Sensex Ends 264 Points Lower; ITC & Reliance Industries Fall 3%

Wed, 6 Jan Closing

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After ten days of consecutive bullish rally, Indian share markets reversed trend today, in line with global equities and fell on to bearish territory.

Benchmark indices fluctuated as investors awaited vaccine deployment in the world's second-largest coronavirus hotspot and ahead of the quarterly earnings season that begins Friday.

As American media outlets started calling the elections in Georgia in favour of the Democratic party, Indian share markets took a dive, dragged by FMCG and energy stocks.

Sentiment also dampened after US President Donald Trump on Tuesday signed an executive order banning transactions with eight Chinese software applications, including Ant Group's Alipay, escalating tensions with Beijing before President-elect Joe Biden takes office this month.

At the closing bell, the BSE Sensex stood lower by 264 points. The NSE Nifty ended down by 53 points.

Power Grid was among the top gainers today. ITC, on the other hand, was among the top losers today.

SGX Nifty was trading at 14,148, down by 40 points, at the time of writing.

The BSE Mid Cap index ended up by 0.4%. The BSE Small Cap index ended lower by 0.14%.

Sectoral indices ended on a mixed note with stocks in the telecom sector and metal sector witnessing buying interest. Energy and FMCG stocks, on the other hand, witnessed selling pressure.

Shares of UltraTech Cement and Navin Fluorine hit their respective 52-week highs today.

Asian share markets ended mixed today. As of the most recent closing prices, the Nikkei ended down by 0.4% and the Hang Seng ended up by 0.2%.

US stock futures are trading mixed. Nasdaq Futures are trading down by 215 points (down 1.7%), while Dow Futures are trading up by 58 points (up 0.2%).

The rupee is trading at 73.08 against the US$.

Gold prices are trading up by 0.2% at Rs 51,830 per 10 grams.

In his latest video for Fast Profits Daily, Vijay Bhambwani talks about an interesting development in the gold market.

In the US, President Donald Trump's decision to ask election officials in the state of Georgia to find more votes, triggered a rally in the price of gold.

Will this gold rally continue, or will it fizzle out?

Tune in to the video below to find out more.

And to know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

In news from the chemicals sector, Alkyl Amines share price was in focus today.

Shares of the company hit all time high today, days after the firm said its board would consider stock split and setting up new project including amines in its February 2 meeting.

The company's board will also discuss on declaring an interim dividend.

Further, the company said its board will approve financial results for the quarter and nine months ended December 31.

Shares of the company have gained as much as 30% in the past three trading sessions, on the back of above news.

In news from the FMCG sector, ITC today said it aims to completely meet its electrical energy needs from renewable sources by 2030 as a part of its sustainability goals.

At present, more than 40% of the conglomerates electrical energy consumption is met through renewable sources like wind, solar and biomass. Offsite solar projects in Bihar, Uttar Pradesh, Karnataka, Haryana, Tamil Nadu and onsite solar projects in West Bengal and Tamil Nadu are under execution.

ITC said it is planning to invest further in strengthening its renewable energy portfolio in order to contribute meaningfully to the fight against climate change. It aims to achieve 50% reduction in specific emission and 30% reduction in specific energy consumption by 2030 to mitigate climate change risks.

The company said it has already made significant investments in renewable energy assets such as wind and solar projects combined. This will improve renewable energy share of company by additional 6% from current levels.

ITC share price ended the day down by 2.9%.

Moving on to news from the retail sector, Titan was among the top buzzing stocks today.

Shares of the company hit a new high of Rs 1,621, up 3%, after the company said its jewellery division has crossed the recovery phase to growth phase and other two large divisions have also moved much closer to the full recovery.

The company's jewellery business reported a healthy 15% year-on-year (YoY) growth in sales during the October-December quarter (Q3FY21), due to festive season along with pent-up demand for wedding jewellery.

The Tata group company's jewellery industry saw resurgence in the festive season along with a pent up demand for wedding jewellery as most of the weddings in H1FY21 were deferred.

The studded mix in Q3 improved although it was still lower than the levels seen in the previous year. The division continued to see a significantly higher share of gold coin sales and very good growth in wedding jewellery sales. Ticket size continues to be higher due to higher gold rates and higher share of wedding related products but 100% recovery in buyers is yet to be seen, the company said.

In the case of watches & wearables segment, the division had a recovery rate of around 88% in Q3, compared to the revenue of the same quarter last year.

The e-commerce channel reported an absolute growth of over 30%.

Meanwhile, other businesses had a revenue recovery of around 80%, compared to the revenue of the same quarter in last year. The recovery rate for fragrances and accessories continued to be muted due to the slow recovery of two of the biggest channels.

Titan share price ended the day down by 0.1%.

Here's an interesting data on Titan, even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002, would have led to mouth watering returns.

Take a look at how the power of compounding has gone wild here...

Here's what Co-head of Research at Equitymaster, Tanushree Banerjee wrote about it in one of the editions of Profit Hunter:

• It's possible to accumulate a few crores by investing small amounts in good businesses. Especially when the business is in distress and comes with margin of safety in valuations.
  
  Like the stock in my latest special report - First Stock to Potentially Rs 7 Crore Long-term Wealth.
  
  Business headwinds and macro and regulatory issues have kept the stock out of favour in most of 2020.
  
  Given its pedigree, balance sheet strength and cash flows, the stock has a very high chance of rerating once the temporary clouds of uncertainty disperse.
  
  In fact, I believe that 2021 could be for this stock what 2004 was for Titan.

In a recent special online event - The Great Indian Wealth Project - Tanushree showed how to potentially accumulate Rs 7 crore in wealth, over the long-term.

You can watch the event here.

And 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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