5 Reasons Why Sensex Hit Record High, Mrs Bectors Food IPO, and Top Buzzing Stocks Today

Thu, 10 Dec Pre-Open

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Indian share markets touched fresh record high yesterday as Covid-19 vaccine approvals boosted investor sentiment.

Gaining over 1% during the day, the Sensex crossed the 46,000-mark, while the Nifty topped the 13,500-level for the first time ever.

At the closing bell yesterday, the BSE Sensex stood higher by 495 points (up 1.1%).

The NSE Nifty closed higher by 136 points (up 1%).

Asian Paints and Kotak Mahindra Bank were among the top gainers.

The BSE Mid Cap index ended up by 0.4%, and the BSE Small Cap index ended up by 0.5%.

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

Gold prices for the latest contract on MCX were trading down by 0.8% at Rs 49,731 per 10 grams at the time of closing stock market hours yesterday.

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, India's #1 trader, Vijay Bhambwani talks about how you can trade profits in the month of December, in his latest video for Fast Profits Daily.

In the video below, Vijay shares how December is usually not a good month for traders as liquidity decreases in the stock market due to the holidays in the western world but how you can still profit from it using his experience as a veteran trader.

Tune in here to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be TVS Srichakra.

Leading tyre maker, TVS Srichakra, part of the US$ 8.5 billion TVS Group will invest around Rs 10 billion to ramp up manufacturing at its Madurai and Pantnagar plants.

The proposed investment will be made over a three-year period.

The investment, when fully made, will result in an increase in two- and three-wheeler tyre capacity by 25-30% and will double off-highway tyre capacity from current levels. The investment is planned to be funded by a mix of debt and internal accruals.

Stocks from the defence sector will be in focus today as the government issued a notification regarding changes in the Foreign Exchange Management Act allowing FDI of up to 74% in defence equipment production through automatic route.

As per the new policy, the increased FDI limit can go beyond 74% wherever it is likely to result in access to modern technology or for other reasons that should be recorded.

This increased limit will be applicable subject to industrial license under the Industries (Development & Regulation) Act, 1951, and manufacturing of small arms and ammunition under the Arms Act, 1959.

Hindustan Aeronautics share price gained as much as 3% yesterday on the back of above news, while Bharat Dynamics share price rose over 4%. Bharat Electronics share price zoomed 8% to Rs 123 - its 52-week high on the BSE in intra-day trade.

ICICI Bank share price will also be in focus today as it was reported the private lender will sell 2.21% stake in ICICI Securities through the offer for sale (OFS) route on December 9 and 10.

The floor price for the OFS has been fixed at Rs 440 per share, a 6% discount to Tuesday's closing price of Rs 461. About 10% of the offer is reserved for retail investors who can subscribe the offer till today.

ICICI Securities had come with an IPO in March 2018 at an issue price of Rs 520 per share. All newly listed companies will have to comply with 25% public holding norms within three years of listing.

Top Factors Why Sensex and Nifty Hit Fresh Record Highs Yesterday

Vaccine Approvals: India's federal health secretary said the country may approve some coronavirus vaccines over the next few weeks and an estimated 300 million people would be inoculated in the first tranche.

Meanwhile, Pfizer Inc cleared the next hurdle in the race for its Covid-19 vaccine emergency approval in the United States after the drug regulator released documents that raised no new issues about its safety or efficacy.

Stimulus Package: The Trump administration on Tuesday proposed a package worth US$ 916 billion including liability protections and state and local government aids.

FII Inflows: Foreign institutional investors (FIIs) have been on a buying spree. The low-interest-rate environment, globally, and risk-on trade are driving capital flows into emerging markets, including India. The recent adjustment in the MSCI Index also aided the sentiment.

Firm Global Cues: Global share markets traded on a firm note yesterday, after Britain started mass-vaccinating its people using a fully-tested Covid-19 shot and as Johnson & Johnson said it could obtain late-stage trial results for a single-dose vaccine earlier than expected.

All Sectoral Indices in Green: Barring power sector, all sectoral indices ended on a positive note yesterday. Energy, banking and FMCG stocks witnessed most of the buying interest.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Mrs Bectors Food Specialities IPO to Open on December 16

In latest developments from the IPO space, as per a leading financial daily, Mrs Bectors Food Specialities, a premium biscuit-maker and leading supplier of buns to fast-food chains such as Burger King and McDonald's, will launch its Rs 5.5 billion initial public offering (IPO) on December 16.

The primary market offering will be open for three days from December 16 to December 18, 2020. The shares are likely to be listed on the bourses on December 29.

Mrs Bectors Food's is making its second attempt at tapping the primary markets for its funding requirements. It had secured market regulator's nod for an IPO in 2018, but chose to defer its plans due to market conditions at that time.

The company will use the IPO funds to expand its manufacturing unit at Rajpura in Punjab and for general corporate purposes.

SBI Capital, ICICI Securities and IIFL Capital are the lead managers to the public issue of Mrs Bectors Food.

The above move comes close on the heels of the Burger King IPO, which was oversubscribed 157 times.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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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