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SGX Nifty Up 36 Points, FPI Selling in July, HUL vs Emami Case, and Top Buzzing Stocks Today
Thu, 9 Jul Pre-Open | Monish Vora, TM Team

Indian share markets witnessed selling pressure in the last hour of trading and ended their session on a negative note yesterday.

At the closing bell yesterday, the BSE Sensex snapped its 5-day winning streak and stood lower by 345 points (down 0.9%).

The NSE Nifty closed lower by 93 points (down 0.9%).

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 0.4%.

On the sectoral front, losses were largely seen in the realty sector, IT sector, and auto sector.

Metal stocks, on the other hand, witnessed buying interest.

At 8:00 am today, the SGX Nifty was trading up by 36 points, or 0.34% higher at 10,720 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

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Top Stocks in Focus Today

Mphasis will be among the top buzzing stocks today after the company signed a multi-year deal with Royal Bank of Scotland (RBS).

Reportedly, Mphasis will work with RBS to deliver advanced transformation to testing services through its Testing Centre for Excellence (TCoE).

The collaboration will see Mphasis co-invest and co-create speed to market solutions.

Market participants will be tracking chemical stocks today.

Shares of companies in the chemicals, commodities and specialty chemicals space witnessed buying interest yesterday amid reports that the government is planning to offer tax incentives to promote 'Make in India' for the chemical sector.

Shares of Tamilnadu Petroproducts, IG Petrochemicals, Thirumalai Chemicals, Sudarshan Chemical Industries, Himadri Speciality Chemical, National Peroxide, GHCL and Nocil were trading up in the range of 5-15%.

IndusInd Bank share price will also be in focus today.

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The stock of the lender witnessed buying interest yesterday after media reports suggested that US-based hedge fund Route One Investment Company has initiated talks to increase its stake in the private lender.

Reports stated that Route One Investment Company had initiated talks to increase its stake in the Hinduja Group-backed lender, which is exploring multiple options to strengthen its Balance Sheet and raise capital. It also claimed that the Reserve Bank of India (RBI) has already approved Route One Investment plans.

The fund currently holds 5.41% in the company and plans to raise its stake to 9.9% via a preferential allotment of shares.

Promoters of the company had said last month that they would increase stake in the lender and subsequently bought shares from the open market. A back of envelope calculation shows that they grabbed over 19 lakh shares of the company in June.

FPIs Pull Out Rs 37.4 Billion in Three Trading Sessions in July

Foreign portfolio investors (FPIs) have pulled out Rs 37.4 billion from the Indian markets in just three trading sessions of July.

FPIs withdrew a net sum of Rs 39.6 billion from the equities but invested a net Rs 2.2 billion in debt segment between July 1-3.

This translated into a total net withdrawal of Rs 37.4 billion during the period under review.

The latest withdrawal has come after investment of Rs 240.5 billion by FPIs in domestic markets in June. FPIs turned net buyers after remaining net sellers for three consecutive months.

Market participants attributed this to profit booking and appreciation in the rupee over the last few weeks.

It will be interesting to see how this trend pans out in coming days. We will keep you updated on all the developments from this space. Stay tuned.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

In her latest video, Richa Agarwal, editor of our premium smallcap service Hidden Treasure, shares her thoughts on what this could mean for the rebound in smallcaps and how to make the most of it.

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Meanwhile, here's an interesting market data reported by Economic Times recently.

Nearly,1.2 million new demat accounts were opened in the month of March and April during the lockdown.

Most people are drawn to trading because of the availability of free time during the lockdown. It doesn't take much of an effort to enter the markets. But it would take hell of an effort to survive and profit from the market.

If you are one of those new to trading, and if you want to learn more about using technical analysis and charts to improve your trading, then read this free article here: The Secret to Success in Intra-Day Trading.

Bombay HC Grants Interim Relief to HUL

FMCG major HUL has got a temporary relief from the Bombay High Court after Emami was told to give HUL seven days of advance notice before initiating legal proceedings on its trademark "Glow and Handsome".

