Sensex Trades Marginally Higher, Nifty Above 17,650; Power & Banking Stocks Rally

Tue, 4 Jan 10:30 am

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Asian stock markets are higher today after US shares advanced on their first trading day of the year. However, shares in mainland China are trading in the red.

The Hang Seng is down 0.2% while the Nikkei rallied 1.7%. The Shanghai Composite is trading lower by 0.4%.

In US stock markets, Wall Street indices posted closing record highs on the first trading day of the year on Monday, helped by gains in Tesla Inc and bank shares.

Meanwhile, Apple Inc became the first company to hit the US$3 tn market capitalization as investors bet the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and virtual reality.

The Dow Jones Industrial Average gained 0.7% while the Nasdaq rallied 1.2%.

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

After opening flat, benchmark indices extended gains as the session progressed tracking firm global cues. However, indices turned volatile and slipped into red for a brief moment.

Currently, the BSE Sensex is trading up by 198 points. Meanwhile, the NSE Nifty is trading higher by 52 points.

Power Grid and ONGC are among the top gainers today. HCL Tech, on the other hand, is among the top losers today.

Reliance is in focus today as the company's telecom arm Reliance Jio has received approval enabling it to use equipment from various vendors, including Ericsson, Nokia Networks, Cisco, and Dell, which have been endorsed as a 'trusted source' by the National Security Council Secretariat.

The BSE Mid Cap index is up 0.1%. The BSE Small Cap index is trading higher by 0.3%.

Sectoral indices are trading mixed with stocks in the power sector, banking sector and energy sector witnessing most of the buying.

IT stocks, on the other hand, are trading in red.

Shares of Minda Corporation and Suzlon Energy hit their 52-week highs today.

The rupee is trading at 74.48 against the US$.

Gold prices are trading up by 0.2% at Rs 47,800 per 10 grams.

Meanwhile, silver prices are trading down by 0.1% at Rs 61,668 per kg.

Gold edged higher today amid curbs to contain the spread of Omicron coronavirus cases, while a rise in US Treasury yields supported by inflation fears kept safe-haven bullion's gains in check.

Crude oil prices also surged a day ahead of the OPEC+ meeting on hopes of demand recovery.

Speaking of stock markets, in her latest video, lead Smallcap Analyst at Equitymaster Richa Agarwal talks about the concept of dividend investing.

In the video, Richa also shares a list of stocks with healthy dividends for your watchlist.

In news from the automobile sector, Olectra Greentech is among the top buzzing stocks today.

Olectra Greentech, India's largest manufacturer of electric buses, on Monday said it has received a letter of award (LoA) for 50 e-buses from one of the state transport authorities for inter-city operations under the central government's FAME-II scheme.

These buses are to be delivered in 12 months.

Here's what the company said in a regulatory filing,

• Out of the tenders where Olectra Greentech and Evey Trans Private (EVEY) were declared as least-quoted (L-1) bidders for 353 buses; for 50 electric buses, Evcy has received a letter of award from one of the state transport authorities (i.e. for inter-city operations) under FAME-II scheme.

Evey Trans Pvt is a subsidiary of Olectra Greentech.

The maintenance of these buses will be undertaken by the company during the contract period and the value of this contract is about Rs 1.3 bn.

Adding the above order, the total order book of Olectra for electric buses stands at around 1,523 e-buses after considering the deliveries already made.

Olectra Greentech, part of Megha Engineering and Infrastructures, has developed its buses with technical support from China's largest electric vehicle maker BYD.

Olectra Greentech share price is trading up by 3%.

To know more about the company, check out Olectra Greentech's 2020-21 annual report analysis.

Speaking of Olectra Greentech, have a look at the chart below to see the company's stock performance for the past five years.

The stock used to trade at Rs 25 levels five years ago. Today, the stock has zoomed above Rs 800 levels and has a 52-week high quote of Rs 941.

It has registered gains of 3,000% in the past five years with a CAGR of 99%. That's an amazing wealth creation.

The growth outlook for the company looks bright as it has plans to venture into manufacturing of electric trucks, passenger vehicles, and three-wheeler segments.

Moving on to latest developments from the IPO space, as per a leading financial daily, LIC is expected to file its draft prospectus with the markets regulator by third week of January.

In one of its interactions with global investors, top LIC officials indicated that the life insurer is expected to file its draft prospectus by the third week of January.

It has been several months now since officials at the finance ministry have told that LIC would be a listed entity before fiscal 2022 ends.

The IPO size is expected to be worth about Rs 1 lakh crore which will make it the biggest equity offering in India ever.

Along with this info, the officials also shared that the life insurance major will recruit more millennial agents.

In earlier conversations, officials had told how LIC wanted to leverage its digital strategy to grow business.

How LIC's mega IPO sails through remains to be seen.

In other news from the IPO space, as many as 75 companies are in the IPO pipeline, with 37 having valid observations from the regulator and the remaining 38 awaiting go-ahead after filing their prospectus.

In the March 2022 quarter itself, 23 companies are looking to collectively raise nearly Rs 440 bn through initial share sales, of which a significant chunk will be garnered by technology-driven companies.

After the success of big tech companies Zomato, Nykaa and PolicyBazaar, homegrown start-ups will continue to launch their mega issue for the investors in 2022. Oyo, Delhivery and PharmaEasy will be among the most awaited ones.

In 2021, 63 companies raised about Rs 1.20 lakh crore through their initial stake sales. Apart from this, a couple of REITs and InvITs raised more than Rs 115 bn during the year.

As things stand now, 2022's figure will probably be higher than the previous year.

We will keep you updated on the latest developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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