Sensex, Nifty Open at Fresh Record Highs; IndusInd Bank & Axis Bank Top Gainers

Tue, 29 Dec 09:30 am

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Asian share markets jumped today, with Japanese stocks hitting a 30-year high, as hopes that a long-awaited US pandemic relief package would be expanded, and a Brexit trade deal supported investor risk appetite.

The Nikkei is trading up by 1.6% and the Hang Seng is trading up by 0.8%.

In US markets, Wall Street indexes hit record highs on Monday as President Donald Trump's signing of a long-awaited US$ 2.3 trillion pandemic aid bill bolstered bets on an economic recovery.

The Dow Jones Industrial Average rose 305 points, or 1% while the Nasdaq added 0.4%.

European share markets climbed for the fourth straight session on Monday as relief over long-awaited US economic stimulus and a post-Brexit trade deal lifted investor mood in thin holiday trading.

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

The BSE Sensex is trading up by 258 points. Meanwhile, the NSE Nifty is trading higher by 75 points.

IndusInd Bank is among the top gainers today. L&T, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.6%. The BSE Small Cap index is trading up by 0.8%.

All sectoral indices are trading on a positive note with stocks in the banking sector and finance sector witnessing most of the buying interest.

The rupee is trading at 73.47 against the US$.

Gold prices are trading up by 0.1% at Rs 50,072 per 10 grams.

Domestic gold prices traded in a narrow range for the sixth day in a row amid mixed global cues. In the previous five sessions, gold had remained in the Rs 50,000 to Rs 50,500 range.

Silver edged down 0.2% to Rs 68,650 per kg.

Speaking of gold, Ajit Dayal, founder of the Quantum group, shares his views on gold in the latest episode of Investor Hour Podcast.

In the podcast, Ajit also talks about the Covid-19 situation around the world, specific investment opportunities as well as his personal asset allocation strategy.

Tune in here to find out more:

You can also check Ajit's latest article on the best way to start a strong Indian economic recovery here: How India's Economy Can Grow at 10% p.a.

Speaking of stock markets, 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.

Here's what she wrote in a recent edition of Profit Hunter...

• For one, the gap between Sensex and smallcap index is still huge.
  
  In January 2018, the smallcap to Sensex ratio was 0.57 times, versus a long term average of 0.44 times.
  
  At present, this ratio stands at 0.37 times, well below the long-term average.
  
  The possibility of a convergence between growth and value is a lot higher in the smallcap space, than in the large caps.
  
  And then here are some other interesting facts.
  
  Historically, the smallcap index, after a sharp correction, has risen up to 300%.

The above observations have served Richa's smallcap service Hidden Treasure well. Her first batch of essential stock recommendations have offered robust returns so far, as can be seen in the chart below:

While the margin of safety in valuations has come down in these stocks, Richa has recently added another stock to this list.

This company is the world's largest player in a niche segment and its product falls in the essential category. This global leader enjoys unique competitive advantages that are hard to replicate by its peers.

If you are interested in knowing more and in becoming a Hidden Treasure subscriber, here's where you can sign up.

In news from the financial markets space, the coronavirus pandemic dealt a blow to the government's plan to raise funds through major stake sales and initial public offerings (IPOs).

So far this year, the government managed to raise just Rs 428.7 billion, down 37% from the Rs 681.8 billion it had raised in 2019, according to Prime Database, a data provider on capital markets.

Divestments this year were led mostly by exchange traded funds (ETFs). During the year, ETFs at Rs 165 billion with a 39% share were the most-used mode, followed by central public sector enterprises (CPSEs) sale at Rs 138.8 billion, public offerings at Rs 109.9 billion, buybacks at Rs 8.4 billion and remittances from Specified Undertaking of The Unit Trust of India at Rs 6 billion.

However, domestic companies managed to raise record amounts of capital this year. Fundraising through public equity markets hit a record Rs 1.7 trillion in 2020, surpassing the previous high of Rs 1.6 trillion in 2017.

Capital raised by India Inc. this year was more than double of last year's Rs 822.4 billion and Rs 626.5 billion in 2018.

There were 15 IPOs which collectively raised Rs 266.1 billion, more than double of the Rs 123.6 billion raised through 16 IPOs in 2019. SBI Cards' Rs 103.4 billion share sale was the biggest IPO of 2020.

Activity in the SME IPO segment declined. There were only 27 SME IPOs during the year, which raised a total of Rs 1.6 billion. This marked a sharp decline from 51 IPOs in 2019 totaling Rs 6.2 billion.

Rights issues were also at a record high, mostly led by the mega Rs 531.2 billion rights issue of Reliance Industries.

Meanwhile, 26 companies mobilized Rs 845 billion through QIPs, a record for a calendar year. This was more than double of the Rs 352.4 billion raised last year. ICICI Bank made the biggest QIP, raising Rs 150 billion.

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

Moving on to stock specific news...

Wipro is among the top buzzing stocks today.

Wipro's proposal to return around Rs 95 billion to shareholders through share buyback will begin today and close on January 11, 2021.

The last date for settlement of bids on the stock exchange will be on or before January 20, 2021.

Last month, shareholders had approved Wipro's buyback plan for the purchase of up to 237.5 million equity shares at Rs 400 per share, aggregating to an amount of up to Rs 95 billion.

Wipro had last year undertaken a buyback programme of 323.1 million shares at Rs 325 apiece, aggregating to about Rs 105 billion. Before that, Wipro had announced a buyback worth Rs 110 billion in 2017 and Rs 25 billion in 2016.

At present, the promoter and promoter group hold 4.2 billion equity shares or 74.01% of equity shares in the company's total outstanding equity share capital.

Wipro share price has opened the day up by 0.4%.

Apart from Wipro, market participants are also tracking SpiceJet share price.

Air freight forwarder Skyways Air Services on Monday said it has joined hands with budget carrier SpiceJet for transporting COVID-19 vaccine across India.

Separately, Delhi-based material solutions firm Pluss Advanced Technologies (PLUSS) also announced a tie up with SpiceJet for supplying precise temperature control boxes to the dedicated freighter division of the budget carrier for COVID-19 vaccine transportation.

SpiceJet share price has opened the day up by 0.8%.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers