Sensex Gains 200 Points to Top 58,000, Nifty Above 17,250; Eicher Motors & Titan Rise 2%

Fri, 3 Sep 09:30 am

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Asian share markets opened on a mixed note today as investors took heart from US rallies as they look ahead to US job data due later in the day.

The Hang Seng is trading down by 0.6%, while the Shanghai Composite is down 0.2%. The Nikkei is trading higher by 1.8%.

In US stock markets, Wall Street indices moved higher overnight after jobless claims data suggested the US labour market was charging ahead even as new Covid-19 infections surge.

Data on Thursday showed the number of Americans filing new claims for jobless benefits fell last week, although the focus will be on the Labour Department's monthly jobs report today to set the stage for the Federal Reserve's policy meeting later this month.

The Dow Jones Industrial Average rose 131 points, or 0.4% while the Nasdaq Composite added 22 points, or 0.1%.

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

The BSE Sensex is trading up by 180 points. Meanwhile, the NSE Nifty is trading higher by 44 points.

Titan and Eicher Motors are among the top gainers today. HDFC Life, 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 0.3% and 0.5%, respectively.

Barring FMCG and IT, all sectoral indices have opened in green with stocks in the realty sector and energy sector witnessing most of the buying interest.

Shares of L&T Technology and Titan hit their 52-week highs today.

The rupee is trading at 73.06 against the US$.

Gold prices are trading up by 0.2% at Rs 47,100 per 10 grams.

Meanwhile, silver prices are trading at Rs 63,348 per kg.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader, Vijay Bhambwani, shares his top six day trading hacks.

Tune in to the video below to find out more:

In news from the IPO space, the initial public offer (IPO) of Ami Organics continued to see strong demand on the second day of bidding on Thursday.

The offer was subscribed 3.9 times by 5:00 pm. It has seen applications for 2,55,07,200 shares against 65,42,342 shares that are on offer.

Ami Organics is eyeing to raise about Rs 5.7 bn through its primary offering. The issue consists of issuance of fresh equity shares worth Rs 2 bn and an offer for sale (OFS) by promoters and existing shareholders of up to 6,059,600 equity shares.

The IPO is priced in a band of Rs 603-610 per share. Investors can make a bid for a minimum of 28 equity shares and in multiples of 28 shares thereafter.

Meanwhile, the issue by Vijaya Diagnostics has received a tepid response from all categories.

The portion reserved for retail investors was subscribed 0.74 times the issue size on the second day.

Overall, the issue was subscribed 0.47 times. The IPO has received bids for 11.8 m equity shares against the IPO size of 25 m equity shares.

Today is the last day to subscribe to both these issues.

How these IPOs sail through on the last day remains to be seen. Generally, most bids come on the last day.

Moving on to stock specific news...

HDFC Life Insurance is among the top buzzing stocks today.

HDFC Life today announced that its board has approved acquisition of 100% of the share capital of Exide Life Insurance for a total consideration of Rs 66.9 bn.

HDFC Life will acquire 100% stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of Rs 685 per share and a cash payout of Rs 7.3 bn.

The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition.

The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory and other approvals.

Note that shares of the company had surged 6% yesterday after it was reported that the company is likely to raise as much as US$1 bn from investors.

While the purpose of the fund raise was not immediately clear, analysts suggested that the company could use the capital to cover the rise in claims in the June quarter due to Covid-19 and fund future growth.

The company's board will meet today to raise funds through issue of equity shares on a preferential basis.

HDFC Life Insurance share price has opened the day down by 3.4%.

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.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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