Retail Inflation in October, MSCI Index Rejig, and Top Buzzing Stocks Today

Thu, 12 Nov Pre-Open

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Indian share markets ended higher for the eighth straight session yesterday.

Benchmark indices regained momentum with gains in metals and pharma stocks offsetting the losses in index heavyweight Reliance Industries and IndusInd Bank.

At the closing bell yesterday, the BSE Sensex stood higher by 316 points (up 0.7%).

The NSE Nifty closed higher by 118 points (up 0.9%).

Tata Steel and Axis Bank were among the top gainers.

The BSE Mid Cap index ended up by 0.8%. The BSE Small Cap index ended up by 0.3%.

On the sectoral front, gains were largely seen in the metal sector and healthcare sector.

Energy stocks, on the other hand, witnessed selling pressure.

Gold prices were trading down by 0.1% at Rs 50,474 per 10 grams at the time of closing stock market hours yesterday.

Domestic gold and silver prices edged lower tracking muted global trend.

This was the second day of fall in gold prices in three days. Earlier this week on Monday, gold prices had crashed Rs 2,500 per 10 grams amid Covid vaccine enthusiasm.

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Speaking of the current stock market scenario, in her latest video, Co-head of Research at Equitymaster, Tanushree Banerjee talks about what you should expect from the stock markets this time.

She explains how you should prepare your stocks so that they could make the most of the Covid second wave.

Tune in to the video to find out more:

Top Stocks in Focus Today

NMDC will be among the buzzing stocks today.

Mining major National Mineral Development Corporation (NMDC) will buy back more than 131.1 million equity shares at Rs 105 apiece.

The offer price is almost 12% premium to the November 10 closing price of Rs 94 on the BSE.

NMDC said the board had approved the buy-back of not more than 131.1 million shares (of face value of Rs 1), representing 4.3% of the fully paid-up equity shares, at Rs 105 each. The aggregate should not exceed Rs 13.8 billion.

NMDC has set November 23 as the record date.

Yes Bank share price will also be in focus today.

Rating agency Care Ratings has upgraded the ratings of the private lender with stable outlook, assigned to the bank's debt instruments.

Shares of the private lender witnessed huge buying in the past few trading sessions on back of the above news.

India's Retail Inflation Stays Above 7% in October

In news from the economic space, India's retail inflation likely stayed above 7% for a second straight month in October as supply distortions led to a surge in vegetable prices, especially of onions, a Reuters poll showed, lowering the chances of further interest rate cuts.

Disruption by the coronavirus pandemic and excessive rainfall in states such as Maharashtra, Karnataka and Andhra Pradesh have damaged and delayed the harvesting of onions alongside other vegetables.

A Reuters poll of 50 economists conducted from November 4-9 predicted consumer prices rose 7.30% last month from a year earlier, a touch lower than September's 7.34% rate.

The poll also predicted industrial output in September dropped 2% from a year earlier, the seventh consecutive month of falls and its longest streak of decline since June 2009, as infrastructure output, which accounts for about 40% of total industrial production, contracted 0.8%.

State Bank of India to Divest 8.5% in UTI

In a statement to the stock exchanges, State Bank of India (SBI) said its board of directors has approved to divest 8,510 equity shares constituting 8.5% in UTI Trustee Company to comply with stock market regulations.

Note that according to the regulation, no sponsor of a mutual fund, its associate or group company can have 10% or more of the shareholding or voting rights in the asset management company (AMC) or trustee company of any other mutual fund.

The other shareholders of UTI Trustee include LIC and Bank of Baroda. All the public sector companies together hold 18.2% stake in UTI Trustee Company.

US based investment management company T Rowe owns the highest stake of 26% in the Trustee company and plans to raise it to 51% by acquiring existing shareholders.

Earlier, the market regulator had directed LIC, SBI and Bank of Baroda to divest the stake in UTI Asset Management Company to below 10% from 18.2% and this was complied through the recent initial public offering.

This apart, the three public sector companies were also told to divest their stake in sponsor company UTI Trustee.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

Rejig in MSCI Index: 30 Indian Stocks to be Added to its Global Smallcap Index

Morgan Stanley Capital International (MSCI), a leading provider of research-based indexes and analytics, announced that it will add 12 Indian stocks to its global standard indices and remove two others, as a part of its November 2020 Semi-Annual Index Review.

The world's largest index compiler has also made changes in other indices including MSCI Emerging Markets (EM) Index. All changes will be implemented as of close of 30 November 2020.

MSCI also said it will add 30 India stocks to its global smallcap index and remove 8 as part of the semi-annual review. The list includes Adani Gas, Firstsource Solutions, Cyient, LIC Housing Finance and IOL Chemicals and Pharma.

As per an article in a leading financial daily, Kotak Mahindra Bank will be the largest beneficiary as it is one of the three largest additions to the MSCI EM Index measured by full company market capitalization.

According to Morgan Stanley's estimates, Kotak Mahindra Bank's addition to the index may result in inflows of US$ 502 million.

Yes Bank has also been added to the MSCI India Index. Other additions include ACC, Adani Green Energy, Apollo Hospitals, Balkrishna Industries, IPCA Laboratories, L&T, MRF, Muthoot Finance, PI Industries and Trent.

Bosch and LIC Housing Finance are the two stocks which are deleted from the MSCI India Index.

Shares of Adani Green Energy, Trent, Yes Bank, Balkrishna Industries and Apollo Hospital rallied up to 12% intraday yesterday on the back of above news.

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

And 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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