After opening the day marginally higher, Indian share markets extended gains as the session progressed and ended on a strong note.
At the closing bell, the BSE Sensex stood higher by 269 points. The NSE Nifty closed higher by 83 points.
The SGX Nifty was trading at 11,215, up by 105 points, at the time of writing.
The BSE Mid Cap index ended the day up by 1%. The BSE Small Cap index ended up by 0.6%.
On the sectoral front, gains were largely seen in the energy sector and the healthcare sector.
Asian stock markets ended on a mixed note today. As of the most recent closing prices, the Hang Seng ended up by 0.8% and the Shanghai Composite stood lower by 0.2%.
European stocks and US equity futures advanced as investors monitored earnings pouring in and seemed to look past the latest tensions between Beijing and Washington.
Speaking of the current stock market scenario, note that investor sentiment has improved following a sharp revival in markets over the last three months.
As a result, the retail entry into capital markets through mutual funds witnessed a significant revival as new systematic investment plan (SIP) registrations jumped to 9.13 lakh last month.
The registrations had dropped to 7.5 lakh in April and 8.08 lakh in May 2020 after the COVID-19 pandemic resulted in a sharp fall in the markets in March.
The trend of inflow of new SIP registrations is in line with the rising retail participation in the stock market trade.
Over the last three months, the Central Depository Services Limited (CDSL) added 19.6 lakh investor accounts at a monthly average of 6.5 lakh accounts. By comparison, the average monthly investor addition for CDSL in 2019-20 stood at 3 lakhs.
Speaking of SIPs, have a look at the chart below which shows the trend in annual SIPs and SIPs in the April-June quarter:
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Moving on, the rupee is trading at 74.75 against the US$.
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HDFC Asset Management Company (AMC) was among the top buzzing stocks today.
The company today posted a 3.62% year-on-year (YoY) rise in net profit at Rs 3,023.6 million for the quarter ended June 30.
It had posted a net profit of Rs 2,917.9 million in the corresponding quarter last year.
Reportedly, a fall in total expenditure mainly supported the bottom line of mutual fund house during the quarter under review.
It posted a 43.52% YoY dip in total tax expenditure at Rs 780.1 million in Q1FY21 over Rs 1,381.3 million in the same period last year.
The total income of the company declined 11.1% YoY to Rs 4,913.1 million during the April-June period.
EBITDA decreased by 20% and stood at Rs 3,164.8 million in Q1FY21.
The company in a release said, "since the revenue of the company is ultimately dependent on the value of the assets under management (AUM) it manages, changes in market conditions and the trend of flows into mutual funds may have an impact on its operations."
HDFC AMC share price ended the day down by 0.2%.
Moving on to news from the automobile sector, shares of Eicher Motors climbed over 4% to Rs 20,753 on the BSE, quoting at their highest level since January 29, 2020.
In the past two months, shares of the company have surged as much as 49%. On May 25, the company announced its stock split plan to make the stock more affordable for the small retail investors and increase liquidity.
On June 12, the company's board approved the stock split in the ratio of 1:10 i.e. sub-division of equity shares of the company from the existing one equity share of the face value of Rs 10 each into ten equity shares of the face value of Rs 1 each.
The record date for the purpose of sub-division of equity shares shall be decided after obtaining approval for sub-division from the shareholders at the ensuing Annual General Meeting (AGM) on August 10, 2020.
Eicher Motors' share price ended the day up by 5%.
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