Brokerages firms: Market Movers: Retail investors buy the shovel sellers amid equity gold rush
It’s no surprise that retail investors and high net-worth individuals are pouring money into stocks of brokerage firms and other market infrastructure plays, said dealers. The surge in interest is driven by a simple equation that brokerages will continue to benefit from the equity gold rush underway in the country currently.
The frenzied activity in the IPO market due to Zomato’s ongoing IPO and upcoming ones from a clutch of new-age technology startups is acting as steroids for the gold diggers.
Shares of broking houses like Angel Broking, , , 5Paisa Capital, and Emkay Global Financial Services surged 5-20 per cent as investors look to capitalize on the hype surrounding India’s capital market these days.
Vodafone flies on lifeline hope
Vodafone Idea’s stock jumped nearly 9 per cent today helped by investors giddied up in hope of the company’s survival. This time around the buzz is not over fundraising but the possibility that the sword of AGR dues hanging over its head could become blunt.
According to reports, the Supreme Court will hear the AGR case on July 19 to review the plea made by telecom operators for revision of their AGR dues. Vodafone Idea claims its Rs. 58,000 crore dues to the government is actually around Rs. 21,500 crore, it remains to be seen if the court concurs with Vodafone Idea’s view.
Metals rejoin the party
This bull market will always feel incomplete unless metals stocks join in. Investors lapped up metal stocks today, reaffirming their optimism that the bull run seen in recent months is not as fickle as others make it out to be. Yeah, we know volumes are not picking up in India, and the outlook on pricing has become iffy, but who cares! At this party, heavy metal is the show-stopper.
Great, now that we have got that out of our system is time for us to enjoy our weekend and let you enjoy yours. Come back on Monday, you folks!