Indian Indices End Flat; Shree Cement and Kotak Mahindra Bank Among Top Nifty Losers

Wed, 11 Aug Closing

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

Benchmark indices erased early gains and turned negative after witnessing selling pressure in afternoon deals, dragged by banking stocks.

At the closing bell, the BSE Sensex stood lower by 29 points (down 0.1%).

Meanwhile, the NSE Nifty closed higher by 2 points (up 0.1%).

Tata Steel and JSW Steel were among the top gainers today.

Shree Cement and Kotak Mahindra Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,290, up by 13 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.3% and 0.8%, respectively.

Sectoral indices ended on a mixed note with stocks in the healthcare sector, banking sector and consumer durables sector witnessing most of the selling pressure.

Energy and power stocks, on the other hand, witnessed buying interest.

Shares of Siemens and Alkem Laboratories hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today ahead of key report on US inflation.

The Hang Seng ended the day up by 0.2%, while the Shanghai Composite ended on a flat note.

The Nikkei ended up by 0.7% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading up by 19 points.

The rupee is trading at 74.43 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 46,033 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares a simple hack to boost intraday profits, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

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

Private sector lender Yes Bank is looking to partner with investors to set up an asset reconstruction company and has appointed Ernst & Young (EY) as its process advisor, according to a public notice released today.

EY invites expressions of interest (EoI) from interested investors with strong financial capability and possessing substantial experience in the distressed asset space, with whom the bank will partner in relation to creation of an asset reconstruction company (ARC).

The prospective investor would be the lead partner or sponsor of the ARC and the bank will act as the other significant partner or sponsor.

Potential investors, including foreign institutional investors, foreign portfolio investors, private equity, venture capital funds, domestic & foreign investment institutions, asset management entities, among others should have a minimum asset under management and funds deployed, globally of at least US$5 bn.

They should also have demonstrated ability to commit funds for investment in Indian companies or assets of about US$0.5 bn.

That apart, potential investors should have global experience of dealing in distressed asset space and established track record of turnaround of stressed assets and meet the 'fit and proper' criteria as per the Reserve Bank of India (RBI) guidelines.

Yes Bank had earlier attempted to start an asset reconstruction company, but the proposal was turned down by RBI.

In an interview with Reuters on 10 February 2021, the bank's managing director and chief executive, Prashant Kumar, had said the lender was expecting to transfer nearly Rs500 bn of bad loans to the ARC.

Yes Bank share price ended the day down by 2.9% on the BSE.

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 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 a recent edition 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.

Moving on to news from the pharma sector...

Lupin Slides 7% Even as PAT Jumps Over 400%

Shares of Lupin slumped by around 7% to Rs 1043.2 per share on the BSE intraday trade today, despite good but below street's expectations first-quarter numbers.

The pharma major reported a four-fold jump in its profit to Rs 5.5 bn in the June-ended quarter of the financial year 2021-22, as compared to Rs 1.1 bn in the same period a year ago.

The significant jump in June quarter net profit was on account of robust sales and income received from biopharmaceutical firm Boehringer Ingelheim for achieving key milestones for its novel MEK inhibitor compound collaboration.

The sales of the company during June quarter grew by over 22% to Rs 42.4 bn year on year (YoY) basis, while its earnings before interest, tax, depreciation, and amortisation (EBITDA) margin surged by 810 basis points (bps) to 23.4% during the quarter from 15.3% in the same period last year.

This stock is one of the favourites of an ace investor Rakesh Jhunjhunwala with an investment of Rs 8 bn, he held 7.2 m shares, which comprises of 1.6%, as per the June-end quarter shareholding pattern available on BSE.

Lupin MD Nilesh Gupta said,

• While the quarter's profits were bolstered by the Boehringer Ingelheim MEK program income, despite a tough operating environment, we see substantial room for growth.

Lupin sees meaningful uplift in the second half and remains focused on its journey of expanding margins through driving strong double-digit revenue growth and optimising costs, while ensuring the safety of its people and the highest standards of compliance, he added.

Lupin share price ended the day down by 5.9% on the BSE.

How the company performs in the next quarter remains to be seen. Meanwhile, stay tuned for more updates from this space.

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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