Sensex Opens Marginally Higher; Tata Steel, ONGC and Hindalco Top Gainers

Tue, 24 Aug 09:30 am

   Previous Close   

   Pre-Open   

   12:30 pm   

   Closing   

Asian share markets rose today tracking Wall Street indices as investors drew comfort from full approval granted to the Pfizer/BioNTech vaccine.

The Hang Seng is up 1.5% while the Shanghai Composite is trading higher by 1%. The Nikkei is trading up by 0.9%.

In US stock markets, Wall Street indices rallied overnight, with the Nasdaq reaching an all-time closing high as sentiment was boosted by approval of a Covid-19 vaccine and market participants looked ahead to the Jackson Hole Symposium expected to convene later this week.

The Dow Jones Industrial Average rose 0.6% while the Nasdaq rallied 1.6%.

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

Investor sentiment has calmed down from the taper and geopolitical concerns as USFDA's has given full approval to Pfizer and BioNTech's Covid-19 vaccines.

Also, the Indian government's is planning to monetise assets to collect about Rs 6 tn to partly fund its infrastructure projects over four years ending 2024-25.

Two companies will list on the bourses today - Aptus Value Housing Finance and Chemplast Sanmar.

The BSE Sensex is trading up by 135 points. Meanwhile, the NSE Nifty is trading higher by 46 points.

Tata Steel is among the top gainers today. Maruti Suzuki, 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 0.6% and 0.2%, respectively.

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

Shares of Emami and Mindtree hit their 52-week highs today.

The rupee is trading at 74.09 against the US$.

Gold prices are trading down by 0.2% at Rs 47,495 per 10 grams.

Meanwhile, silver prices are trading down by 0.2% at Rs 62,779 per kg.

Speaking of stock markets, Richa Agarwal talks about why there is more juice left to the smallcap rally, in her latest video.

Smallcaps have witnessed a great run in the post Covid market rally. But what next? When is the next peak due?

Richa answers these questions in the video below. Tune in to find out more...

Moving on to stock specific news...

Zomato is among the top buzzing stocks today.

Yesterday, shares of Zomato fell as much as 10% as the 30-day lock-in period for anchor investors in Zomato's initial public offering (IPO) came to an end.

With the restrictions on sale of shares that these institutions got in the issue, they are now free to sell their holdings in the open market.

Zomato ended 8.8% lower at Rs 127 on the BSE yesterday, its biggest single-day decline since listing a month ago.

The company had raised Rs 42 bn from 186 anchor investors ahead of the IPO opening on 14 July by allotting 552.2 m shares at Rs 76 apiece.

Market regulator's rules say anchor investors, which are offered a portion of qualified institutional buyers' segment shares a day prior to the opening of the IPO, can sell their shares only 30 days after the listing.

In other news, in a very contrarian take on Zomato, brokerage firm ICICI Securities has initiated a bullish coverage on the company suggesting that the stock could see more upside from current levels.

The brokerage firm said,

• Despite limited operational history and network effect, food-tech adoption at 16% in the Next-500 towns is encouraging. With supply interventions and stronger network effect, we see scope for further increase in adoption also given the lower restaurant density here.

Note that Zomato has sparked a debate over its valuation after rising as much as 70% post its debut on the bourses last month.

Zomato share price has opened the day down by 2.9%.

Moving on to news from the automobile sector, the board of Eicher Motors has decided to reappoint Siddhartha Lal as Managing Director, with effect from 1 May 2021.

The board will now go back to shareholders for approval through postal ballot.

In an exchange filing, Eicher Motors said,

• Given the background of actual remuneration paid to the MD in preceding years, the board has now approved a revised remuneration structure for the post, with a maximum cap of 1.5% of profits as per Section 198 of the Companies Act.

Last week on 17 August, the shareholders at the company's 39th Annual General Meeting (AGM) had rejected the proposal for re-appointment of Siddhartha Lal as MD.

His reappointment as MD was voted down by the shareholders over a 10% hike in his salary proposed amid pandemic when the revenues and profits have been slow.

Speaking about the outcome of the AGM and specifically on the remuneration issue, S Sandilya, Chairman of Eicher said, the primary concern with investors was not Siddhartha's re-appointment as MD or the proposed compensation.

Shareholder's main concern was the lack of clarity regarding the enabling provision that potentially allowed payment of remuneration up to 3% of profits.

Note that Siddhartha Lal is credited with turning around Eicher Motors' fortunes through his razor-sharp focus on building the Royal Enfield brand and striking a joint venture deal with Swedish truck and bus maker Volvo.

When Siddhartha Lal entered the family business in the year 2000, Eicher's management was examining a sale or shutdown of the Royal Enfield business.

This was because at that time, Royal Enfield's motorcycle sales totaled 2,000 units per month.

From 2,000 units in the year 2000, Royal Enfield sells 70,000 units a month on an average at present.

The sales for few months in the past year were impacted due to the impact of nationwide lockdown.

It remains to be seen whether shareholder approve the revised proposal as previously, they rejected salary hike proposals of Guenter Butschek, the former MD of Tata Motors, as well as Neeraj Kanwar, the MD of Apollo Tyres.

Eicher Motors share price has opened the day up by 0.3%.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers