Sensex Trades Over 200 Points Higher; Dow Futures Up by 65 Points

Fri, 5 Feb 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 240 points, up 0.5% at 50,854 levels.

Meanwhile, the NSE Nifty is trading up by 66 points.

SBI and Kotak Mahindra Bank are among the top gainers today. Bharti Airtel and UPL are among the top losers today.

The BSE Mid Cap index is trading down by 0.2%.

The BSE Small Cap index is trading up by 0.2%.

On the sectoral front, stocks from the banking sector, witnessing most of the buying interest.

On the other hand, stocks from the telecom sector are witnessing most of the selling pressure.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 57 points (up 0.4%) while Dow Futures are trading up by 65 points (up 0.2%)

The rupee is trading at 72.89 against the US$.

Gold prices are trading up by 0.4% at Rs 46,880 per 10 grams.

Gold prices today struggled to edge higher after a sharp four-day fall. On MCX gold futures were up 0.3% to Rs 46,857 per 10 grams. In the previous session, gold had dropped over Rs 1,000 or 2% per 10 gram while silver had slumped Rs 1,500 or 2.1% per kg.

Note that the recent fall in global prices and import duty cut in the Budget 2020-21 has pushed gold prices in India to near seven-month lows. In August, gold had hit a record high of Rs 56,200 per 10 grams.

In global markets, gold prices edged up but still remained below the key psychological US$ 1,800 level. Spot gold added 0.2%, after dropping over 2% in the previous session. A stronger US dollar and rising US Treasury yields dented gold's appeal.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Speaking of silver, India's #1 trader, Vijay Bhambwani lists the sectors he is most bullish about in the market, in his latest video for Fast Profits Daily.

Tune in to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is Hero MotoCorp.

Hero MotoCorp said it has set up a separate vertical to drive its new business of Harley-Davidson products and merchandise distribution in the country.

The country's largest two-wheeler maker also said it has appointed Ravi Avalur as the business unit head of the new vertical. He will report to Hero MotoCorp Chairman and CEO Pawan Munjal.The company has commenced wholesale dispatches of Harley-Davidson products to dealers from January 18, 2021. The company further said that it has on-boarded 11 existing Harley-Davidson dealers in key geographies across the country.

In September last year, Harley-Davidson announced discontinuation of sales and manufacturing operations in India, a decade after it started selling its premium bikes in the country. In late-October, Hero MotoCorp and Harley-Davidson announced a partnership for the Indian market.As part of the deal, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name in the country. Besides, it will take care of service and parts requirements for Harley bikes.

Further, Hero MotoCorp would sell Harley accessories and general merchandise, riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and its existing sales network in the country.

At the time of writing, Hero MotoCorp share price was trading down by 0.1% on the BSE.

Speaking of the automobile sector, note that the sector has rebounded sharply from its March lows.

The auto index entered the greed phase in September 2019 and will stay there until December 2021. This means there is still a lot of fuel left for auto stocks.

How automobile stocks perform in the coming months remains to be seen.

Moving on to news from the ipo space...

Stove Kraft Debuts At 29% Premium Over Issue Price

Kitchen appliance maker, Stove Kraft got listed at Rs 467 on BSE today (February 5, 2021), at a premium of 21.3% over the issue price. On NSE, the stock debuted at Rs 498, up 29.4% from the issue price.The Rs 4.1 billion initial public offering (IPO), which ran from January 25, 2021 to January 28, 2021 was subscribed 18 times, with non-institutional investors bidding 32.7 times the allocated quota of shares.

The issue comprised a fresh issue of up to Rs 950 million and an offer for sale (OFS) of up to 825,000 equity shares. The price range for the offer was at Rs 384-385 apiece. Stove Kraft had raised a little over Rs 1.8 billion from anchor investors.

The IPO was also priced at 34.5 times of the company's Price to Earnings (P/E) Ratio on a trailing basis, while its peers TTK Prestige and Hawkins Cookers were trading at 61 times and 47.5 times, respectively.

This is most likely because the kitchen appliance maker's brand value, margins and return on capital are lower than its peers, and, even as it has improved its profitability on the back of cost-cutting measures of late, such a trend is unsustainable. The issue was managed by Edelweiss Financial Services and JM Financial Consultants.

We will keep you posted for more updates from this space. Stay tuned.

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

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