Indian Indices Finish Strong on Diwali Day; Sensex Closes Up by 296 Points

Thu, 4 Nov Closing

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Samvat 2078 began on a positive note for Indian share markets today as the auspicious Muhurat trading session ended on a strong note.

Benchmark indices kickstarted Samvat 2078 on a positive note taking cues from other Asian markets and US equities overnight.

Asian share markets logged gains in trade today. The Nikkei was up 0.9% while the Hang Seng and Shanghai Composite gained 0.8% each.

US stock markets closed at record highs even as the US Federal Reserve announced the tapering of its US$120-bn bond-buying program by US$15 bn per month.

The S&P 500 advanced 0.7%, while the Dow Jones rose 0.3%. The Nasdaq added 1%.

At the closing bell today, the BSE Sensex closed higher by 296 points (up 0.5%).

The NSE Nifty ended higher by 88 points (up 0.5%).

Stocks from the automobile sector and FMCG sector were the most in demand.

The BSE Mid Cap Index ended up by 0.8%. The BSE Small Cap Index ended higher by 1.5%.

Stocks such as M&M, ITC, and Bajaj Auto were the top gainers in today's Muhurat trading session.

On the other hand, ICICI Bank and Asian Paints were the top losers.

Shares of Sheela Foam and SKF India hit their respective 52-week highs today.

Gold prices for the latest contract on MCX were trading down by 1.2% at Rs 47,582 per 10 grams.

The rupee is trading at 74.43 against the US$.

Speaking of stock markets, Brijesh Bhatia shares his best trading ideas for the coming year, in his latest video for Fast Profits Daily.

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In news from the banking sector, bank credit rose 6.8% in October compared to 5.1% in the same period a year ago.

Outstanding credit amounted to Rs 110.5 lakh crore as of 22 October, up Rs 7 lakh crore over a year.

The pickup in loan demand is largely due to the push from government schemes even as large corporates and top-rated borrowers continue to rely on capital markets and the overseas markets where they manage to raise funds at much cheaper rates.

In latest developments from the IPO space, fintech firm Paytm said it has allocated shares worth Rs 82.35 bn to more than 100 institutional investors ahead of India's largest stock market listing.

Paytm's offer of up to Rs 183 bn, which was increased last month from Rs 166 bn, garnered interest from 122 institutional investors who bought more than 38.3 m shares for Rs 2,150 apiece.

Meanwhile, Paytm has said it would consider Bitcoin offerings if Indian authorities removed regulatory uncertainty surrounding the adoption of cryptocurrencies.

India's central bank had effectively banned cryptocurrency trading until the courts lifted the prohibitions in March 2020. Since then, the government has considered the adoption of crypto legislation, but the RBI remains highly critical and continues to advocate for its ban.

All eyes will be on Paytm's IPO next week, which will break over the decade-old record of Coal India for India's largest-ever IPO.

Paytm's record could be short-lived as state-owned LIC is planning to launch a Rs 1-tn IPO by March 2022.

It remains to be seen how the India's biggest IPO sails through.

Moving on to stock specific news...

Adani group stocks were in focus today.

Adani Group has applied for a licence from the RBI to open an asset reconstruction company (ARC).

The above move comes with an aim to acquire distressed assets in infrastructure and real estate.

Adani Group's non-banking financial company (NBFC) Adani Capital is allowed to purchase bad loans under RBI norms. Despite this, the firm is mulling to set up special purpose vehicles for buying NPAs as most bad assets on sale are bought by ARCs.

Earlier too, Adani group had acquired distressed assets in infrastructure, specifically ports. In February, Adani Ports and SEZ acquired Dighi Port under the Insolvency and Bankruptcy Code for Rs 7.1 bn, while in 2021 it bought Krishnapatnam and Gangawaram ports.

Adani Power shares gained 2% while Adani Transmission and Adani Enterprises ended on a flat note.

Moving on to news from the insurance sector, HDFC Life Insurance was among the top buzzing stocks today.

The Competition Commission of India (CCI) has approved the acquisition of Exide Life Insurance by HDFC Life Insurance.

The proposed combination involves the acquisition of fully paid-up equity shares, representing 100% of Exide Life Insurance by HDFC Life Insurance from Exide Industries, as per a press release.

After completion of the share acquisition, Exide Life is proposed to be merged with HDFC Life.

Note that the approval comes after HDFC Life in September said it will acquire Exide Life Insurance from Exide Industries in a deal worth Rs 66.9 bn.

Shares of HDFC Life Insurance ended the day up by 0.7%.

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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