Sensex Opens Strong; ONGC & Tata Motors Gain Over 3%

Thu, 24 Dec 09:30 am

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Asian share markets gained ahead of the Christmas break, as global investors cheered a potential Brexit deal and economic recovery prospects, largely ignoring US President Donald Trump's threat to veto a long-awaited Covid-19 aid package.

The Nikkei is trading up by 0.5% and the Hang Seng is trading up by 0.2%.

US stocks rose overnight, shrugging off weak economic data and comments from President Donald Trump that risked derailing a giant economic relief package.

The Dow Jones Industrial Average rose 0.4% while the Nasdaq Composite dropped 37 points, or 0.3%.

Back home, Indian share markets have opened on a strong note, tracking gains in Asian peers.

Market participants will track Mrs Bectors Food share price as the company is set to debut at the bourses today, with the final issue price fixed at Rs 288 per share.

Reports state that shares are expected to list with a bumper premium after its Rs 5.4-billion public issue was subscribed 198.02 times, the highest subscription seen by IPO in 2020.

The BSE Sensex is trading up by 321 points. Meanwhile, the NSE Nifty is trading higher by 93 points.

ONGC is among the top gainers today. Infosys, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.8%. The BSE Small Cap index is trading up by 1.1%.

Barring IT stocks, all sectoral indices are trading on a positive note with stocks in the telecom sector and banking sector witnessing most of the buying interest.

The rupee is trading at 73.81 against the US$.

Gold prices are trading down by 0.1% at Rs 50,122 per 10 grams.

In one of his videos, India's #1 trader, Vijay Bhambwani shares his view on gold and silver for the coming year.

In the video, Vijay explains the reasons behind staying positive on these assets.

Tune in here to find out more:

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 current stock market scenario, note that since the lows in March 2020, the smallcap index has gained more than 80%.

While caution is indeed warranted, Richa Agrawal, Research Analyst at Equitymaster, thinks there is still a lot more steam left to this smallcap 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.

In latest developments from the IPO space, Antony Waste Handling Cell's initial public offering (IPO) closed on Wednesday and saw 15 times more demand than the shares on offer.

The offer did not attract the kind of frenzy witnessed in the previous two issues this month.

However, the company joined the likes of Burger King India and Mrs Bectors Food Specialities to have received oversubscription in a few hours of opening for subscription.

The institutional investor portion was subscribed 9.7 times, the wealthy investor portion was subscribed 18.7 times, and the portion allotted for retail investors was subscribed 16.5 times.

Last week on Saturday the company allotted shares worth Rs 900 million to 10 anchor investors.

Antony Waste had priced its IPO between Rs 313 and Rs 315 per share. The IPO consisted of a fresh issue of Rs 850 million and an offer for sale of up to 6.8 million shares.

Note that Antony Waste Handling is launching its IPO for the second time this year, after having to withdraw its maiden attempt in April due to tepid investor response amid the Covid-19 outbreak.

How the above IPO performs on listing day remains to be seen.

In news from the metal sector, Vedanta is among the top buzzing stocks today.

After failing to delist the company through reverse book-building offer, Anil Agarwal-owned Vedanta is planning to acquire 4.98% shares between Rs 150.45 and Rs 160 per share through a block deal today.

JP Morgan India will act as the broker to the promoters' company Vedanta Holdings Mauritius. The company will acquire 18 million shares.

The offer price is at 6.3% premium over yesterday's closing price of Rs 150.

As per capital market regulator's norms, promoters are allowed to acquire up to 5% a year through creeping acquisition.

In May, the promoters of Vedanta announced a delisting offer at Rs 87.5 per share. LIC, which held 6.37% in Vedanta, submitted all its shares at a price of Rs 320, a 267% premium over the floor price of Rs 87.25, upsetting Vedanta's calculations.

Many of the domestic mutual funds also tendered their shares at Rs 150-160 per share.

During the delisting offer in October, promoters were able to get only 1,254.7 million confirmed bids against the required 1,341 million shares. About 123.2 million shares tendered were not confirmed and as a result, the delisting process failed.

Once failed, promoters cannot launch a delisting offer within one year of the completion of the open offer period.

Vedanta share price has opened the day up by 6.4%.

Moving on to news from the engineering sector, Larsen & Toubro's (L&T) water and effluent treatment business has won engineering, procurement and conduction work orders for the execution of rural piped water supply schemes in various districts of Madhya Pradesh, worth in the range of Rs 25 billion to Rs 50 billion.

The projects are part of Jal Jeevan Mission and cover the districts of Guna, Ashoknagar, Shivpuri, Agar Malwa and Singrauli in the state. The schemes will cater to the drinking water requirement of 3,103 villages covering a population of 48 lakh, the company said.

L&T said that the scope of the order includes design and construction of intake structures, water treatment plants of aggregate capacity 377 millions of liter per day (MLD), transmission and distribution pipelines of length 17,513 kms, construction of main reservoirs and overhead service reservoirs, setting up of pump infrastructure and associated electromechanical and instrumentation works.

L&T will also be responsible for operation and maintenance for 10 years.

Moreover, the business has also secured an order to execute integrated infrastructure development works at Gwalior.

L&T share price has opened the day up by 0.7%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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