Indian Share Markets Open Higher; Reliance Industries & NTPC Top Gainers

Fri, 6 Nov 09:30 am

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Asian stock markets took cues from their Wall Street counterparts and rose today. The Shanghai Composite is trading down by 0.4% while the Nikkei is trading up by 1.1%.

US stock markets jumped overnight as bets on Republicans retaining control of the Senate eased worries of major policy changes that could hurt corporate America under a Joe Biden White House, even as the presidential election hung in balance.

The Dow Jones Industrial Average ended up by 2%, while the Nasdaq climbed 2.6%.

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

Market participants are tracking Ashok Leyland share price and Glenmark Pharma share price as these companies are slated to announce their financial results for the September quarter today.

Investors will also track finance companies after the RBI allowed banks to co-lend with all registered NBFCs, which include housing finance companies.

The BSE Sensex is trading up by 167 points. The NSE Nifty is trading up by 47 points.

Reliance Industries is among the top gainers today. Tech Mahindra, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4%. The BSE Small Cap index is trading up by 0.6%.

Barring IT stocks, all sectoral indices are trading in green with stocks in the energy sector and auto sector witnessing most of the buying interest.

The rupee is trading at 73.93 against the US$.

Gold prices are trading down by 0.3% at Rs 51,884 per 10 grams.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about what will happen if Joe Biden wins the US Presidential election, in his latest video for Fast Profits Daily.

In the video below, Vijay dissects Joe Biden's policies and how India will be affected by them.

So, how will the markets react? Will President Biden's policies have a negative impact on your portfolio?

Tune in here to find out more:

In news from the mutual funds space, mutual funds continued their selling spree for the fifth straight month in October, pulling out Rs 143.4 billion from equity markets during the month.

This is the highest single-month withdrawal since March 2016 when they had pulled out Rs 102 billion.

So far in the calendar year 2020, mutual funds' net inflows stand at Rs 26.7 billion.

Reports state that if the pace of withdrawal continues, they are likely to turn net sellers for the first time in seven years. Earlier in CY13, mutual funds had sold equities to the tune of Rs 210.8 billion.

In the past five months, mutual funds have sold equities worth Rs 373.9 billion.

In April, they had recorded net outflow of Rs 80 billion, while in May they had invested a net Rs 65.2 billion in equities.

Analysts have attributed this withdrawal trend to the nervousness ahead of US elections and the fact that the markets raced ahead even as the economic recovery remained fragile.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of mutual funds, note that on September 11, the capital markets regulator issued a circular directing multi-cap schemes to deploy at least 25% each in large-, mid-, and small-caps. At present, such schemes manage Rs 1.47 trillion in assets.

Assuming every fund rebalances, the circular is expected to trigger a move of around Rs 280 billion from largecaps to smallcaps.

Richa Agarwal, lead smallcap analyst at Equitymaster, believes this move would be net positive for select smallcap stocks. As per Richa, there could be a speculative rally across smallcaps.

Here's what she wrote about it in one of the editions of the Profit Hunter:

• It would be myopic and imprudent to bet on any smallcap in the hope of a regulation driven rally.
  
  That said, you must invest in smallcaps selectively with long-term horizon in mind.
  
  Here's why...

• You see, despite the rally in smallcaps since March, there is still a huge valuation gap between smallcaps and Sensex.
  
  The ratio of smallcaps to Sensex stands at 0.37 now, as compared to long-term average of 0.44 times.
  
  This means certain smallcaps will witness a significant rebound, irrespective of regulations.

Richa believes this could be a once in a decade opportunity to get rich from select smallcaps.

Moving on to stock specific news...

Reliance Industries is among the top buzzing stocks today.

Reliance Industries announced on Thursday that Saudi Arabia's sovereign Public Investment Fund (PIF) is investing Rs 95.6 billion to pick 2.04% stake in Reliance Retail Ventures (RRVL), becoming the latest high-profile global fund to purchase stake in India's largest retailer.

The Saudi company will take the number of international funds to invest capital into RRVL to nine and their cumulative foreign investment into the holding company of Reliance Retail to Rs 472.7 billion to collectively pick 10.5% stake in the retailer.

The Saudi fund is making the largest investment so far in RRVL, surpassing Silver Lake's September investment of Rs 75 billion when the US fund set the tone by acquiring a 1.75% stake.

In other news, the Securities Appellate Tribunal (SAT) on Thursday directed Reliance Industries to pay Rs 4.5 billion, along with 12% interest.

The Tribunal passed the order while dismissing an appeal filed by the company against the Indian market regulator.

SAT has directed RIL to pay the amount along with interest from November 2007 within 60 days of the SAT order.

Reliance Industries share price has opened the day up by 2.6%.

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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Indian Share Market Update: Top Gainers and Losers