Sensex Opens Strong, Nifty Above 17,650; Axis Bank, Tata Steel & SBI Top Gainers

Thu, 23 Sep 09:30 am

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Asian share markets are trading higher today, supported by positive news from struggling developer China Evergrande Group.

However, Evergrande's future still remains on edge as a major test awaits today when US$83.5 m in dollar-bond interest payments become due.

The Hang Seng is up 0.7% while the Shanghai Composite is trading higher by 0.6%.

In US stock markets, Wall Street indices ended sharply higher on Wednesday as investors took in stride the latest signals from the Fed, including clearing the way for the central bank to reduce its monthly bond purchases soon.

Both, the Dow Jones Industrial Average and the Nasdaq jumped 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 445 points. Meanwhile, the NSE Nifty is trading higher by 142 points.

Axis Bank and Tata Steel are among the top gainers today. TCS, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened higher by 1%.

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

The rupee is trading at 73.83 against the US$.

Gold prices are trading down by 0.6% at Rs 46,383 per 10 grams.

Meanwhile, silver prices slipped 1% to Rs 60,582 per kg.

Gold slipped today after the US Federal Reserve signalled easing its monthly bond purchases by next year and a sooner-than-expected interest rate hike.

This in turn, could increase the opportunity cost of holding gold.

As gold is often considered a hedge against higher inflation, a Fed rate hike would dull its appeal.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

Speaking of stock markets, Brijesh Bhatia explains why he is bullish on power stocks, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

In news from the IPO space, the initial public offer (IPO) of Paras Defence was subscribed to the extent of 40.6 times on its second day, according to data available with NSE till 5 pm yesterday.

The company has fixed the price band between Rs 165 to Rs 175 per share for its IPO. The offer will close for subscription today.

Ahead of its IPO, the company already raised Rs 344 m through a pre-IPO placement of 2.55 m shares.

The company intends to use the net proceeds of the issue for purchase of machinery and equipment, incremental working capital requirements, repaying certain borrowings, and general corporate purposes.

Paras Defence designs, develops, manufactures and tests defence and space engineering products and solutions. It is one of the private companies in the indigenously designed developed and manufactured category that caters to four major segments of India's defence sector.

Its Indian customers include Bharat Electronics, HAL, Bharat Dynamics, TCS, and Solar Industries among others.

This is the 42nd maiden public offer to open in 2021 and the fourth in September, after Ami Organics, Vijaya Diagnostic Centre and Sansera Engineering.

In other news from the IPO space, Data Patterns, which supplies electronic systems to defence and aerospace sector, has filed preliminary papers with the markets regulator to raise up Rs 6-7 bn through an IPO.

The public issue comprises a fresh issue of Rs 3 bn and an offer for sale (OFS) of 6.1 m equity shares by promoters and individual selling shareholders.

As per the DRHP, the company will also consider a pre-IPO placement aggregating for up to Rs 600 m. If such placement is undertaken, the amount raised will be reduced from the fresh issue.

Data Patterns works closely with the defence PSUs such as HAL and Bharat Electronics as well as government organizations involved in defence and space research like DRDO.

How this IPO sails through remains to be seen.

Moving on to stock specific news...

Bharti Airtel is among the top buzzing stocks today.

Telecom major Bharti Airtel's Rs 210-bn rights issue will open on 5 October. The company has fixed 28 September as the record date for rights entitlement in the issue.

On 29 August, its board had approved raising up to Rs 210 bn by way of rights issue, at a price of Rs 535 per share, including premium of Rs 230.

The rights entitlement ratio entails one equity share for every 14 shares held by eligible shareholders as on the record date.

Note that this huge fundraising activity will boost Airtel's firepower as the company competes in a fierce Indian telecom market.

As of June 2021, Bharti Airtel's net debt stood at over Rs 1.59 lakh crore.

Promoters hold 55.86% stake in the company while public holding stands at 44%.

Bharti Airtel share price has opened the day up by 0.4%.

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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