Factors Behind the 553 Point Rally in Sensex, Mutual Fund Selling in October, and Top Buzzing Stocks Today

Mon, 9 Nov Pre-Open

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Indian share markets ended on a strong note on Friday.

Benchmark indices rose for the fifth straight day, with Sensex inching closer to its all-time high, boosted by shares of Reliance Industries.

At the closing bell on Friday, the BSE Sensex stood higher by 553 points (up 1.3%).

The NSE Nifty closed higher by 143 points (up 1.2%).

Reliance Industries and Bajaj Finserv were among the top gainers.

The BSE Mid Cap index ended up by 0.4%. The BSE Small Cap index ended up by 0.5%.

On the sectoral front, gains were largely seen in the energy sector, finance sector and banking sector.

Gold prices were trading up by 0.2% at Rs 52,153 per 10 grams at the time of closing stock market hours on Friday.

To know more about gold, visit our YouTube Playlist on gold investing.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about how you should trade the current stock market rally, in his latest video for Fast Profits Daily.

In the video below, Vijay shares how he changed his mind about the market going up using a 360 degree approach on the basis of hard asset prices, i.e commodity prices, staying up in spite of the fact that there could be a second wave of the coronavirus.

Tune in here to find out more:

Top Stocks in Focus Today

Indiabulls Housing Finance will be among the top buzzing stocks today.

In an exchange filing on November 5, mortgage lender Indiabulls Housing Finance disclosed that its board will meet on November 11 to consider its fundraising programme.

The company said that it will consider fundraising by way of bond issuances in one or more tranches.

The company has previously raised Rs 18.9 billion from the stake sale in OakNorth and Rs 6.8 billion through a qualified institutional placement (QIP). Overall, it has raised a total of Rs 25.7 billion as fresh equity between September and November this year and has issued bonds of Rs 27.8 billion in the current fiscal till date.

Reliance Industries will also be in focus as the company last week announced 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.

Top Factors Why Indian Stock Markets Zoomed 553 Points on Friday

US Fed Meet: The US central bank provided some cheer to traders after its latest policy meeting on Friday as it pledged to do all it could to support the world's top economy. Jerome Powell said more stimulus was absolutely essential to support the economy as the outlook was extraordinarily uncertain but that other tools were available to the Fed.

Strong Global Cues: Indian share markets edged higher on Friday tracking gains in global peers. Japan's Nikkei rose 0.9% to almost its best level in 30 years. Most of global markets also traded in the green amid expectations of Democratic Party winning US election, following 2% rally in the US markets overnight.

Foreign Inflows: Foreign institutional investors were seen having a bullish view on the markets as they remained net buyers in every session in November so far. They net bought Rs 85.3 billion worth of shares in November, on top of Rs 145.4 billion in October.

Banking and Finance Stocks Rally: Banking stocks and finance stocks rallied on Friday as experts felt the rising hope for easing NPA pressure helped these stocks catch up the momentum.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Mutual Fund Continue Selling Spree in October; Pull Out Rs 143.4 Billion

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.

Q2FY21 Results: Over Two-Fold Jump in BoI Profits; Voltas' Profit Decline 25.7% YoY

Bank of India reported over two-fold jump in September quarter consolidated net profit at Rs 5.4 billion as bad assets came down.

The bank had posted a net profit of Rs 2.6 billion for the same quarter a year ago.

Total income rose to Rs 124.8 billion in Q2FY21 from Rs 120.6 billion in the year-ago period.

The state owned lender's gross non-performing assets (NPAs) fell to 13.8% of gross advances as on September 30, 2020 from 16.3% by the year-ago period. Net NPAs came down to 2.89% from 5.87%.

Provisions for bad loans increased to Rs 21.3 billion during the quarter under review from Rs 14.5 billion in the corresponding quarter last year.

Voltas reported 25.7% decline in consolidated net profit at Rs 796.6 million for September quarter 2020-21.

The company had posted a net profit of Rs 1,072.8 million for the same quarter last fiscal.

The Tata group company's total income stood at Rs 16.5 billion, up 10.5% as against Rs 14.9 billion crore in the year-ago quarter.

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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