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Sensex Jumps Over 400 Points, Reliance and ITC Top Gainers
Mon, 31 May 12:30 pm

Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 412 points, up 0.8% at 51,835 levels.

Meanwhile, the NSE Nifty is trading up by 109 points.

Reliance and ITC are among the top gainers today. Adani Ports & SEZ and Mahindra & Mahindra are among the top losers today.

The BSE Mid Cap index is trading up by 0.5%.

The BSE Small Cap index is trading up by 0.7%.

On the sectoral front, stocks from the energy sector, are witnessing most of the buying interest.

On the other hand, stocks from the automobile sector, are witnessing most of the selling pressure.

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The rupee is trading at 72.51 against the US$.

Gold prices are trading up by 0.3% at Rs 48,700 per 10 grams.

In international markets, gold prices were steady above the key US$ 1,900-level today after US consumer price data boosted the precious metal's shine as an inflation hedge. Spot gold advanced 0.2% to US$ 1,907 an ounce to extend its gains this month by nearly 8%.

Tracking positive global cues, gold prices edged higher in Indian markets today. On MCX, June gold futures traded 0.3% higher at Rs 48,662 per 10 grams.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. 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, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is PNB Housing Finance.

PNB Housing Finance share price spiked 20% to hit an upper circuit of Rs 525.2 on the BSE after the company said its board has approved a capital raise of up to Rs 40 bn, led by entities affiliated to American private equity firm Carlyle Group.

Pluto Investments, an affiliated entity of Carlyle Asia Partners IV and Carlyle Asia Partners V has agreed to invest up to Rs 31.9 bn through a preferential allotment of equity shares and warrants at Rs 390 per share, the company said in an exchange filing.

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Existing shareholders of the company, funds managed by Ares SSG and General Atlantic, are also participating in the capital raise. PNB will continue to be the promoter and a key stakeholder in the company.

The transaction is subject to customary regulatory approvals as well as shareholder approval.

According to the market regulator's Takeover Regulations, the proposed transaction will trigger a mandatory open offer by Pluto Investments for the purchase of up to 26% equity shares of PNB Housing Finance from public shareholders, the bank further added.

The key objective of raising capital is to augment capital adequacy, reduce gearing and accelerate growth with a focus on retail housing including self-employed and affordable housing loans such as the Unnati segment.

Assuming full capital infusion (including warrants) and no other change to the 2021 financials, the capital adequacy ratio (CAR) of the company would increase from 18.7% to over 28% and gearing would decline from 6.7x to less than 5x, PNB Housing said.

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We will keep you posted on updates from this space. Stay tuned.

At the time of writing, shares of PNB Housing Finance were trading up by 20% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about the future of paper money, in his latest video for Fast Profits Daily.

Tune in here to find out more:

In news from the automobile sector...

Mahindra & Mahindra Share Price Falls Despite Profitable Quarter

Mahindra and Mahindra (M&M) share price was trading lower by more than 6% in intra-day trade today even as the company reported a strong set of numbers for the March 2021 quarter.

The company reported a net profit of Rs 1.6 bn against a loss of Rs 32.5 bn in the same period last year. The massive loss of Rs 32.5 bn in March 2020 was due to the write-down of investment in Ssangyong and other international subsidiaries.

The company's automotive business registered a 42.7% year-on-year (YoY) growth in revenue at Rs 78.6 bn and a 73.1% YoY growth in earnings before interest and tax (EBIT) at Rs 3.9 bn.

However, the automaker expects it will take at least another two years for car sales to return to their pre-pandemic peak. A slow pace of vaccinations could hurt recovery prospects, it said.

Mahindra Chief Executive Officer Anish Shah said that sales would rebound by the fiscal year 2023 if a majority of the country's population is inoculated and new Covid-19 cases ease, helping the economy recover.

Mr Shah expects the pace of vaccinations in India to pick up in June but said it would be a concern if that does not happen.

How the company perform in the next quarter remains to be seen. Meanwhile, stay tuned for more updates from this space.

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!

Read the latest Market Commentary

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

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Stock Market Updates

Sensex Trades Marginally Higher, Dow Futures Down by 122 Points (Today's Market)

Jul 30, 2021 12:30 pm

BSE Sensex is trading up by 91 points, while the NSE Nifty is up by 33 points.

QUESS CORP Share Price Up by 5%; BSE IT Index Up 0.7% (Today's Market)

Jul 30, 2021 10:56 AM

QUESS CORP share price is trading up by 5% and its current market price is Rs 874. The BSE IT is up by 0.7%. The top gainers in the BSE IT Index are QUESS CORP (up 5.2%) and TECH MAHINDRA (up 9.3%). The top losers are INFOSYS (down 0.1%) and WIPRO (down 0.3%).

Sensex, Nifty Open Flat; Tech Mahindra Zooms 8% Post June Quarter Results (Today's Market)

Jul 30, 2021 09:30 am

Indian share markets open flat. The BSE Sensex opened down by 16 points, while the Nifty is trading lower by 9 points.

RATNAMANI METALS Share Price Up by 5%; BSE METAL Index Up 0.3% (Today's Market)

Jul 30, 2021 09:35 AM

RATNAMANI METALS share price is trading up by 5% and its current market price is Rs 2,208. The BSE METAL is up by 0.3%. The top gainers in the BSE METAL Index is RATNAMANI METALS (up 5.3%). The top losers are SAIL (down 0.1%) and HINDALCO (down 0.5%).

MOTILAL OSWAL Share Price Down by 6%; BSE 500 Index Up 0.1% (Today's Market)

Jul 30, 2021 09:31 AM

MOTILAL OSWAL share price is trading down by 6% and its current market price is Rs 1,007. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are TECH MAHINDRA (up 7.8%) and TEJAS NETWORKS (up 5.0%). The top losers are MOTILAL OSWAL (down 5.9%) and SWAN ENERGY (down 6.3%).

TECH MAHINDRA at All Time High; BSE IT Index Up 0.6% (Today's Market)

Jul 30, 2021 09:31 AM

TECH MAHINDRA share price has hit an all time high at Rs 1,217 (up 7.8%). The BSE IT Index is up by 0.6%. Among the top gainers in the BSE IT Index today are TECH MAHINDRA (up 7.8%) and ORACLE FINANCIAL (up 1.0%). The top losers include HEXAWARE TECHNOLOGIES and INFOSYS (down 0.1%).

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