Sensex Opens Flat Tracking Mixed Global Cues; ONGC & Bharti Airtel Top Gainers

Mon, 7 Dec 09:30 am

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Asian share markets are trading on a negative note today. The Hang Seng is trading down by 1.7% while the Shanghai Composite is trading lower by 0.7%. The Nikkei is down 0.6%.

US stock markets rose to record levels on Friday, notching another weekly advance, as traders shook off a disappointing US jobs report.

The Dow Jones Industrial Average ended up by 0.8% while the Nasdaq advanced 0.7%. Both indexes posted intraday and closing record highs.

Back home, Indian share markets have opened the day on a flat note.

The BSE Sensex is trading up by 56 points. The NSE Nifty is trading higher by 24 points.

ONGC and Bharti Airtel are among the top gainers today.

The BSE Mid Cap index and the BSE Small Cap index have opened the day up by 0.5% and 0.8%, respectively.

Sectoral indices are trading on a mixed note with stocks in the telecom sector and metal sector witnessing buying interest. Consumer durable stocks, on the other hand, are trading in red.

The National Stock Exchange has revised circuit limits of 302 stocks with effect from today. Market participants will track shares of Adani Gas, Angel Broking, Arvind Fashions, Central Bank of India, Emkay Global, SH Kelkar and Snowman Logistics as their circuit limit has been revised to 20% from 10%.

The rupee is trading at 73.77 against the US$.

Gold prices are trading up by 0.2% at Rs 49,260 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, Brijesh Bhatia, Research Analyst of Fast Profits Reports, shares his learnings from 15 years in the market.

In the video, he explains what separates the few successful traders from every other trader in the market.

Tune in to the video to find out more:

In case you missed his very first Equitymaster video, you can watch it here.

In news from the mutual funds space, continuing their selling spree for the sixth straight month, mutual funds pulled out Rs 307.6 billion from equities in November on profit booking.

With this, net withdrawal by mutual funds has reached to over Rs 280 billion in the first 11 months of the ongoing year (January-November), data available with the markets regulator showed.

According to the data, MFs pulled out Rs 307.6 billion from equities in November. This has taken the outflow to over Rs 684 billion since June.

MFs withdrew Rs 144.9 billion in October, Rs 41.3 billion in September, Rs 92.1 billion in August, Rs 91.9 billion in July and Rs 6.1 billion in June.

However, they invested over Rs 402 billion in the first five months of the year (January-May). Of this, Rs 302.9 billion was invested in March.

Despite the withdrawals, the markets have continued to rise as flows from FPIs have been robust. Foreign Portfolio Investors (FPIs) have put in over Rs 1.08 lakh crore in the Indian equity markets during January-November period of 2020.

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

Speaking of mutual funds, note that on September 11, the capital markets regulator issued a circular directing multi-cap schemes to deploy at least 25% each in large-, mid-, and small-caps. At present, such schemes manage Rs 1.47 trillion in assets.

Assuming every fund rebalances, the circular is expected to trigger a move of around Rs 280 billion from largecaps to smallcaps.

Richa Agarwal, lead smallcap analyst at Equitymaster, believes this move would be net positive for select smallcap stocks. As per Richa, there could be a speculative rally across smallcaps.

Here's what she wrote about it in one of the editions of the Profit Hunter:

It would be myopic and imprudent to bet on any smallcap in the hope of a regulation driven rally.

That said, you must invest in smallcaps selectively with long-term horizon in mind.

Here's why...

You see, despite the rally in smallcaps since March, there is still a huge valuation gap between smallcaps and Sensex.

The ratio of smallcaps to Sensex stands at 0.37 now, as compared to long-term average of 0.44 times.

This means certain smallcaps will witness a significant rebound, irrespective of regulations.

Richa believes this could be a once in a decade opportunity to get rich from select smallcaps.

Moving on to stock specific news...

Marico and Dabur are among the top buzzing stocks today.

FMCG rivals Dabur and Marico are engaged in an advertising war over their honey products, alleging that the other one is making false claims in their ads.

While Marico has filed a fresh complaint with the Advertising Standards Council of India (ASCI), Dabur also plans to lodge a complaint with the advertising regulator Marico's Saffola Honey samples.

The ad was triggered after research and advocacy firm Centre for Science and Environment (CSE) said that ten brands of honey including Dabur, Patanjali, Baidyanath, Zandu, Hitkari and Apis Himalaya are adulterated with sugar syrup and failed a nuclear magnetic resonance spectroscopy (NMR) test. The CSE report has been denied by the brands.

Marico filed a complaint before ASCI on December 3 challenging Dabur's claim that Dabur Honey has passed the NMR test.

Without naming the brand, ASCI said it has received four complaints against honey brands over the past few months.

Earlier in October, the company had filed an intra-industry complaint, before ASCI, against Dabur's claim of "NMR Tested Pure Honey" for its product Dabur Honey. The claim was upheld by ASCI.

Marico share price and Dabur share price have opened the day up by 0.1% and 0.3%, respectively.

Moving on to news from the pharma sector, growth in pharma sales slowed down to 1% in November at Rs 128.3 billion, as acute therapies resumed their struggle after a brief sign of recovery, data from market research firm AIOCD-AWACS showed.

In October, medicine sales in India stood at Rs 135.4 billion, up nearly 10% year-on-year.

Anti-infectives medicine sales were up 0.2% in November at Rs 18.1 billion, against 6.6% growth recorded in October. Associated therapies like gastrointestinal drugs and pain and analgesics showed a 3.1% growth and 5.2% decline respectively.

Respiratory medicines sales slumped at a steeper 6.9% compared to 6.6% in October.

Barring Cipla and Glenmark Pharma, all top 20 drug makers either recorded single digit growth or a decline. Cipla and Glenmark recorded 12.6% and 14.5% growth respectively.

Sales of Micro Lab Mankind Pharma, Pfizer and GlaxoSmithKline Pharma were down 0.6-5.4%, the data showed.

For the country's largest seller of hydroxychloroquine, Ipca Laboratories' sales growth slowed to 4.9% during the month.

We are closely tracking this sector and will keep you updated on all the top news from this space. Stay tuned.

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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