Sensex Opens Lower Tracking Weak Global Cues; IndusInd Bank & SBI Top Losers

Fri, 13 Nov 09:30 am

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Asian share markets are trading on a negative note today. The Nikkei is trading down by 1.1% and the Hang Seng is trading down by 0.3%.

US stock markets ended sharply lower on Thursday as the second wave of Covid-19 infections in US surged and investors weighed the timeline for the mass rollout of an effective vaccine.

The Dow Jones Industrial Average ended down by 1.1% while the Nasdaq fell 0.7%.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty.

Market participants are tracking Tata Steel share price and ONGC share price as these companies are slated to announce their financial results for the September quarter today.

The BSE Sensex is trading down by 251 points. Meanwhile, the NSE Nifty is trading lower by 63 points.

Titan is among the top gainers today. IndusInd Bank, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened the day on a flat note.

Sectoral indices are trading on a mixed note with stocks in the banking sector and finance sector witnessing most of the selling pressure. Realty stocks are trading in green.

The rupee is trading at 74.62 against the US$.

Gold prices are trading up by 0.1% at Rs 50,630 per 10 grams.

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 stock markets, 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:

Also, speaking of the current stock market scenario, note that Indian share markets have climbed back to their highest levels since the pandemic began.

The Sensex is trading above the 43,000-mark. Meanwhile, the Nifty is trading above the 12,500-mark.

The smallcap index is up more than 70% since 23 March.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, there could still be a lot of steam left to this smallcap rebound rally.

Have a look at the history of previous smallcap crashes and rebounds over the last two decades...

As you can see, every big fall in the smallcap index was followed by a sharp up move, a minimum gain 200%. Twice the rebounds were just shy of touching 300%.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Moving on to stock specific news...

Grasim Industries is among the top buzzing stocks today.

Grasim Industries on Thursday announced the sale of its fertilizer business, Indo Gulf Fertilisers (IGF), to Singapore-based Indorama Corp. Pte for Rs 26.5 billion, as it plans to focus on its core businesses.

The Aditya Birla group company's factory at Jagdishpur in Uttar Pradesh has a capacity to make 1.2 million tonnes of urea per year. IGF manufactures, trades and sells urea and other agri-inputs.

"The divestment of the fertilizer business is a strategic portfolio choice and unlocks value for shareholders. It is in line with the strategic thrust of the company to focus on core businesses," Grasim managing director Dilip Gaur said in a press release.

The transaction is subject to necessary statutory and regulatory approvals, including from the National Company Law Tribunal, stock exchanges, markets regulator, Competition Commission of India, and shareholders and lenders of both companies.

The company yesterday also reported a consolidated net profit of Rs 15.2 billion for the September quarter on a revenue of Rs 184 billion.

Consolidated EBITDA rose 15% to Rs 36.6 billion from a year earlier.

The company said its viscose business has been on the recovery path since the end of the June quarter with operating rates rising every month. Capacity utilization of the VSF (viscose staple fibre) business hit 88% in the September quarter from 26% in the preceding three months and recorded near 100% capacity utilization.

Grasim Industries share price has opened the day up by 1.1%.

Moving on to news from the IT sector, Wipro is bringing in a new operating model from next year under which its business will be restructured into four strategic market units and delivery model will be simplified as the IT giant looks to drive growth in the non-US markets.

In an email to employees, Wipro CEO Thierry Delaporte said the company's growth has been largely dependent on the US market, and noted that it is important that the company broad base its growth.

Wipro share price has opened the day down by 0.2%.

In other news, Tata Consultancy Services (TCS) has agreed to acquire Pramerica Technology Services from insurance giant Prudential Financial Inc., helping the insurer cut costs to counter low interest rates and the coronavirus fallout.

Reports state that TCS and the Newark, N.J.-based life insurer signed the agreement for the Letterkenny, Ireland-based tech-services business Wednesday, with a few details still being worked out

No cash will change hands and TCS will take on more than 1,500 Pramerica employees.

TCS share price has opened the day down by 0.7%.

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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