Sensex Jumps 574 Points, Nifty Ends Above 17,100; Energy & Auto Stocks Witness Buying

Wed, 20 Apr Closing

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Indian share markets regained the lost ground today, after a sharp sell-off seen in the previous session.

Benchmark indices snapped their five-day losing streak and ended higher as auto, IT and energy stocks saw heavy buying.

At the closing bell, the BSE Sensex stood higher by 574 points, up 1%.

Meanwhile, the NSE Nifty climbed 178 points, ending above the 17,100-mark.

UltraTech Cement, Reliance Industries, and Maruti were the top gainers today.

Bajaj Finance, ICICI Bank, and Tata Steel, on the other hand, were among the top losers today.

In broader markets, the BSE Mid Cap index was up 0.5%, while the BSE Small Cap index ended higher by 0.4%.

The BSE auto index was the top sectoral gainer and closed 2.2% higher led by Eicher Motors, Tata Motors and Maruti Suzuki, which added over 3% each. Demand was also seen in IT, FMCG, and pharma sectors.

Shares of Capri Global and Swan Energy hit their 52 week high today.

Outside the home ground, Asian share markets ended mixed. At the close in Tokyo, the Nikkei added 0.9% while the Hang Seng dipped 0.5%. The Shanghai Composite dropped 1.4%.

Gold prices are trading down by 0.4% on MCX at Rs 52,516 per 10 grams.

Meanwhile, silver prices are trading down by 0.7% at Rs 68,265 per kg.

Speaking of stock markets, in her latest video, co-head of Research at Equitymaster Tanushree Banerjee discusses disruptive stocks and the must have rule to spot them.

In latest developments from the IPO space, Campus Activewear's initial public offering (IPO) will open next week on 26 April and close on 28 April.

The public issue of sports and athleisure footwear company comprises an entire offer for sale (OFS) of up to 47.9 m shares by its existing shareholders and promoters.

The company will finalise the basis of allotment on 4 May, and initiation of refunds or unblocking of funds from ASBA account will take place on 5 May.

Currently, promoters and promoters group hold 238 m equity shares, representing a 78.2% stake in the company.

Once listed, the company will join the likes of Bata India and Relaxo Footwears for competition.

According to the RHP, Campus Activewear claims a market share of 17% in branded sports and athleisure footwear industry in India by value for fiscal 2021.

Moving on to stock specific news...

HDFC was among the top buzzing stocks today.

Housing Development Finance Corporation (HDFC) will sell 10% equity in HDFC Capital to Abu Dhabi Investment Authority (ADIA) for Rs 1.8 bn.

HDFC Capital manages an approximately US$3 bn funding platform, recently rated as one of the world's largest private finance platforms focused on the development of affordable housing.

The company is aligned with the government's goal to increase housing supply and support the Pradhan Mantri Awas Yojana - 'Housing for All' initiative.

HDFC Capital aims to finance the development of 1 m affordable homes across the country.

The company is on a look-out for global investors and plans to raise additional funds to be invested in mid-income and affordable housing projects.

On this development, the chairman of HDFC Deepak Parekh said:

• This investment by ADIA will enable HDFC Capital to leverage ADIA's global expertise and experience to further propel HDFC Capital towards becoming a leading investment platform for global and local investors across multiple strategies and asset classes in the real estate and technology ecosystem.

Shares of HDFC stabilized today after a sharp sell-off witnessed during the last three trading sessions. The stock advanced 2%.

Another stock that buzzed today was Reliance Industries (RIL).

Shares of Reliance inched closer to their 52-week high which was hit in October 2021. The stock advanced over 3% on BSE, throttling the overall market.

The buying accelerated amid news that Relance Brands Limited (RBL), one of its subsidiaries, bought a 51% majority stake in Abu Jani Sandeep Khosla (AJSK) - a 35-year-old couture house.

RBL stated:

• The strategic partnership is aimed at accelerating the 35-year-old couture house's growth plans in India and across the globe.
  
  Based in Mumbai, Abu Jani and Sandeep Khosla are India's premier couturiers. An AJSK ensemble is considered a wise investment due to its repeat value.

Note that Reliance Industries has been strengthening its retail push via both online and offline channels.

We have already seen its shrewdness in the taking over of Future's assets, and numerous startups it has acquired in recent years.

The demand for Reliance shares was also fueled by expectations of strong fourth quarter numbers of Reliance Petrochemicals based on improving gross refining margin (GRM) in recently ended March 2022 quarter.

To know more about the company, check out Reliance Industries' financial fact sheet and its latest quarterly results.

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