Sensex, Nifty Open Higher; Bajaj Finance & UltraTech Cement Top Gainers

Mon, 25 Jan 09:30 am

   Pre-Open   

   Momentum Moves   

   SGX Nifty   

   12:30 pm   

   Closing   

Asian stock markets are trading on a strong note today. The Hang Seng is trading up by 2% while the Shanghai Composite is up 0.6%. The Nikkei is trading higher by 0.4%.

US stock markets finished mixed on Friday although all three indices posted gains for the week.

The Dow Jones Industrial Average ended down by 0.6% while the tech heavy Nasdaq ended higher by 0.1%.

The Dow registered its fifth positive week in six while the S&P posted its third positive week in four. The Nasdaq advanced 4.2% last week for its best week since November and fifth positive week in six as shares of Big Tech names pushed the index to a new all-time high.

Back home, Indian share markets have opened on a positive note following the trend on SGX Nifty and tracking gains in Asian peers.

A total of 41 companies, including Larsen & Toubro, Aarti Drugs, and APL Apollo Tubes, are slated to announce their December quarter numbers today.

The BSE Sensex is trading up by 237 points. Meanwhile, the NSE Nifty is trading higher by 66 points.

UltraTech Cement is among the top gainers today. Reliance Industries, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened up by 0.2%.

Sectoral indices are trading on a mixed note with stocks in the finance sector and banking sector witnessing buying interest. Energy stocks are trading in red.

Shares of UltraTech Cement and Cyient hit their 52-week highs today.

The rupee is trading at 72.96 against the US$.

Gold prices are trading down by 0.1% at Rs 49,085 per 10 grams.

Speaking of the current stock market scenario, note that the market scaled new life-time highs last week, but it was the bears who took control. Benchmark indices - Sensex and Nifty - ended mostly flat last week but the momentum was in favour of the bears.

For the last two weeks, we have seen the markets facing resistance at higher levels. The bulls have been showing signs of tiring. Momentum was low when the market was going up and high when the market went down.

In our new video series called Momentum Moves, Brijesh Bhatia talks about what market participants can expect this week.

Tune in to the video to find out more:

In news from the IPO space, Kitchen appliances maker Stove Kraft is set to open its initial public offering (IPO) for subscription today.

This is the fourth company to launch an IPO in the current month after Indian Railway Finance Corporation (IRFC), Indigo Paints and Home First Finance Company.

The IPO comprises fresh issue of Rs 950 million by the company and offer for sale of 8.25 million equity shares by promoters and investors.

The company has fixed a price band of Rs 384-385 per share.

Stove Kraft aims to raise Rs 4.1 billion through this offer. The company already raised Rs 1.9 billion from anchor investors on January 22.

In other news, Blackstone, the world's largest alternative asset manager and the largest owner of commercial real estate in India, has filed a draft red herring prospectus (DRHP) with markets regulator for an IPO by its portfolio company Aadhar Housing Finance to raise Rs 73 billion.

As per reports, the IPO will be a combination of fresh and secondary issue of shares.

The listing of Aadhar Housing Finance would be the first IPO of an Indian portfolio company backed by the US private equity giant in the past five years.

In October 2015, SH Kelkar backed by Blackstone launched a Rs 5-billion IPO. The US based private equity major is also considering a 2021 IPO by its auto component firm Sona Comstar.

We will keep you updated on the latest developments from this space. Stay tuned.

In news from the realty sector, Oberoi Realty is among the top buzzing stocks today.

The Mumbai-based realty firm posted a 93.4% jump in profit after tax for Q3FY21, to Rs 2.9 billion from Rs 1.5 billion in Q3FY20.

The company said that sales in Mumbai Metropolitan Region boomed after the state government cut stamp duty and other levies last year.

The company's revenues went up 56% at Rs 8.4 billion in Q3FY21 as compared to Rs 5.4 billion in Q3FY20.

Commenting on the Q3FY21 results, Vikas Oberoi, Chairman & Managing Director, Oberoi Realty said, "Q3FY21 saw a convergence of multiple positive factors for resulting in our nine-month FY21 booking values surpassing the entire FY20 numbers. This assumes special significance considering that the beginning of FY21 has been severely impacted by the pandemic."

He added that the volumes during the quarter shows a clear shift of home buyers towards developers with financial stability and a proven track record.

Oberoi Realty share price has opened the day up by 1.8%.

Speaking of the realty sector, note that the sector was the top gainer last month with gains of 16%, followed by metal and IT sector with gains of 9.4%.

The government has been taking proactive measures in the form of moratoriums, tax cuts, construction premium cuts and project timeline deferrals, to help the recovery of real estate sector.

In August last year, the stamp duty rates were reduced from 5% to 2% till December 2020 and 3% till March 2021.

Maharashtra cabinet on January 6 cleared the proposal to reduce all premiums for on-going as well as new real estate projects by 50%, up to December 2021. The decision was taken after the recommendations of the Deepak Parekh committee.

The developers welcomed this strong decision of Maharashtra Government to boost real estate sector which generates maximum employment and had not seen pick up in sales for several years.

How realty stocks perform in the coming months remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on to news from the telecom sector, as per an article in The Economic Times, the telecom department may favourably consider requests by Reliance Jio Infocomm and Bharti Airtel to halve the notice period for starting services based on a new technology to six months, a move that may increase bidding interest in the upcoming spectrum auction.

If the Department of Telecommunications (DoT) approves the requests, the telcos will be allowed to offer 5G services on 4G spectrum bands such as 700 MHz or 800 MHz that also support the faster mobile standard and can be purchased in the March auction.

It's not clear when 5G airwaves in the 3,300-3,600 MHz bands will be auctioned. Both Airtel and Jio have written to reduce the pre-intimation notice period for a new service.

DoT is considering their requests and it is possible to reduce the notice period from one year to six months, said an official aware of the development.

Note that Jio has said it is 5G-ready and has developed its own eco-system that will make the telco a global 5G vendor.

Jio and Bharti Airtel are expected to be the major bidders in the spectrum auction. DoT aims to sell 2,250 MHz of 4G airwaves across seven bands from March 1, although it is yet to clear the air on when 5G airwaves will be auctioned.

The government may net Rs 400 billion from the auction in which airwaves worth Rs 3.92 lakh crore at the base price will be up for sale.

Jio is expected to spend Rs 200 billion, followed by Airtel, which is likely to spend Rs 100-150 billion in the auction.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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