Share markets in India are presently trading marginally higher.
The BSE Sensex is trading up by 91 points, up 0.2%, at 57,942 levels.
Meanwhile, the NSE Nifty is trading up by 36 points.
Eicher Motors and ONGC are among the top gainers today. HDFC Life and Hindalco are among the top losers today.
The BSE Mid Cap index is trading up by 0.3%
The BSE Small Cap index is trading up by 0.5%.
On the sectoral front, stocks from the energy sector are witnessing most of the buying interest.
On the other hand, stocks from the FMCG sector are witnessing most of the selling pressure.
US stock futures are trading higher today, indicating a positive opening for Wall Street.
Nasdaq Futures are trading up by 16 points (up 0.1%) while Dow Futures are trading up by 46 points (up 0.1%)
The rupee is trading at 73.07 against the US$.
Gold prices are trading up by 0.2% at Rs 47,071 per 10 grams.
In domestic markets, gold prices edged higher today as the dollar depreciated. On MCX, gold futures were up 0.2% at Rs 47,060 per 10 grams.
Note that a weak dollar makes precious metals more attractive for those holding other currencies.
To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?
Moving on to stock-specific news...
Among the buzzing stocks, today is Reliance.
Shares of Reliance rose in early trade today after the company's subsidiary Reliance Retail Ventures (RRVL) increased its stake in Just Dial to 41% as a part of its plan to take majority control in the company.
On 20 July 2021, the company had acquired a 15.6% stake from the promoter, VSS Mani at Rs 1,020 apiece. RRVL will now make an open offer to buy 26% of the company from other shareholders of Just Dial.
Just Dial's acquisition is one of many that the company has done in recent months.
In August 2020, Reliance acquired a 60% stake in the pharma marketplace Netmeds' parent firm Vitalic for Rs 6.2 bn. In November 2020, it acquired online furniture startup Urban Ladder for Rs 1.8 bn in a distress sale.
Last year, Reliance Retail also entered into a Rs 247 bn deal to buy Future Group, India's second-largest retail chain. That deal is current stuck in courts with American e-commerce giant Amazon challenging it.
Moving on to news from the FMCG sector...
SH Kelkar Surges 13% on Order Win from Global MNC Player
Shares of S H Kelkar & Co (SHK) surged 13% on the BSE in intra-day trade today after the company announced that it has won an order in the home care segment from a large global multinational company (MNC) player in the domestic fast-moving consumer goods (FMCG) market.
The company did not disclose the size of the order.
SHK is the only company of Indian origin to file patents in the field of fragrance and novel aroma molecules. These patented molecules along with SHK's strong & well-known expertise in the Indian fragrance industry paved the way for this order win, the company said in a business update.
The company further said this strategic association will enhance its competitive advantage in the domestic markets and will enable SHK to build its presence in the high-potential global MNC space in the longer term.
SHK offers products under the SHK, Cobra, and Keva brands. The company has a diverse and large client base including leading national and multinational FMCG companies, blenders of fragrances & flavors, and fragrance & flavor producers.
The company's client engagements, especially the domestic FMCG players, continue to remain strong with steady wins across categories helping the company to sustain growth momentum.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
Speaking of the current stock market scenario, despite the smallcap index is up more than 1.8 times, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond.
Here's why...
The gains in the smallcap index in the current rebound is way short of almost 300% gains in the last two rebound cycles.
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