Sensex Ends 222 Points Higher; Hindalco Among Top Nifty Gainers

Thu, 11 Feb Closing

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Indian share markets witnessed buying interest during closing hours today and ended their day on a positive note.

At the closing bell, the BSE Sensex stood higher by 222 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 66 points (up 0.4%).

Hindalco and Reliance were among the top gainers today.

Eicher Motors and Titan were among the top losers today.

The SGX Nifty was trading at 15,189, up by 51 points, at the time of writing.

The BSE Mid Cap index ended up by 0.5%. The BSE Small Cap index ended up by 1.1%.

Sectoral indices ended on a mixed note. Gains were largely seen in the energy sector and telecom sector.

Capital goods stocks, on the other hand, witnessed selling pressure.

Asian share markets ended on a positive note.

The Nikkei was up 0.2% while the Shanghai Composite stood higher by 1.4%. The Hang Seng ended up by 0.5%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices with Dow Futures trading up by 86 points (up 0.3%).

The rupee is trading at 72.84 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 47,994 per 10 grams.

Speaking of the precious metal, India's #1 trader, Vijay Bhambwani talks about why he thinks the bull market in gold has not come to an end and why he is still bullish on gold, in his latest video for Fast Profits Daily.

Tune in to find out more:

Also, speaking of the current stock market scenario, note that since the lows in March 2020, the smallcap index has gained more than 100%.

While caution is indeed warranted, Richa Agrawal, Research Analyst at Equitymaster, thinks there is still a lot more steam left to this smallcap rebound rally.

Have a look at the history of previous smallcap crashes and rebounds over the last two decades...

As you can see, every big fall in the smallcap index was followed by a sharp up move, a minimum gain 200%. Twice the rebounds were just shy of touching 300%.

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.

Moving on to stock specific news...

Coal India was among the top buzzing stocks today.

Coal India posted 21.4% year-on-year (YoY) fall in in its December (Q3FY21) quarter consolidated net profit at Rs 30.8 billion versus Rs 39.2 billion in the same quarter last year.

Its revenue was up 2.1% at Rs 236.8 billion versus Rs 231.9 billion.

The company's other income for the quarter was at Rs 6.4 billion versus Rs 14.1 billion.

In other news, Mumbai-based drug maker J B Chemicals & Pharmaceuticals witnessed buying interest today and hit fresh 52-week high of Rs 1,212.8 on the BSE. This came a day after the company announced December quarter earnings.

JB Chemicals' annual net profit in quarter ended December 2020 jumped 132% year-on-year (YoY) to Rs 1.5 billion from Rs 660 million during the same quarter last year.

Its revenues advanced 28% YoY to Rs 5.4 billion. The company had reported strong earnings in the December quarter on the back of higher operating profit margins.

JB Chemicals' earnings before interest, taxes, depreciation and amortization (EBITDA) or operating profit climbed 90% to Rs 1.7 billion and operating profit margin improved by 10% to 31.2%.

The management of the company said that overall, the business continued to show encouraging momentum and registered a very healthy growth rate in Q3. India business continues to witness a positive trend in the chronic segment and we are among the fastest growing companies in IPM.

The company in a press release said that domestic formulations maintained secular out-performance compared to IPM growth rates, driven by strength in chronic segments and expanding prescriber coverage.

In news from the IPO space...

Healthcare and wellness products distributor Nureca will open its initial public offering (IPO) for subscription on February 15, with the price band fixed at Rs 396-400 per share.

The company plans to raise Rs 1 billion through the issue, which includes a reservation of shares worth Rs 10 million for its employees. The eligible employees will get shares at a discount of Rs 20 a share.

Investors can bid for a minimum of 35 equity shares and in multiples of 35 shares thereafter. The issue will close on February 17, 2021.

Nureca will utilise the proceeds for incremental working capital requirements and general corporate purposes.

A B2C company, Nureca is engaged in the business of home healthcare and wellness products. The company enables its customers with tools to help them monitor chronic ailments and other diseases to improve their lifestyle.

The company sells products through online channel partners such as e-commerce players, distributors and retailer and through own website drtrust.in.

In other news, state-owned information and communications technology infrastructure provider RailTel Corporation of India has decided to launch its initial public offer (IPO) for subscription on February 16, 2021.

The price band for the public issue has been fixed at Rs 93-94 per share, which is 9.3-9.4 times the face value of equity shares. The offer will close on February 18, 2021.

The IPO is a complete offer for sale of 87 million equity shares by the Government of India (GoI). Of which, 500,000 equity shares may be reserved for the company's employees.

The offer will give Rs 8.2 billion at higher price band to the government. Hence, the company will not get any money from this offer. Investors can bid for a minimum 155 equity shares and in multiples of 155 equity shares thereafter.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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