Sensex Opens in Green; UltraTech Cement & Infosys Top Gainers

Tue, 1 Dec 09:30 am

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Asian stock markets rose today even as Wall Street indices fell overnight, thanks to the prospect of a Covid-19 vaccine.

The Hang Seng is trading up by 0.8% while the Shanghai Composite is trading higher by 1.3%. The Nikkei is up 1.5%.

In US, Wall Street indices ended lower on Monday as investors took profits following a sharp rally in recent weeks that led to the benchmark's best November ever.

The Dow Jones Industrial Average fell 0.9% while the Nasdaq ended down by 0.1%.

Back home, Indian share markets have opened the day on a positive note, tracking strong Asian peers.

The BSE Sensex is trading up by 122 points. The NSE Nifty is trading higher by 33 points.

UltraTech Cement and Sun Pharma are among the top gainers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened the day up by 0.6%.

Barring banking and finance stocks, all sectoral indices are trading on a positive note with stocks in the realty sector and metal sector witnessing maximum buying interest.

Market participants are tracking auto stocks as November auto sales volumes data will begin pouring in from today.

The rupee is trading at 73.94 against the US$.

Gold prices are trading down by 0.1% at Rs 47,763 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 stock markets, in his latest video, Co-head of Research at Equitymaster, Rahul Shah, discusses the hype around Adani Green Energy and analyses whether it is justified.

Shares of Adani Green have seen a meteoric rise and are up almost 10x in the last one year. The company is now the 17th or the 18th largest company in India by market value.

Rahul discusses whether the company will continue to rise or is it all a big, speculative bubble that can burst any time.

Tune in to the video to find out more:

In news from the economic space, S&P Global Ratings on Monday retained its forecast of 9% contraction in the Indian economy for the current fiscal, saying even though there are now upside risks to growth but it will wait for more signs that Covid-19 infections have stabilised or fallen.

S&P, in its report on Asia Pacific, projected the Indian economy to grow at 10% in the next fiscal.

S&P said inflation should ease from recent highs, albeit gradually.

The financial services company also said it does not expect much fiscal easing in its projections. "Past action has targeted low-income households, with substantial welfare effects, but a broader fiscal effort has been lacking. We do not see this changing. At the same time, the RBI will be constrained from cutting rates and we anticipate rates will start normalising upward from 2021 onwards," it added.

According to the official data released last week, Indian economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5%.

According to the official data released by National Statistical Office (NSO) last Friday, the Indian economy has contracted in two consecutive quarters - called technical recession - for the first time since 1996, when the country began recording quarterly growth rates.

The GDP at constant (2011-12) prices in Q2FY21 has been estimated at Rs 33.14 lakh crore, as against Rs 35.84 lakh crore in Q2 of 2019-20, showing a contraction of 7.5%, according to the official NSO data.

In the April-June quarter, the Indian economy had contracted by a whopping 23.9% on the back of lockdowns from the last week of March till early May.

Reports state that a milder GDP contraction in July-September compared to April-June period has come on the back of a series of stimulus packages under the Atmanirbhar Bharat programme.

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

Moving on to stock specific news...

Dr Reddy's Laboratories is among the top buzzing stocks today.

Dr. Reddy's Lab has agreed to acquire select anti-allergy brands from Glenmark Pharma in Russia, Ukraine, Kazakhstan and Uzbekistan.

The brands that Dr. Reddy's is acquiring are Momat Rino (Russia, Kazakhstan and Uzbekistan), Momat Rino Advance (Russia), Momat A (Kazakhstan and Uzbekistan), and Glenspray and Glenspray Active (Ukraine).

Momat Rino is the largest brand among these products. The product recently received over the counter (OTC) registration in Russia.

Note that this deal marks yet another asset sale by Glenmark over the past couple of years. In January, Glenmark had agreed to sell its gynaecology business in India and Nepal for Rs 1.2 billion in cash to private equity firm True North.

In March this year, Glenmark sold its woman-oriented hygiene brand VWash to fast-moving consumer goods major Hindustan Unilever.

MV Ramana, CEO for branded markets, said in a stock market disclosure that the acquisition of the brands will strengthen the company's presence in the anti-allergy segment in these countries.

In a separate statement, Glenmark Pharma's Chief Commercial Officer Robert Crockart said, "In line with our strategy to launch Ryaltris, our global anti-allergy brand, in the markets of Russia and other CIS countries, we decided to divest the Momat Rino brand and its extension."

Dr Reddy's share price has opened the day up by 0.3%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

Moving on to news from the finance sector, Max Financial Services (MFS), the parent company of Max Life Insurance, has received an approval from the Insurance Regulatory and Development Authority of India (Irdai) to swap Mitsui Sumitomo's stake in Max Life Insurance with shares of the company, thus consolidating its holding in the life insurance arm.

The transaction entails swapping Mitsui Sumitomo's 20.6% stake in Max Life Insurance with 21.9% stake in MFS, which will result in MFS's holding more than 93% stake in the life insurance company.

MFS will issue and allot 75.4 million shares, to Mitsui Sumitomo, according to the agreement.

Earlier this month, Max Financial Services got Department of Economic Affairs (DEA) on the share swap agreement.

Reports state that Irdai's approval takes Max Financial Services one step closer to the consummation of its deal with private lender Axis Bank, wherein the lender and its subsidiaries, Axis Capital, and Axis Securities will take up to 19% stake in Max Life.

Max Financial Services share price has opened the day down by 1.5%.

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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