Sensex Soars 696 Points, Nifty Settles Above 17,750; IndusInd Bank & Bajaj Finserv Rally 5%

Wed, 2 Feb Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended on a strong note.

Benchmark indices opened gap-up in today's session and smoothly extended gains during the day amid buoyed market sentiment and budget euphoria.

At the closing bell, the BSE Sensex stood higher by 696 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 203 points (up 1.2%).

IndusInd Bank and Bajaj Finserv were among the top gainers today.

Tech Mahindra and UltraTech Cement, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,810, up by 213 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.1% and 1.5%, respectively.

Sectoral indices ended on a positive note with stocks in the banking sector, finance sector and consumer durables sector witnessing buying interest.

Shares of Sun Pharma and AU Small Finance Bank hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended up by 1.1%, while the Shanghai Composite ended down by 1%. The Nikkei ended up by 1.7% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 46 points.

The rupee is trading at 74.84 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 47,810 per 10 grams.

Speaking of stock markets, Brijesh Bhatia discusses stocks to buy after Union Budget, in his latest video for Fast Profits Daily.

Brijesh has used point and figure charts to develop a trading system which identifies the best budget stocks to trade.

In news from the banking sector, HDFC was among the top buzzing stocks today.

Mortgage lender HDFC today reported an 11% rise in its standalone net profit for the third quarter ended December 2021 at Rs 32.6 bn compared to Rs 29.3 bn in the same quarter last year.

Its total revenue from operations rose to Rs 117.8 bn from Rs 117.1 bn year on year (YoY). The net interest income (NII) for the quarter ended 31 December 2021 stood at Rs 42.8 bn compared to Rs 40.1 bn in the previous year. Its Net Interest Margin (NIM) came at 3.6%.

As at 31 December 2021, the assets under management (AUM) stood at Rs 6.2 tn against Rs 5.5 tn in the previous year, and individual loans comprise 79% of the AUM. On an AUM basis, the growth in the individual loan book was 16% and growth in the total AUM was 12%, the company said.

In December 2021, the corporation recorded its second highest monthly individual disbursements ever. This is despite the fact that the previous year entailed concessional stamp duty benefits in certain states which was not there in the current year.

The demand for home loans and pipeline of loan applications continues to remain strong. Growth in home loans was seen in both, the affordable housing segment as well as in high end properties. The increasing sales momentum and new project launches augurs well for the housing sector, it added.

HDFC share price ended the day up by 2.2% on the BSE.

Moving on to news from the realty sector...

HCC Group to Sell Baharampore-Farakka Highways to Cube Highways

HCC Group said it has signed an agreement with Cube Highways for sale of Baharampore-Farakka Highways (BFHL) at an enterprise value of Rs 12.8 bn.

BFHL is a 101-km highway that forms part of National Highway-12 in West Bengal connecting Kolkata and the port of Haldia to north Bengal and northeastern states of India.

The company has signed binding terms with Cube Highways and Infrastructure V Pte Ltd (Cube Highways) for 100% sale of BFHL at an enterprise value of Rs 12.3 bn, implying an equity valuation of Rs 6 bn. In addition to the equity value, Rs 2 bn of earnout is payable in May 2024 contingent on achieving revenue thresholds.

HCC Concessions (HCON) will be entitled to a material revenue share for the life of the concession. HCON will be securitising part of these future BFHL receivables through a loan of up to Rs 3 bn, resulting in total liquidity to the group of up to Rs 9 bn.

BFHL has a balance concession period of 19 years. The transaction is subject to closing adjustments, customary due diligence, and approvals, including from the National Highways Authority of India (NHAI).

Baharampore-Farakka Highways is a special purpose vehicle of HCON which was incorporated on 11 March 2010, for design, build, finance, operate, and transfer (DBFOT) toll of the four-lane highway between Baharampore and Farakka section of NH-12 (earlier NH-34) in West Bengal under NHDP Phase III.

HCC share price ended the day up by 0.9% on the BSE.

Speaking of the current stock market scenario, note that the BSE smallcap index has surged more than 200% since the crash in March 2020.

Despite the index being up more than 2 times, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2022 and beyond.

Here's why...

The Smallcap to Sensex ratio, a metric referred to get a sense of relative valuations, currently stands at 0.48 times. To be sure, this is higher than a median of 0.43 times.

And yet, it's the lowest of all the peaks in the smallcaps so far. In the last cycle which peaked in January 2018, when the ratio touched 0.49, the peak was still 9 months away.

Here's what Richa wrote in one of the editions of Profit Hunter...

• When it comes to buying smallcap stocks, especially at this point in the rebound rally, you will need a bottom up approach, and a long term horizon.
  
  In fact, if you don't have the stomach to withstand a 20%-30% kind of corrections and volatility, this space may not be for you at all. And you should stop reading right here.

As per Richa, smallcaps are a great opportunity to make some big returns. But you need to stay disciplined when it comes to allocating money. And you need to be sharp when picking the right stocks.

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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