Sensex Recovers 400 Points from Day's Low to End Flat; Bharti Airtel and M&M Gain 3%

Wed, 10 Nov Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended on a flat note.

Benchmark indices witnessed selling pressure for the second consecutive session amid selling seen in the metal and realty stocks, ahead of the US inflation data release.

At the closing bell, the BSE Sensex stood lower by 81 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 27 points (down 0.2%).

UPL and Bharti Airtel were among the top gainers today.

IndusInd Bank and Hindalco, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,024, down by 47 points, at the time of writing.

The BSE Mid Cap index ended down by 0.6%, while the BSE Small Cap index ended on a flat note.

Sectoral indices ended on a mixed note with stocks in the metal sector and realty sector witnessing most of the selling pressure.

Telecom and oil & gas stocks, on the other hand, witnessed buying interest.

Shares of KPIT Technologies and ACC hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended up by 0.7%, while the Shanghai Composite ended down by 0.4%. The Nikkei ended down by 0.6% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading down by 39 points.

The rupee is trading at 74.38 against the US$.

Gold prices for the latest contract on MCX are trading on a flat note today at Rs 48,307 per 10 grams.

Speaking of stock markets, ace chartist at Equitymaster Brijesh Bhatia shows how he picks stocks for intraday trading, in his latest video for Fast Profits Daily.

In the video, Brijesh shares the system he uses for intraday trading. It's a proven system which should serve the needs of any intraday trader.

Tune in to the video below to find out more:

In news from the engineering sector, HEG was among the top buzzing stocks today.

Shares of graphite electrode manufacturer HEG were in focus today after the company reported a consolidated net profit of Rs 1.3 bn for the September quarter, on healthy revenue growth.

It had posted a consolidated net loss of Rs 153.6 m in the same quarter last year.

The company's revenue from operations grew 60% YoY to Rs 5.2 bn from Rs 3.2 bn in the same quarter of previous fiscal.

It posted earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 1.7 bn against loss of Rs 254.6 m in a year ago quarter.

HEG said the company had undertaken an expansion project in past to increase the existing capacity from 80,000 tons to 1,00,000 tons and the same is going on in full swing.

There were a few months delay due to Covid and the management expects the expansion project to be completed in the October-December 2022 quarter and the company will be ready with commercial production from early 2023.

HEG, incorporated in 1972, is a leading manufacturer and exporter of graphite electrodes in India and operates world's largest single-site integrated graphite electrodes plant at Mandideep in Madhya Pradesh.

HEG share price ended the day up by 9.7% on the BSE.

Speaking of the current stock market scenario, note that the BSE smallcap index has surged more than 180% since the crash in March 2020.

Despite the index being up more than 1.8 times, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

The Smallcap to Sensex ratio, a metric referred to get a sense of relative valuations, currently stands at 0.48 times. To be sure, this is higher than a median of 0.43 times.

And yet, it's the lowest of all the peaks in the smallcaps so far. In the last cycle which peaked in January 2018, when the ratio touched 0.49, the peak was still 9 months away.

This relative valuation indicator suggests there is still a lot of juice in the rally.

Here's what Richa wrote in one of the editions of Profit Hunter...

• When it comes to buying smallcap stocks, especially at this point in the rebound rally, you will need a bottom up approach, and a long term horizon.
  
  In fact, if you don't have the stomach to withstand a 20%-30% kind of corrections and volatility, this space may not be for you at all. And you should stop reading right here.

As per Richa, smallcaps are a great opportunity to make some big returns. But you need to stay disciplined when it comes to allocating money. And you need to be sharp when picking the right stocks.

Moving on to news from the IPO space...

PharmEasy Parent API Holdings Files Papers for Rs 62.5 Bn IPO

PharmEasy parent firm API Holdings has filed preliminary papers with capital markets regulator for a public listing to raise over Rs 62.5 bn via an initial share sale.

The digital pharmacy and healthcare platform has become the latest among a list of Indian start-ups to pursue share market listing this year.

The funds will be raised through the fresh issuance of equity shares, according to PharmEasy's draft red herring prospectus (DRHP).

The company may also consider a pre-IPO fundraise of about Rs 12.5 bn before it files the red herring prospectus with the registrar of companies (RoC). If the round takes place, the size of the IPO will be reduced.

It intends to use the funds raised from the issue to prepay and repay outstanding borrowings availed by the parent and subsidiary firms. It also intends to use Rs 12.6 bn to fund organic growth initiatives. It has set aside Rs 15 bn for inorganic growth opportunities via acquisitions and other strategic actions.

The company will focus on core areas of growth like marketing and promotional activities to increase brand awareness, supply chain infrastructure, and technology capabilities.

API Holdings with subsidiaries like PharmEasy and Thyrocare provides health services ranging from radiology tests, teleconsultation, and home delivery of medical devices and products. The firm had acquired Thyrocare, India's largest diagnostic test provider, earlier this year.

How this IPO sail through remains to be seen. Meanwhile, stay tuned for more updates from this space.

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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