Sensex Ends 181 Points Higher; TCS and UltraTech Cement Among Top Nifty Gainers

Tue, 8 Dec Closing

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Indian share markets witnessed buying interest during closing hours and ended on a positive note today.

The Sensex, which crossed the 45,000-mark last week for the first time, continued momentum and ended higher for the fourth consecutive session today.

At the closing bell, the BSE Sensex stood higher by 181 points (up 0.4%).

The NSE Nifty closed higher by 37 points (up 0.3%).

TCS and UltraTech Cement were among the top gainers today.

The SGX Nifty was trading at 13,409, down by 11 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.2% and 0.3%, respectively.

On the sectoral front, gains were largely seen in the IT sector and energy sector.

On the other hand, telecom sector was the top loser.

Asian stock markets ended on a negative note today. As of the most recent closing prices, the Hang Seng ended down by 0.7% and the Shanghai Composite ended down 0.2%. The Nikkei ended down by 0.3%.

The rupee is trading at 73.58 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 49,825 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.

Moving on to stock specific news...

HDFC Bank was among the top buzzing stocks today.

India's largest private lender HDFC Bank has invested an undisclosed amount in investment startup smallcase, as part of its recently-concluded US$ 14 million Series B funding round.

Existing investors DSP Group, Sequoia Capital India and Blume Ventures also participated in the round.

The smallcase platform is integrated with India's largest brokers, including Zerodha, HDFC Securities, Kotak Securities, 5Paisa and AxisDirect, to offer "smallcases" to their clients.

Earlier this year, smallcase launched its gateway offering, which helps any app to provide stock, ETF and smallcase transactions in a native, secure and compliant manner.

Eleven apps and platforms have integrated the smallcase gateway to power stock & ETF transactions.

Founded in 2015 by Vasanth Kamath, Rohan Gupta and Anugrah Shrivastava, "smallcases" are model portfolios of stocks and exchange-traded funds (ETFs) that are created and managed by registered individuals and entities and accessible to retail investors.

CEO Vasanth Kamath estimates there are about 2 million users and about Rs 50 billion has been transacted in smallcases.

In other news, stocks from the asset management companies (AMC) space were in focus today after the AMFI data release.

Data released by the Association of Mutual Funds in India (AMFI) showed investors continued to redeem from their equity mutual fund holdings in November.

Equity funds witnessed net redemptions worth Rs 129.1 billion in November 2020, compared to Rs 27.2 billion in October 2020.

Hybrid schemes - which invest in stocks, bond and gold in varied proportions - also saw net exit of Rs 52.4 billion compared to Rs 16.8 billion in the previous month.

During November 2020, the number of systematic investment plan (SIP) accounts grew to 3.4 crore from 3.37 crore in October.

Monthly SIP contribution in November fell to Rs 73 billion compared to Rs 78 billion in October, according to AMFI.

Bond funds witnessed buying interest in the current low interest rate environment. All debt fund categories put together saw net inflows of Rs 449.8 billion in November. Low duration, short term and corporate bond funds saw net inflows of Rs 271 billion, Rs 130.9 billion and Rs 110.9 billion, respectively in November. Investor interest appears to be on the higher side with respect to short-term debt funds.

Gold ETFs saw net outflows of Rs 1.4 billion, compared to net inflow of Rs 3.8 billion in previous month. Gold ETFs have corrected 5.7% in the last one month due to weak gold prices.

It would be interesting to see how this trend pans out in the coming months.

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.

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.

In news from the banking space, Yes Bank share price witnessed huge buying interest today on hopes the stock will be upgraded to large cap category from midcap by mutual fund industry body AMFI.

As per news, Yes Bank and four other firms- Adani Enterprises, PI Industries, Hindustan Aeronautics and Jubilant Food-Works - are likely to get upgraded as part of the half-yearly market-cap categorization by mutual fund industry body Association of Mutual Funds in India (AMFI), which is expected to release a fresh list by January 5.

Note that AMFI categorises stocks into large caps, midcaps and smallcaps stocks based on the average market capitalisation every six months. Mutual fund schemes are required to align their portfolios based on the share categories.

ICICI Securities said it expects 4-5 switches between large caps and midcaps and 11-12 switches between midcaps and smallcaps.

The lower end of the size limit for large caps and midcaps have increased to Rs 276 billion and Rs 82 billion respectively based on market data for the second half of 2020 available so far.

As per a circular dated October 6, 2017 by the Indian stock market regulator, mutual funds have one month to align their portfolios as per the fresh list.

NMDC, MRF, United Breweries, Container Corporation, General Insurance, and Bank of Baroda may be recategorised as midcap from large cap.

Meanwhile, IndiaMart InterMesh, Laurus Labs, Navin Fluorine, Dixon Technologies, Alok Industries, AstraZeneca Pharma, Deepak Nitrite, Bombay Burmah and Suven Pharma are likely to be recategorized as midcap from smallcap.

As per market experts, if Yes Bank shares get upgraded to large cap as expected, then the stock may witness buying from mutual funds.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

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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