Indian Share Markets Open Flat; HCL Tech & Bharti Airtel Top Gainers

Tue, 31 Aug 09:30 am

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Asian share markets are trading on a cautious note today following a mixed session on Wall Street.

The Hang Seng is down 1.5% while the Nikkei is up 0.2%. The Shanghai Composite is trading lower by 0.8%.

In US stock markets, Wall Street indices hit record highs as technology stocks jumped after the Federal Reserve's dovish comments eased fears of a sudden tapering.

The S&P 500 and the Nasdaq Composite added 0.4% and 0.9%, respectively. Meanwhile, the Dow Jones Industrial Average ended down by 0.2%.

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

Benchmark indices opened on a tepid note today, tracking weakness in other Asian markets as China's August PMI readings for both manufacturing and services disappointed investors.

The BSE Sensex is trading up by 114 points. Meanwhile, the NSE Nifty is trading higher by 29 points.

HCL Tech is among the top gainers today. M&M, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.2% while the BSE Small Cap index is trading higher by 0.5%.

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

Shares of Deepak Nitrite and IEX hit their 52-week highs today.

The rupee is trading at 73.22 against the US$.

Gold prices are trading up by 0.2% at Rs 47,271 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 63,025 per kg.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani, talks about how you should trade in the month of September, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the insurance sector, as per an article in The Economic Times, the government may limit overseas investment in state-owned Life Insurance Corporation (LIC) at 20%, at par with that for public sector banks (PSBs).

Here's an excerpt from the article.

• A 20% limit still gives wide headroom given the size of LIC, said a government official, explaining why the Centre may seek this lower limit against the 74% overseas investment allowed in private sector insurers and banks.

Under foreign portfolio investment (FPI) regulation and Foreign Exchange Management Act (Fema) rules, 24% overseas investment is typically allowed in listed companies, unless there are sector-specific caps as in insurance.

India's biggest life insurer is expected to make its initial public offer (IPO) later this year.

This IPO is expected to be the biggest ever in the Indian markets, pegged at about Rs 1 lakh crore.

The LIC Act, which governs the insurer, does not mention foreign investment and also limits any shareholder other than the central government to a maximum 5% stake.

Regulation rules have already been amended to allow companies with an expected market capitalisation of more than Rs 1 lakh crore at the time of listing to sell only 5% of their shares against the earlier limit of 10%, a move intended to benefit the LIC stake sale.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of the insurance sector, have a look at the chart below which shows the investment assets of non-life insurers and life insurers over the past 10 years:

Investment Assets of Non-Life Insurers 11x That of Life Insurers

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, the above chart is enough proof of how big an earning opportunity is the zero-cost float to the non-life insurers. Their investment assets under management is nearly 11 times that of life insurers.

Back in April 2021, Tanushree recommended a high-quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

Moving on to stock specific news...

Macrotech Developers (Lodha) is among the top buzzing stocks today.

Mumbai-based Macrotech Developers has become India's second most valuable listed real estate firm, overtaking Godrej Properties.

Erstwhile known as Lodha Developers, the company closed with a marketcap of Rs 417.7 bn yesterday after its shares surged 4.8%.

Meanwhile, Godrej Properties ended up 1.5% from its previous close with a marketcap of Rs 415.4 bn.

DLF continues to remain India's top real estate developer with a market cap of Rs 791.4 bn.

Note that shares of Macrotech have gained nearly 90% from its issue price of Rs 486 a share. The company's public issue had received a tepid response.

The rally in the stock can be attributed to the company's reduced debt levels as Macrotech has steadily reduced its debt and improved business momentum. It is aiming to become net debt-free by 2024.

As of June 2021, its net debt stood at Rs 125 bn, down 22% from fiscal year 2021.

The company plans to launch 5 m sq. ft of projects worth Rs 64 bn this year. Additionally, Rs 78 bn worth of completed inventory and Rs 172 bn worth of ongoing project inventory is available to drive sales towards the Rs 90 bn target.

The steep rise in shares can also be attributed to brokerage houses initiating coverage on the stock.

Macrotech Developers share price has opened the day up by 1%.

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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Indian Share Market Update: Top Gainers and Losers