Sensex Opens Higher; Banking & Realty Stocks Lead

Thu, 7 Jan 09:30 am

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Asian share markets edged higher today as investors remained confident that violence in Washington would not disrupt a legitimate transition to a new presidency or derail political support for a US economic recovery.

The Nikkei is trading up by 1.9% while the Shanghai Composite is up 0.4%.

In US stock markets, Wall Street indices settled higher overnight on expectations that Washington will deliver more stimulus for the economy, though some of the gains faded by late afternoon as political unrest gripped the nation's capital.

The Dow Jones Industrial Average gained 1.4% while the Nasdaq Composite fell 0.6%.

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

Telecom stocks are in focus today after the government said it will auction wireless spectrum in seven bands on 1 March.

The BSE Sensex is trading up by 269 points. Meanwhile, the NSE Nifty is trading higher by 81 points.

IndusInd Bank is among the top gainers today. Titan, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 1%. The BSE Small Cap index is trading up by 1.1%.

All sectoral indices are trading on a positive note with stocks in the realty sector and banking sector witnessing most of the buying interest.

The rupee is trading at 73.10 against the US$.

Gold prices are trading up by 0.5% at Rs 50,763 per 10 grams.

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

Speaking of stock markets, in his latest video for Fast Profits Daily, Vijay Bhambwani talks about the recently concluded OPEC plus meeting which ended inconclusively.

As per Vijay, this will have an impact on the stock market as well as the commodity market.

If you're not convinced about the bulls getting nervous, watch the below video to know about a reason that you may not have heard about from the mainstream media.

In news from the telecom sector, Himachal Futuristic (HFCL) is among the top buzzing stocks today.

Telecom equipment major HFCL has completed shipping one lakh units of a wireless networking portfolio comprising of access points and point-to-point unlicensed band radios to the customers.

The company said it has been able to achieve this key milestone in less than a year of starting production.

"There is a huge demand for higher bandwidths, seamless connectivity and devices becoming lifeline of consumers to remain digitally connected with their workspaces and families," said the company's Managing Director Mahendra Nahata.

The company said it aims to project India as the next-generation innovation and manufacturing hub for telecom products ahead of the 5G rollout expected later this year.

HFCL share price has opened the day up by 2.4%.

In news from the banking sector, private lender Bandhan Bank on Wednesday said its loans and advances grew by 23% year-on-year (YoY) to Rs 802.6 billion during the third quarter of the current fiscal.

The advances were at Rs 654.6 billion in the year-ago period.

Total deposits during the quarter increased by 30% to Rs 711.9 billion as against Rs 549.1 billion in the corresponding period last year.

CASA (current account, savings account) deposits of the Kolkata-headquartered bank during the third quarter of the current financial year grew by 62% YoY to Rs 305 billion.

Bandhan Bank share price has opened the day up by 3%.

Moving on to news from the automobile sector, as per an article in The Economic Times, the year 2021 is set to be the busiest yet in terms of new electric vehicle (EV) launches in the Indian market as normalcy slowly returns since the disruption caused by the pandemic and automakers gear up for their electric vehicle debut.

At the top of the line will be at least five high-end EVs like the Tesla Model 3, Porsche Taycan, Audi e-tron, Jaguar Land Rover I-pace and Volvo XC40 Recharge. These would be well complemented by the mainstream market by M&M's e-KUV 100 and Tata Motors' Altroz EV.

The article stated that Bajaj Auto will make its electric three-wheeler debut and M&M will create an electric quadricycle category in India.

Here's an excerpt from the article:

• All these companies have been analyzing the market for quite some time now and feel that customer acceptance now is reaching the point for them to start rolling out their EV products.
  
  Some of these launches were delayed in 2020 as automakers put their EV plans on the backburner to conserve cash and focus on core operations during the crisis caused by the pandemic. But with business now slowly returning to normal, they are going ahead with their plans.

A Tata Motors spokesperson said that their EV business plan is well on track and they are the market leader with 67% market share during Q2FY21.

On the three wheeler front, EVs have been making an economic case for some time now for commercial use given their low cost of running.

While Mahindra Electric and a clutch of other manufacturers have been making e-richshaws, Bajaj Auto is also set to enter this space.

Auto majors like Suzuki-Toyota, Tata Chemicals have already expressed intent of localizing lithium ion cells in India and the global major LG Chem has been actively considering the possibility of setting up a large lithium ion factory in India.

On the infrastructure front, state-run Energy Efficient Services (EESL) has set itself a target of setting up 10,000 charging stations in the coming years.

The government had floated the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) scheme in April 2019 with a financial outlay of Rs 100 billion to promote EVs.

We will keep you posted on more updates from this space. Stay tuned.

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India.

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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