Sensex Gains 450 Points, Nifty Above 15,750; Bajaj Finance & Tata Steel Top Gainers

Thu, 22 Jul 09:30 am

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Asian share markets are trading higher today tracking the optimism in US stocks. Stock markets in Japan are closed for a holiday.

The Hang Seng is up 1.9% while the Shanghai Composite is trading higher by 0.3%.

In US stock markets, Wall Street indices posted their second straight daily gains on Wednesday, with robust corporate earnings and renewed optimism about the US economic recovery fueling a risk-on rally.

The Dow Jones Industrial Average rose 286 points, or 0.8% while the Nasdaq Composite added 133 points, or 0.9%.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

Market participants will track shares of Hindustan Unilever (HUL), Bajaj Auto, Ultratech Cement, Biocon, Hindustan Zinc, Indiamart Intermesh and Wockhardt as these companies will release their quarterly earnings today.

The BSE Sensex is trading up by 425 points. Meanwhile, the NSE Nifty is trading higher by 129 points.

Bajaj Finance is among the top gainers today. Asian Paints, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.8% and 1.2%, respectively.

Barring power stocks, all sectoral indices are trading in green with stocks in the metal sector and finance sector witnessing most of the buying interest.

Shares of Avenue Supermarts and Mphasis hit their 52-week highs today.

The rupee is trading at 74.41 against the US$.

Gold prices are trading down by 0.6% at Rs 47,579 per 10 grams.

Meanwhile, silver prices are trading up by 0.8% at Rs 67,149 per kg.

Speaking of the current stock market scenario, note that the BSE smallcap index has surged 188% since the crash in March 2020.

Despite the index being up more than 1.8 times, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

The 188% gain in the smallcap index in current rebound is way short of almost 300% gains in the last two rebound cycles.

Here's what Richa wrote in a recent edition of Profit Hunter...

• The Smallcap to Sensex ratio, a metric I often refer to get a sense of relative valuations, currently stands at 0.49 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.

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.

If you get these two things right, smallcaps will work wonders for you.

In latest developments from the IPO space, Glenmark Life Sciences, the subsidiary of pharma major Glenmark Pharma, will open its initial public offering (IPO) for subscription on 27 July.

The offer will close on 29 July.

This is the 29th public offering to hit the primary markets in the current year 2021.

The price band for the offer has been fixed at Rs 695-720 per equity share.

The IPO comprises a fresh issue of Rs 10.6 bn and an offer for sale (OFS) of 6.3 m equity shares by promoter Glenmark Pharma.

The company has strong market share in select specialized APIs.

About 12 years before Glenmark Life Sciences filed its draft red herring prospectus (DRHP) for an IPO, its wholly-owned entity, Glenmark Generics had filed its draft prospectus and had even received approval from the markets regulator.

But the IPO was eventually cancelled along with other planned issues as the market conditions were not conducive.

Back then, Glenmark Generics housed Glenmark's generics and active pharmaceutical ingredients (API) business. This was eventually amalgamated into the parent firm, reversing the decision to hive off the business in fiscal 2009.

In the same fiscal year, another hive-off was done, but only of the API business into Glenmark Life Sciences.

Once listed, Glenmark Life Sciences will join peers Divi's Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma.

How the IPO of Glenmark Life Sciences sails through remains to be seen.

Speaking of stock markets, India's #1 trader Vijay Bhambwani explains why natural gas prices will follow crude oil downwards, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

Moving on to news from the banking sector, IDFC and IDFC Bank are among the top buzzing stocks today.

The Reserve Bank of India (RBI) has allowed IDFC to exit the IDFC First Bank.

In a regulatory filing made to the BSE, IDFC said that the RBI on 20 July clarified that "after the expiry of lock-in period of 5 years, IDFC can exit as the promoter of 'IDFC FIRST Bank.

Accordingly, the company can now exit as promoter of IDFC First Bank, as the five year lock-in period has ended.

This could pave the way for a potential reverse merger between IDFC and IDFC First Bank.

IDFC Bank was created by demerger of the infrastructure lending business of IDFC to IDFC Bank in 2015.

Reports suggest that shareholders of IDFC stand to benefit as a reverse merger could help unlock shareholder value, removing the holding company discount for IDFC shareholders. Currently the holding company discount for IDFC stands at 27.7%.

Earlier this month RBI had allowed the holding companies of Equitas SFB and Ujjivan Small Finance Bank to reverse merger with the bank.

IDFC share price and IDFC First Bank share price have opened the day up by 17.3% and 2.9%, respectively.

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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