Sensex Opens Marginally Higher; Bharti Airtel Jumps Over 8%

Wed, 28 Oct 09:30 am

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Asian share markets are lower today as worries about a surge in coronavirus cases and dwindling hopes for a US stimulus package kept investors gloomy.

The Nikkei is trading down by 0.3% and the Hang Seng is trading lower by 0.4%.

In US, Wall Street indices closed little changed on Tuesday, with the Dow and S&P 500 slipping on disappointing earnings and little hope for a US coronavirus stimulus before Election Day.

The Dow Jones Industrial Average fell 0.8% while the Nasdaq gained 0.6%.

Back home, Indian share markets have opened the day on a positive note.

Market participants are tracking L&T share price and Hero MotoCorp share price as these companies are slated to announce their financial results for the September quarter today.

Hero MotoCorp also announced on Tuesday that it will sell and service Harley-Davidson motorcycles, and sell parts and accessories through the network of Harley-Davidson dealers and Hero's existing dealership network in India.

The BSE Sensex is trading up by 83 points. The NSE Nifty is trading higher by 23 points.

Bharti Airtel is among the top gainers today. Kotak Mahindra Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 0.1%. The BSE Small Cap index is trading up by 0.2%.

Sectoral indices are trading mixed with stocks in the banking sector and metal sector witnessing selling pressure. Telecom stocks, on the other hand, are trading in green.

Speaking of the current stock market scenario, note that Indian share markets have climbed back to their highest levels since the pandemic began.

The Sensex is trading above the 40,000-mark. Meanwhile, the Nifty went past the 12,000-mark earlier this month.

The smallcap index is up more than 60% since 23 March.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, there could still be a lot of steam left to this smallcap rebound rally.

Have a look at the history of previous smallcap crashes and rebounds over the last two decades...

As you can see, every big fall in the smallcap index was followed by a sharp up move, a minimum gain 200%. Twice the rebounds were just shy of touching 300%.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Moving on, the rupee is trading at 73.71 against the US$.

Gold prices are trading down by 0.2% at Rs 50,876 per 10 grams.

Note that gold prices are up about 30% so far this year in Indian markets. Most of these gains are seen as gold is seen as an inflation hedge amid unprecedented pandemic-driven stimulus across the world.

So, is the rally over? Will gold and silver prices fall?

India's #1 trader Vijay Bhambwani doesn't think so. Vijay believes the bull market still has a long way to go.

In one of his videos, he tells you why. Tune in to the video to find out more.

In news from the automobile sector, Tata Motors is among the top buzzing stocks today.

The company's consolidated net loss widened in the quarter ending 30 September 2020 to Rs 3.1 billion as against net loss of Rs 1.9 billion in the year-ago period. Tata Motors posted a loss for a third straight quarter.

Consolidated revenue from operations decreased 18% to Rs 535.3 billion as against Rs 654.3 billion in the year-ago period.

The company said its revenue in the six months ended September 30 had been impacted as the group's manufacturing plants and offices had to be closed down for a considerable period of time due to the Covid-19 pandemic.

The auto major said its Jaguar Land Rover (JLR) unit returned to profit with significant positive cash flow in the quarter as sales and revenue recovered from the impact of Covid-19 in fiscal Q1, but remain below the pre-Covid levels from a year ago.

JLR's retail sales of 113,569 units were up 53.3% quarter-on-quarter (QoQ) with almost all retailers now open, but the retail sales in most markets continued to be impacted by Covid-19 and hence were down 11.9% in total year-on-year.

The company also announced yesterday that it had recorded a massive 103% jump in bookings and 90% rise in passenger vehicles' retail this Navratri, compared to the same period in 2019.

Tata Motors share price has opened the day up by 0.7%.

Moving on to news from the media sector, Inox Leisure, India's second-largest multiplex operator, is preparing to raise as much as Rs 2.5 billion through a qualified institutional placement, hoping to attract investor attention with movie theatres reopening after a more than six-month closure.

Reports state that Inox is working with investment banks ICICI Securities and IIFL for the fundraise.

In August, when theatres were still shut, they had done a block deal of Rs 1 billion, selling Inox shares owned by their treasury. Now that theatres are reopening and various macro indicators are looking better, the company expects the share sale to see a good response from investors.

The block deal in August was done at Rs 233 per share.

The fundraising effort follows the government permitting movie theatres to resume screenings from 15 October with 50% capacity.

Inox's rival PVR had also raised Rs 3 billion in August through a rights issue.

Inox Leisure 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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