Sensex Ends 641 Points Higher; Hindustan Unilever & NTPC Among Top Nifty Gainers

Fri, 19 Mar Closing

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Indian share markets rebounded sharply from day's low today with both the benchmarks Sensex and Nifty trading over 1.2% higher led by strong gains in FMCG, metals and banking stocks.

Sentiment got a boost after US 10-year bond yield dipped sharply to 1.67% versus yesterday's high of 1.75%.

Buying was also seen after Moody's Analytics said India's economy is likely to grow by 12% in 2021 following a 7.1% contraction last year, as near-term prospects have turned more favourable.

In the global financial markets, the Bank of Japan today maintained its negative interest rate and tweaked its monetary easing program as it battles to boost inflation and shore up the pandemic-hit economy.

European stock markets slid at the open today, following sharp losses in Asia and overnight on Wall Street due to escalating fears that high inflation could hinder economic recovery from the pandemic.

At the closing bell, the BSE Sensex stood higher by 641 points (up 1.3%).

Meanwhile, the NSE Nifty closed higher by 186 points (up 1.3%).

Hindustan Unilever and NTPC were among the top gainers today.

Tech Mahindra, on the other hand, was among the top losers today.

The SGX Nifty was trading at 14,747, up by 152 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.4% and 0.4%, respectively.

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

Realty stocks, on the other hand, witnessed selling pressure.

Market participants were tracking shares of KPR Mill and Persistent Systems as they hit their respective 52-week highs today.

Asian share markets ended on a negative note today.

The Shanghai Composite stood lower by 1.6%, while the Nikkei ended down by 1.4%. The Hang Seng ended down by 1.4%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices with Dow Futures trading up by 36 points (up 0.1%).

The rupee is trading at 72.46 against the US$.

Gold prices are trading down by 0.1% at Rs 44,931 per 10 grams.

Gold prices fell today tracking a similar trend in global markets and a rebound in the dollar.

Losses were, however, capped given a sharp rise in coronavirus cases in India.

Speaking of gold, many gold bulls are doubting the long-term potential of gold as an investment.

In one of his videos for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about why you need to seriously consider buying gold now for the long term.

In the video, Vijay talks about the long-term potential of gold and explains why it's a good time to consider buying the yellow metal.

In news from the IPO space...

The initial public offering (IPO) of Nazara Technologies, which is backed by marquee investors Rakesh Jhunjhunwala and IIFL, was subscribed 61 times by noon hours today - the final day of bidding.

The issue received bids for 179.2 million equity shares against the issue size of 29.20 lakh equity shares.

The portion set aside for retail investors has been subscribed 64.7 times and that of employees 6.5 times. The company reserved Rs 20 million worth of shares for its employees.

Non-institutional investors' portion was subscribed 83.4 times, while qualified institutional buyers had bid for 49.8 times of the shares set aside for them.

The company is planning to raise around Rs 5.8 billion through this issue, of which it has already garnered Rs 2.6 billion via anchor book.

Goldman Sachs India, Government of Singapore, Aberdeen Standard Asia Focus, Fidelity Funds, Abu Dhabi Investment Authority, Nomura, Hornbill Orchid India Fund and Steadview Capital Mauritius, invested in the mobile gaming company through anchor book route.

The IPO is an offer for sale (OFS) of 5.3 million shares being sold in the price band of Rs 1,100-1,101 per equity share, representing a 16.7% stake in the company.

To know more, you can read our IPO analysis of the company here: Nazara Technologies IPO: Should You Apply?

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

Moving on to news from the FMCG sector, ITC was among the top buzzing stocks today.

Shares of the company rose 2% today, extending gains for the fifth consecutive day.

As per an article in a leading financial daily, ITC is readying a demerger plan. Going forward, ITC is expecting a big unlocking of value for shareholders, the article stated, quoting sources.

However, the company on Wednesday informed the stock exchanges that news with regard to a potential demerger of the company is "speculative in nature".

"If and when there is any material development with respect to the affairs of the company, the stock exchanges are kept advised", the company said in clarification issued to the bourses.

Earlier this week, it was reported that ITC is planning to expand its offerings in categories such as chocolates and staples, after a foray into cakes and milkshakes, as it tries to boost its food portfolio.

ITC is expected to launch packs of chocolates priced in the range of Rs 5 to 10, under the Fantastik brand, according to a BloombergQuint report.

Global financial firm Morgan Stanley initiated coverage with 'overweight' rating on the cigarette maker as it believes smoke is clearing for the stock. The stock climbed 4% on Thursday following the release of the report.

As per reports, the recent Union budget added to Morgan Stanley's confidence in ITC as there was no tax increase on tobacco despite lower government revenues.

ITC share price ended the day up by 2.4% today.

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009:

While the Sensex has offered 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.

Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes this outperformance could continue for many years.

With a rising population and standards of living, Indian's consumption demand for FMCG products will skyrocket over the coming years.

We are keeping a close eye on FMCG stocks and will keep you updated on all the news from this space. Stay tuned!

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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