Indian share markets witnessed buying interest throughout the day today and ended higher.
At the closing bell, the BSE Sensex stood higher by 288 points. Meanwhile, the NSE Nifty stood higher by 82 points.
IndusInd Bank and Bajaj Finance were among the top gainers today. Titan, on the other hand, was among the top losers today.
SGX Nifty was trading at 11,532, up by 81 points, at the time of writing.
The BSE Mid Cap index ended up by 0.9%. The BSE Small Cap index ended up by 1.4%.
Barring realty stocks, all sectoral indices ended on a positive note with stocks in the healthcare sector and banking sector witnessing maximum buying interest.
Asian stock markets ended on a mixed note. As of the most recent closing prices, the Hang Seng and the Shanghai Composite stood higher by 0.5%. The Nikkei ended down by 0.4%.
US stock futures are trading higher today, indicating a positive start for Wall Street indices.
Nasdaq Futures are trading up by 101 points (up 0.9%), while Dow Jones Industrial Average Futures are trading up by 173 points (up 0.6%).
The rupee is trading at 73.64 against the US$.
Gold prices are currently trading up by 0.7% at Rs 52,048.
Gold and silver prices rose today ahead of US Federal Reserve's policy meet. Rising Covid-19 cases also helped the demand for bullion counters.
Even with the recent volatility in prices, gold and silver remain among the best-performing commodities this year to combat the fallout from the coronavirus pandemic. Earlier, gold had hit a record high of Rs 56,191 in Indian markets amid a global rally.
In news from the mutual funds space, as per an article in a leading financial daily, mutual funds made fresh buying in eight stocks and exited four counters.
As per the article, the eight stocks that funds invested in include ADF Foods, Associated Alcohols & Breweries, Fairchem Organics, Fiem Industries, Kovai Medical Center & Hospital, MSTC, Technocraft Industries and Mindspace Business Parks REIT.
On the other hand, the four stocks they exited are Macpower CNC Machines, NDR Auto Components, Novartis India and RSWM.
Among Nifty 50 stocks, maximum buying was seen in Axis Bank and Coal India whereas selling was seen in Adani Ports and Asian Paints.
Speaking of mutual funds, note that last week on Friday, the markets regulator issued guidelines for 'multi-cap' equity mutual fund schemes.
The circular mandates multi-cap equity schemes to allocate 25% each to large caps, midcaps, and small caps. The remaining 25% is up to the fund manager.
The regulator also issued a clarification on Sunday, suggesting that based on the preference of unit holders, mutual funds could consider rebalancing.
They also have an option to facilitate a switch for unitholders to other schemes. They could also merge the multi cap fund with a large cap fund or convert it to large cum midcap fund.
Assuming every fund rebalances, Friday's circular is expected to trigger a move of around Rs 280 billion from large caps to smallcaps.
The BSE smallcap index gained over 4% yesterday. This was the highest ever single day move in last five years.
Moving on to stock-specific news...
Bajaj Healthcare was among the top buzzing stocks today.
Shares of the pharma company zoomed 20% to a new high of Rs 498.35 on the BSE after the company reported a five-fold jump in net profit at Rs 152.9 million in the June quarter (Q1FY21), on the back of strong revenue growth.
The company had posted a profit of Rs 32.4 million in the year-ago quarter.
The company's revenue from operations during Q1FY21 grew 52% to Rs 1,400 million against Rs 920 million in the corresponding quarter of the previous fiscal.
EBITDA (earnings before interest, taxes, depreciation, and amortization) margin improved to 18.77% from 10.23% in the previous year quarter.
Bajaj Healthcare share price ended the day up by 10%.
Market participants were also tracking Hexaware Technologies' share price ahead of the closure of its delisting offer today.
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