Sensex Opens Higher, Nifty Above 15,250; Asian Paints & JSW Steel Top Gainers

Asian stock markets are trading on a strong note today tracking Wall Street gains overnight.

The Hang Seng is trading up by 1.2% while the Nikkei is trading up by 0.6%. The Shanghai Composite is trading higher by 1.6%.

In US stock markets, Wall Street indices climbed on Monday, with both the S&P 500 and Nasdaq jumping more than 1% as a retreat in US Treasury yields helped lift expensive stocks in sectors such as technology.

The Dow Jones Industrial Average rose 0.5% while the Nasdaq Composite added 1.4%.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

Market participants will track shares of Emami, VIP Industries, Alkem Laboratories, and AstraZeneca Pharma as these companies are set to announce their quarterly results today.

The BSE Sensex is trading up by 235 points. Meanwhile, the NSE Nifty is trading higher by 68 points.

Asian Paints is among the top gainers today. HDFC Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened up by 0.5% and 0.7%, respectively.

Barring banking stocks, all sectoral indices are trading in green with stocks in the metal sector, power sector, and FMCG sector witnessing most of the buying interest.

Shares of Asian Paints and Adani Transmission hit their 52-week highs today.

The rupee is trading at 72.85 against the US$.

Gold prices are trading down by 0.2% at Rs 48,450 per 10 grams. Meanwhile, silver prices are trading down by 0.5% at Rs 71,495 per kg.

Speaking of the current stock market scenario, note that small cap stocks are on a roll recently.

Despite the BSE Smallcap index is up more than 157% since the March 2020 lows, Richa believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

As can be seen from the chart above, the rebound in the smallcap index at 157% is way below past rebounds which have ranged from 210% to 293%.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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