Sensex Trades Flat, Nifty Above 17,800; IT Stocks Under Pressure

Wed, 5 Jan 10:30 am

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Asian share markets are trading on a weak note today as investors prepared for the release of minutes from the Federal Reserve's December policy meeting and jobs data later in the week that could play a major role in determining the bank's plans.

The Nikkei is flat while the Hang Seng is down 0.8%. China's Shanghai Composite fell 0.7%.

In US stock markets, Wall Street indices ended the second day of 2022 with mixed cues. The Dow Jones Industrial Average reached a record closing high for a second straight day as financial and industrial shares rallied, while the Nasdaq fell.

The Dow Jones rose 0.6% to 36,800 while the Nasdaq plunged 1.3%.

Back home, Indian share markets are trading on a flat note. Benchmark indices took a breather after three days of back-to-back gains.

Concerns over rising Covid-19 cases and announcements of restrictions by states hurt investor sentiment.

The BSE Sensex is trading up by 69 points. Meanwhile, the NSE Nifty is trading higher by 22 points.

Bajaj Finance and IOC are among the top gainers today. HCL Tech, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index are trading on a flat note.

Sectoral indices are trading mixed with stocks in the banking sector and finance sector witnessing buying interest.

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

Shares of Pidilite Industries and ESAB India hit their 52-week highs today.

The rupee is trading at 74.54 against the US$.

Gold prices are trading up by 0.1% at Rs 47,960 per 10 grams.

Meanwhile, silver prices are trading down by 0.1% at Rs 62,136 per kg.

Crude oil prices drifted down, giving up some of the previous session's gains.

Speaking of stock markets, Brijesh Bhatia talks about the two sectors for 2022, in his latest video for Fast Profits Daily.

Last year, Brijesh had said his top sectoral pick for 2021 was metals. This sector beat the Nifty handsomely. At one point, it was up 90% in 2021.

So what about 2022? Which sector will outperform? Brijesh answers this question in the below video.

In news from the sugar sector, according to a report by rating agency CRISIL, sugar mills are expected to see both revenue and profitability improve in the 2022 season (SS 2022; October 2021 to September 2022).

The report stated that sugar prices are expected to rise 16-17% this season, compared to a marginal fall in the last year, led by a pickup in industrial demand and increased exports.

Owing to this, sugar stocks were in demand yesterday, rising up to 20% in intraday trade amid heavy volumes.

In news from the telecom sector, Bharti Airtel is among the top buzzing stocks today.

Bharti Airtel has shelved its plans of corporate restructuring and will continue to follow the existing corporate structure.

Attributing the decision to the recent telecom reforms which made the proposed changes redundant, the company said,

• The seminal telecom sector reforms package announced by the government of India has significantly boosted the outlook and investor confidence for the industry while simplifying the license framework.

The statement explained that with a strong balance sheet and 5G ready network, Bharti Airtel was already well positioned to invest aggressively in the emerging growth opportunities offered by India's digital economy.

Last year in November, it was reported that Airtel was rethinking its announced restructuring since the government had redefined the contentious adjusted gross revenue (AGR) under the telecom reforms package announced on 15 September 2021.

In April 2021, Bharti Airtel unveiled a new corporate structure, separating its telecom business from other businesses. The new structure would see the listed parent house the digital and infrastructure assets, while moving the telecom businesses to a newly created unit, Airtel.

The new structure was expected to remove the telecom regulatory overhang on Airtel's digital business and reduce statutory liabilities related to its mobility business.

At present, Bharti Airtel's businesses continue to be categorised under four key verticals - India, Digital, International and Infrastructure.

To know more, check out Bharti Airtel's 2020-21 annual report analysis.

Moving on to news from the pharma sector, Dr Reddy's yesterday said it will launch its Covid-19 antiviral molnupiravir capsules under its brand name Molflu across India at matching the price of Mankind Pharma.

Molflu will be priced at Rs 35 per capsule with 10 capsules contained per strip, and the total course of 40 capsules over 5 days costing Rs 1,400. This would make it among the most affordable treatment options available to patients.

Mankind Pharma's Molulife is also expected to cost Rs 1,400.

Dr Reddy's said Molflu is expected to be available from early next week in pharmacies throughout the country with particular focus on states with high caseload of Covid-19.

It added that Molflu will be manufactured at a USFDA-approved facility.

Note that earlier this year, Dr Reddy's entered into a non-exclusive voluntary licensing agreement with Merck Sharpe Dohme (MSD) to manufacture and supply Molnupiravir to India and over 100 low and middle-income countries (LMICs).

Last week, the company had also received emergency-use authorisation from the Drugs Controller General of India (DCGI) to manufacture and market the oral antiviral drug Molnupiravir capsules 200mg for the treatment of adult patients with Covid-19.

Dr Reddy's Lab share price is currently trading up by 0.1%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

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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