HUL moved the court after Emami said it would take legal action against the company as it already owns "Emami Fair and Glow" brand.

HUL had recently dropped the word "fair" from its skin cream, replacing it with "Glow" Glow & Lovely for women and Glow & Handsome for men.

Justice BP Colabwalla, while hearing the HUL application filed under the Trade Marks Act, said that it appeared prima facie that HUL had applied for the trademark application in September 2018 and later on June 20 this year.

HUL in its application said the defendant should give it at least seven days prior written notice before initiating any legal proceedings in any court or claiming any interim relief against HUL as threatened in the statements made by Emami.

The court directed Emami to grant seven days to HUL before starting legal proceedings. The matter was further scheduled to July 27.

Earlier this month on July 2, Emami held a press conference accusing HUL for violating the trademark law. The company also said it would take legal action against HUL as it already owns "Emami Glow and Handsome" skincare brand.

Note that this isn't the first the time the two companies are at loggerheads over their men's personal care portfolio.

Last year, HUL filed a petition against Emami for disparaging its Fair & Lovely cream in a television commercial.

In a 2018 injunction order against HUL, Emami sought to restrain HUL from publishing a TVC for the Fair & Lovely Men's brand over claims that it intends to "demean, disparage or denigrate Emami's product, Fair and Handsome Fairness Cream for Men, thus, interfering into the direct goodwill and business loss for the company".

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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


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Stock Market Updates

TUBE INVESTMENTS OF INDIA LTD Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Aug 7, 2020 03:34 PM

TUBE INVESTMENTS OF INDIA LTD share price is trading up by 5% and its current market price is Rs 558. The BSE CAPITAL GOODS is up by 0.5%. The top gainers in the BSE CAPITAL GOODS Index are TUBE INVESTMENTS OF INDIA LTD (up 5.2%) and HONEYWELL AUTOMATION (up 14.2%). The top losers are V GUARD INDUSTRIES (down 0.2%) and SKF INDIA (down 0.3%).

BANK OF BARODA Share Price Up by 5%; BSE BANKEX Index Up 0.4% (Today's Market)

Aug 7, 2020 03:34 PM

BANK OF BARODA share price is trading up by 5% and its current market price is Rs 49. The BSE BANKEX is up by 0.4%. The top gainers in the BSE BANKEX Index are BANK OF BARODA (up 5.1%) and RBL BANK LTD (up 9.7%). The top losers are AXIS BANK and SBI (down 0.2%).

ADANI TRANSMISSION Share Price Up by 9%; BSE POWER Index Up 1.4% (Today's Market)

Aug 7, 2020 03:34 PM

ADANI TRANSMISSION share price is trading up by 9% and its current market price is Rs 254. The BSE POWER is up by 1.4%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 9.0%) and JSW ENERGY (up 5.3%). The top losers are NTPC (down 0.3%) and KALPATARU POWER (down 0.5%).

ESSEL PROPACK Share Price Down by 5%; BSE 500 Index Up 0.3% (Today's Market)

Aug 7, 2020 03:14 PM

ESSEL PROPACK share price is trading down by 5% and its current market price is Rs 275. The BSE 500 is up by 0.3%. The top gainers in the BSE 500 Index are HONEYWELL AUTOMATION (up 11.7%) and RBL BANK LTD (up 10.0%). The top losers are ESSEL PROPACK (down 5.0%) and LUPIN (down 6.0%).

EMAMI LTD Share Price Up by 6%; BSE FMCG Index Up 0.8% (Today's Market)

Aug 7, 2020 02:26 PM

EMAMI LTD share price is trading up by 6% and its current market price is Rs 254. The BSE FMCG is up by 0.8%. The top gainers in the BSE FMCG Index are EMAMI LTD (up 6.2%) and GSK CONSUMER (up 5.1%). The top losers [TOPLOSERS].

Sensex Trades Marginally Lower; HCL Technologies & Infosys Top Losers (Today's Market)

Aug 7, 2020 12:30 pm

The BSE Sensex is trading down by 83 points, while the NSE Nifty is trading down by 18 points.

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