Sensex Up 450 Points, Nifty Near 17,800; Realty & Metal Stocks Lead Rally

Mon, 1 Nov 10:30 am

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Asian share markets climbed today as traders digested the outcome of Japan's election and fresh all-time highs for US shares.

Asia's manufacturing activity grew in October as emerging economies saw Covid-19 infections subside, but rising input costs, material shortages and slowing Chinese growth cloud the outlook.

The Hang Seng is down 1.2%, while the Shanghai Composite is up 0.1%. The Nikkei is trading higher by 2.3%.

In US stock markets, Wall Street indices capped a choppy day of trading on Friday with modest gains.

The latest gains resulted the best month for the broader market in nearly a year, as investors balanced encouraging company earnings growth against concerns over rising inflation and supply chain disruptions.

The Dow Jones Industrial Average added 89 points to 35,820, while the S&P 500 rose 9 points to 4,605. The Nasdaq Composite gained 50 points to 15,498.

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

Market participants will track shares of HDFC, Tata Motors, IRCTC, and IRFC as these companies will announce their September quarter results today.

Meanwhile, as many as three IPOs including PB Fintech, SJS enterprises and Sigachi Industries will kick off today.

The BSE Sensex is trading up by 471 points. Meanwhile, the NSE Nifty is trading higher by 122 points.

Tata Steel and Bharti Airtel are among the top gainers today.

Bajaj Finserv, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 0.6% while the BSE Small Cap index is trading higher by 0.9%.

All sectoral indices are trading in green with stocks in the realty sector and metal sector witnessing most of the buying interest.

Shares of Blue Star and Minda Corporation hit their 52-week highs today.

The rupee is trading at 74.97 against the US$.

Gold prices are trading up by 0.1% at Rs 47,670 per 10 grams.

Meanwhile, silver prices are trading down by 0.2% at Rs 64,418 per kg.

Crude oil prices fell today after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on 4 November.

Speaking of stock markets, in his latest video, Co-head of Research at Equitymaster Rahul Shah talks about the selling plan one should have in place right before a market crash.

Does a perfect selling strategy exist? What are its key rules or principles?

Rahul answers these questions in the video below. Tune in to find out more:

In news from the pharma sector, Zydus Cadila has agreed to bring down the price of its Covid-19 vaccine to Rs 265 a dose following persistent negotiations by the government.

However, a final deal is yet to be reached.

Zydus Cadila's ZyCov-D is the first vaccine cleared by India's drug regulator for inoculation of those aged 12 years and above.

To administer the needle-free vaccine, a disposable painless jet applicator costing Rs 93 is required for each dose, which would take the price to Rs 358 per dose.

Earlier, the Ahmedabad-based pharma company had proposed a price of Rs 1,900 for its three-dose regimen.

This vaccine - ZyCoV-D received emergency use authorisation from the drug regulator on 20 August.

Reportedly, Zydus Cadila can provide around two crore doses in November.

The government is currently procuring two other vaccines - Covishield at Rs 205 per dose and Covaxin at Rs 215 per dose.

Cadila Healthcare share price is presently trading up by 0.3%.

Moving on to news from the insurance sector, insurance companies have emerged as the big bidders for shares of PB Fintech, the company that operates Policybazaar and Paisa Bazaar portals.

ICICI Prudential Life, Max Life, Niva Bupa, Bajaj Life and HDFC Life are among insurance companies that have got allotment in the anchor category ahead of PB Fintech's Rs 56-bn IPO, which opens today.

Some other funds that have got allotment in the anchor category are New World, Baillie Gifford, Fidelity and Abu Dhabi Invesment Authority.

A total of 26.2 m shares have been allocated to over 150 funds at Rs 980 per share. Total allotment in the anchor category is for shares worth Rs 25.7 bn.

The anchor book generated demand exceeding 40 times the shares on offer.

Policybazaar is a web aggregator where consumers can compare insurance products of various companies and buy them.

At the upper end of price band, PB Fintech is valued at Rs 440 bn. The company is looking to raise Rs 37.5 bn in fresh capital through the IPO.

Net proceeds from the fresh issue will be used to enhance the visibility of the brand. The company said it will use around Rs 15 bn out of the net proceeds to fund marketing initiatives over the next three years.

Further, it intends to utilise Rs 3.8 bn to expand the consumer base, including offline presence; Rs 6 bn for strategic acquisitions and investments; Rs 3.8 bn for expanding presence outside India; and some portion for general corporate purposes.

How this IPO sails through remains to be seen.

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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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