trading at 14,610, up by 179 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.7% and 1.1%, respectively.

On the sectoral front, gains were largely seen in the metal sector, FMCG sector and telecom sector.

Market participants were tracking shares of JSW Steel and 3M India as they hit their respective 52-week highs today.

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Asian share markets ended higher today, tracking positive global cues.

The Shanghai Composite stood higher by 1.6%, while the Nikkei ended up by 1.5%. The Hang Seng ended higher by 1.6%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices with Dow Futures trading up by 87 points (up 0.3%).

The rupee is trading at 72.58 against the US$.

Gold prices are trading down by 0.1% at Rs 44,625 per 10 grams. Meanwhile, silver prices for the latest contract on MCX are trading up by 0.4% at Rs 65,129 per kg.

Speaking of silver, India's #1 trader, Vijay Bhambwani talks about why you should get excited about making profits in silver from Tesla's entry in India, in one of his videos for Fast Profits Daily.

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Speaking of the ongoing volatility in Indian stock markets, have a look at the two charts below, in the order they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

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Here are Top 4 Factors Why the Stock Market Were Up Today:

Positive Macro Data in the US: Better than expected US GDP data and a decline in the unemployment claims boosted stock market sentiment.

The number of Americans filing new claims for unemployment benefits dropped to a one-year low last week as economic activity rebounds after weather-related disruptions in February.

Gross domestic product increased at a 4.3% annualized rate, the Commerce Department said in its third estimate of fourth-quarter GDP growth.

Positive Global Cues: Major global markets rose today and the positive sentiment spilled to the Indian bourses too.

Asian stocks recovered from a three-month low, as investors focused more on optimism about the global economic recovery than rising tensions between the West and China.

Covid-19 Vaccination Picks Pace: With vaccination picking pace, market sentiment got a boost. Market participants took cues from this development and the indices witnessed buying interest.

Sectoral Gains: Market participants bought shares across the board after the recent correction bought valuations down. Auto, banking, financials, telecom, FMCG and IT - all indices witnessed strong gains today.

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!

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In news from the realty sector...

Real estate developers have urged the government of Maharashtra to extend the prevailing stamp duty rebate that expires on March 31, 2021 by a year, saying that the move had improved homebuyer sentiment and increased property registrations.

In a letter presented to Balasaheb Thorat, Revenue Minister, Maharashtra Government, CREDAI MCHI, a leading real estate body with over 1,800 member developers, said that the state government must extend the prevailing stamp duty rebate by 12 months until March 31, 2022.

It said that the move had "substantially improved homebuyer sentiments and property registrations, led to higher job creation and tax collections for the state. It has created a positive cascading effect enabling the industry to take a lead in the revival of Maharashtra's economy."

The industry body maintained that an elongated time frame to avail the reduced stamp duty charges will ensure the sustenance of the sales momentum that has witnessed record breaking property registrations in the past six months.

Note that on August 26, the Maharashtra government had announced to cut stamp duty on housing units from 5% to 2% until 31 December, 2020.

From January 1 to 31 March, 2021, the stamp duty charges were reduced to 3%.

On the occasion of Women's Day, the Maharashtra government announced a 1% cut on stamp duty charges if the transfer of house property or registration of sale deed is in the name of a woman.

Mumbai, the financial capital of India, witnessed a rise in property registration numbers in February, on the back of the above move.

In February 2021, properties worth Rs 117 billion were sold in Mumbai, up by 34% year-on-year (YoY), according to data shared by Propstack.

How this development pans out and what effect does it have on the real estate sector going forward remains to be seen.

Meanwhile, we will keep you updated on all the news from this space. Stay tuned.

Moving on to stock specific news...

Kalyan Jewellers was among the top buzzing stocks today as the company made a weak stock market debut today.

The stock of Kalyan Jewellers got listed at Rs 73.90 on BSE, a 15% discount to its issue price of Rs 87.

On NSE, the scrip debuted at Rs 73.95, down 15%.

The Rs 11.7 billion issue, which was sold between March 16 and 18, was subscribed 2.61 times.

Kalyan Jewellers is among the largest jewellery companies in India. The jeweller is engaged into designing, manufacturing and selling a variety of gold, studded as well as other products. It has 107 showrooms in all across 21 states. Besides, the company operates 30 showrooms in West Asia.

The company commands 1.8% market share in the jewellery market, while its share in the organised jewellery segment stands at 5.9%.

Stay tuned for more updates from this space.

In news from the IPO space...

The public issue of causal dining restaurants chain Barbeque Nation Hospitality was subscribed 4.2 times the time of closing stock market hours today - the final day of bidding.

The portion set aside for qualified institutional buyers witnessed a subscription of 3.6% and that of non-institutional investors received 24% bids.

The retail investors seem to be bullish on the last public issue in the month of March as their part was subscribed 11.9 times, while employees have put in 87% bids against their reserved portion.

The company has fixed a price band of Rs 498-500 per share for its initial share sale.

The initial public offer (IPO) comprises a fresh issue of shares worth Rs 1.8 billion and an offer-for-sale (OFS) of up to 54,57,470 equity shares.

At the upper end of the price band, the IPO is expected to fetch Rs 4.5 billion.

The company has already raised Rs 1.5 billion through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.

Proceeds from the issue will be utilised to fund the company's capital expenditure for expansion and opening of new restaurants besides, prepayment or repayment of certain borrowings and expenses related to general corporate purposes.

As of December 2020, Barbeque Nation Hospitality operates 147 outlets across India and six outlets across three countries - UAE, Oman and Malaysia.

Speaking of IPOs, note that four companies - Anupam Rasayan India, Craftsman Automation, Laxmi Organic Industries and Kalyan Jewellers will made their stock market debut this week.

In the first quarter of 2021, 16 companies launched public issues. Barbeque Nation Hospitality is the 17th public offer in Q1CY21.

With this, the total fund raising in 2021 through primary market, so far, stands at Rs 188 billion.

How the IPO of Barbeque Nation performs remains to be seen.

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!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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