Sensex Opens Marginally Higher; Dr Reddy's Lab and Titan Top Gainers

Thu, 2 Sep 09:30 am

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Asian share markets are cautious today as concerns grew over the Chinese economy after a run of soft data.

A raft of manufacturing surveys suggested supply bottlenecks were tightening again with eight of nine Asian countries reporting longer delivery times.

The Hang Seng is trading on a flat note while the Shanghai Composite is up 0.6%. The Nikkei is trading higher by 0.3%.

In US stock markets, the Nasdaq closed at a record high as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy.

The Dow Jones Industrial Average ended down by 0.1% while the Nasdaq gained 0.3%.

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

The BSE Sensex is trading up by 142 points. Meanwhile, the NSE Nifty is trading higher by 43 points.

Dr Reddy's Lab is among the top gainers today. Power Grid, 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 0.5% and 0.4%, respectively.

Sectoral indices are trading mixed with stocks in the FMCG sector and metal sector witnessing buying interest.

Oil & gas stocks, on the other hand, are trading in red.

Shares of United Breweries and Titan hit their 52-week highs today.

The rupee is trading at 73.04 against the US$.

Gold prices are trading up by 0.1% at Rs 47,072 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 63,633 per kg.

Crude oil prices fell today after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many US refiners remained offline.

Speaking of the current stock market scenario, despite the smallcap 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 gains 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 news from the mining sector, Vedanta is among the top buzzing stocks today.

Anil Agarwal-led Vedanta on Wednesday said its board has approved an interim dividend of Rs 18.50 per share for financial year 2022, amounting to Rs 68.8 bn.

This is the company's first dividend for the current fiscal with the record date set as 9 September for the purpose of payment of this dividend.

Vedanta's dividend declaration announcement comes following Hindustan Zinc's announcement on 17 August, regarding deferment of decision on likely interim dividend for fiscal 2022.

Hindustan Zinc in its exchange filing said that the record date of 26 August as initiated earlier stands called off.

Since the last couple of years, the company has announced only one dividend for that year. In 2021, the company had declared an interim dividend of Rs 9.50 per share, while in 2020, the company announced an interim dividend of Rs 3.90 per share.

Vedanta holds 64.92% stake in Hindustan Zinc.

In May 2020, Hindustan Zinc had declared close to Rs 70 bn of dividend. From this, Vedanta received a sum of Rs 45 bn, which it was supposed to pass on to the Vedanta shareholders in entirety as per the Dividend Distribution Policy (DDP).

Vedanta, however, departed from the formulated policy as it did not pass on the dividend received to its shareholders.

Vedanta share price has opened the day up by 1.3%.

Speaking of stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, talks about how you can create a second income from trading, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the automobile sector, Tata Motors will be forced to cutdown output in the coming months due to the global shortage of semiconductors.

Note that the semiconductor shortage has impacted the auto industry globally.

The recent lockdowns in East Asia have worsened the supply situation and hence, Tata Motors is forced to moderate production and offtake volumes in the coming months.

The company has not laid out any dates or specifications of the output cut.

Last month, India's largest carmaker Maruti Suzuki said that September volumes could be 40% of its normal monthly output due to non-availability of semiconductors. Due to this, it will keep its Haryana plants shut while Suzuki Motor Gujarat will shut its Gujarat plant.

Both these companies' decision to lower production comes just as its dealers prepare to place orders to build inventory with the start of the festive season.

Yesterday, Tata Motors reported sales in the domestic and international market for August 2021, which stood at 57,995 vehicles, compared to 36,505 units during August 2020. The company's SUV line-up helped it grow in sales.

The company sold 54,190 units in the domestic market in August 2021. Comparatively, Tata Motors had registered a sale of 35,420 in August 2020.

In the passenger vehicle segment, Tata Motors sale of 26,990 units compared to 18,277 units in August 2020. Sequentially, the sales were down.

Electric vehicle (EV) sales registered a good response as Tata Motors sold 1,022 units, a spike of 69%. Specifically, EV sales crossed a threshold of 1,000 units this month.

Tata Motors share price has opened the day down by 0.2%.

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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