Sensex Opens Marginally Lower; M&M Dips 6% Post March Quarter Results

Mon, 31 May 09:30 am

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Asian stock markets are trading on a negative note today as investors continue to weigh inflation risks and the strength of the economic recovery.

The Hang Seng is down 0.5% while the Nikkei is trading lower by 1%. The Shanghai Composite is trading down by 0.2%.

In US stock markets, Wall Street indices climbed on Friday as investors brushed off a stronger-than-expected inflation reading.

The tech-heavy Nasdaq  added 0.1%, but was down 1.5% for the month. The decline snapped a six-month long winning streak.

Meanwhile, the Dow Jones Industrial Average rose 0.4%.

Stock markets in the US and UK are closed today for a holiday, but US stock futures are still trading in Asia with the Nasdaq up 0.2% and S&P 500 ahead by 0.1%.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty.

Market participants will track Aurobindo Pharma share price and Chemcon Specialty Chemicals share price as these companies will announce their March quarter results later today.

On the macroeconomic front, GDP data for the March quarter is slated to be out today, along with the core sector data for April.

The BSE Sensex is trading down by 64 points. Meanwhile, the NSE Nifty is trading lower by 18 points.

Infosys is among the top gainers today. IndusInd Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4%. The BSE Small Cap index is trading on a flat note.

Sectoral indices are trading on a mixed note with stocks in the metal sector and telecom sector witnessing buying interest.

Automobile stocks and IT stocks, on the other hand, are trading in red.

Shares of Heidelberg Cement and Redington hit their 52-week highs today.

The rupee is trading at 73.05 against the US$.

Gold prices are trading up by 0.1% at Rs 48,606 per 10 grams.

Meanwhile, silver prices are trading up by 0.6% at Rs 72,020 per kg.

Among gold ETFs, HDFC Gold ETF and SBI Gold ETF are among the top gainers today.

Speaking of the current stock market scenario, note that smallcap stocks are on a roll recently.

Despite the BSE Smallcap index being up more than 157% since the March 2020 lows, Richa believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

As can be seen from the chart above, the rebound in the smallcap index at 157% is way below past rebounds which have ranged from 210% to 293%.

Here's what Richa wrote in a recent edition of Profit Hunter...

• There's consolidation happening in the smallcap space. The survivors and resilient players are not just see fundamental upside but are also likely to get rerated.
  
  But there is more to stock markets than smallcaps.
  
  And it will be good to see how different stock classes are stacked against each other.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

In latest developments from the IPO space, digital payments and financial services firm Paytm's board was scheduled to meet on Friday last week to deliberate on the company's IPO plans.

Latest developments suggest that Paytm's board has given its in-principle approval for the Rs 220 bn IPO.

The company plans to file for the IPO by July. This will be India's largest IPO, which will surpass Coal India's IPO.

The IPO is scheduled to take place in the October-December quarter this year.

This IPO will give some of the existing investors to offload some of their stake. Some of the company's shareholders include Alibaba's Ant Group (29.71%), Softbank Vision Fund (19.63%), and Saif Partners (18.56%).

Founder and CEO Vijay Shekhar Sharma holds 14.67% stake in the company.

AGH Holding, T Rowe Price and Discovery Capital, and Warren Buffett's Berkshire Hathaway also hold stakes in the company but that amounts to less than 10%.

Note that several other Indian startups have also planned their IPOs. Zomato is expected to be the first to go public, and aims to raise US$1.1 bn.

Meanwhile, logistics startup Delhivery, which is also planning an IPO next year, has raised around US$277 m.

The funding round was led by Fidelity and also included Singapore's sovereign wealth fund GIC. Scotland's Baillie Gifford and Abu-Dhabi-based fund Chimera came in as new investors.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia talks about why he thinks the Nifty will cross 16,000 levels.

As per Brijesh banking and financial services stocks will lead the Nifty to a new all-time high.

Want to know why? Tune in to the below video to find out...

Moving on to news from the media sector, Affle (India) is among the top buzzing stocks today.

Mobile advertising firm Affle (India) on Saturday posted a nearly three-fold jump in its consolidated profit at Rs 587 m for the quarter ended 31 March 2021.

It had a net profit of Rs 200 m in the same quarter a year ago.

The company's revenues during the quarter jumped to Rs 1.8 bn from Rs 0.8 bn in the year-ago period.

Affle delivered broad-based growth from both existing and new customers across the top 10 resilient industry verticals, it said in a statement.

MD and CEO Anuj Khanna Sohum said,

• Financial year 2021 was a landmark year for Affle. We successfully laid Affle 2.0 strategic foundation for the decade ahead anchored on our 2V - Vernacular and Verticalization strategy and our ecosystem level mobile OEM and Operator partnerships.

For fiscal year 2020-21, Affle posted a profit of Rs 1.3 bn compared to Rs 0.7 bn in the previous year.

Revenues increased to Rs 5.6 bn in 2020-21 compared to Rs 3.4 bn in the previous year.

Affle (India) share price has opened the day up by 2%.

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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