Sensex Opens 350 Points Higher; Tech Mahindra & Infosys Top Gainers

Fri, 8 Jan 09:30 am

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Asian stock markets are trading higher today, with Japanese shares hitting a three-decade high as investors looked beyond rising coronavirus cases and political unrest in the United States and bet on an economic recovery later in the year.

The Hang Seng is trading up by 1.1% while the Nikkei is trading higher by 1.8%.

US stock markets rose to all-time highs overnight as Congress confirmed the election of Joe Biden as president and traders looked past the unrest in Washington.

Sentiment also got a boost after the Institute for Supply Management said its index for nonmanufacturing activity in the US rose to 57.2 in December from 55.9 in November.

The Dow Jones Industrial Average ended up by 0.7% while the Nasdaq ended up by 2.6%. Thursday marked the Nasdaq's first-ever close above 13,000. It was also the first time the Dow and S&P 500 ended a session above 31,000 and 3,800, respectively.

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

Market participants are tracking TCS share price as the IT major is among the five companies scheduled to announce their December quarter earnings today.

As per reports, TCS is likely to post a robust performance for Q3FY21 on the back of strong demand in cloud adoption, tailwinds of large digital deals, project ramp-up and lower furloughs.

The BSE Sensex is trading up by 338 points. Meanwhile, the NSE Nifty is trading higher by 104 points.

Tech Mahindra is among the top gainers today. HDFC, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.6%. The BSE Small Cap index is trading up by 0.9%.

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

Bitcoin topped US$ 40,000 for the first time on Thursday, as the digital currency continued to be in high demand from institutional and retail investors alike.

The rupee is trading at 73.10 against the US$.

Gold prices are trading down by 0.3% at Rs 50,763 per 10 grams.

Meanwhile, silver prices are trading down by 0.4% at Rs 69,711 per kg.

In global markets, gold prices rose, set to post a second straight weekly gain as hopes for additional US fiscal stimulus under incoming President Joe Biden boosted the metal's appeal.

Speaking of gold and silver, in his latest video for Fast Profits Daily, Vijay Bhambwani talks about why he is more bullish on silver than gold, and why it's a great investments for 2021 and beyond.

Tune in to the video to find out more:

In news from the economic space, the pandemic will pull down India's gross domestic product (GDP) by 7.7% in 2020-21, the first advance estimate of GDP released by the National Statistical Office (NSO) on Thursday showed.

This will be the biggest annual contraction in records going back to 1952.

The estimate by the NSO was close to the Reserve Bank of India's (RBI's) estimate of 7.5% contraction.

Nominal GDP will contract by 4.2%, the release showed.

As tax revenue grows in consonance with nominal GDP, revenue stress could be of a magnitude that is closer to this number. Advance estimates are important as the Union Budget uses these numbers for assuming GDP growth rates at current prices for the next financial year, on the basis of which all crucial numbers such as the fiscal deficit and tax numbers will be calculated.

Manufacturing will contract by 9.4%, and services by 8.3%, the data showed. But among services, contact-less sectors, financial services and real estate are expected to shrink only by 0.8%, showing a much stronger recovery than expected.

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

Moving on to stock specific news...

Venky's is among the top buzzing stocks today.

Venky's share price continued their downtrend and slipped over 2% today.

Shares of India's biggest poultry producer dropped more than 4% yesterday, extending its decline to the fourth straight session after an outbreak of avian influenza or bird flu was reported in four states.

The bird flu scare has already hit small shopkeepers and may impact the supply of bigger businesses like Venky's.

Avian influenza, also known as bird flu, was reported so far in four states - Madhya Pradesh, Rajasthan, Himachal Pradesh and Kerala, the federal government said in a statement.

The Centre has issued advisories to curtail the spread of the infection in poultry ducks, chickens, crows and migratory birds.

However, the Department of Animal Husbandry has assured that no human case of avian influenza has been reported so far. The Ministry of Health and Family Welfare has deployed multi-disciplinary teams to avian influenza affected Alappuzha and Kottayam Districts in Kerala and Panchkula district in Haryana.

Indian soybean futures fell more than 1% yesterday on fears demand for soymeal from the poultry industry could falter due to the bird flu outbreak.

Moving on to news from the power sector, Tata Power has announced that it has taken over the management and operations of WESCO and SOUTHCO upon completion of the sale process. Now, WESCO and SOUTHCO will operate under the company name as TP Western Odisha Distribution (TPWODL) and TP Southern Odisha Distribution (TPSODL) respectively.

As per an order issued by the Odisha Electricity Regulatory Commission (OERC), Tata Power now holds 51% of the equity with management control and the state-owned GRIDCO will hold the remaining 49% equity stake in the company.

With this takeover, the company's distribution circles will expand to the western (TPWODL) and southern part (TPSODL) of Odisha with geographical spread of more than 47,000 sq km each. It will manage a network of more than 100,000 CKT. KMs. each for a license period of 25 years.

With the inclusion of two additional distribution utilities, the company also expanded its consumer base to 9.5 million from the present base of 5.2 million across Mumbai, New Delhi, Central part of Odisha and Ajmer.

In December 2020, the firm had received a letter of intent from the Odisha Electricity Regulatory Commission for the distribution and retail supply of electricity in the state via WESCO and SOUTHCO.

Tata Power share price has opened the day up by 3.2%.

In other news, state run power giant NTPC has served notices to six states and two Union Territories for non-payment of dues.

NTPC has also made it clear that it will be forced to shut-off or restrict power supply if they fail to clear their dues.

NTPC share price has opened the day up by 1%.

Speaking of the power sector, it is interesting to note that the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below:

This is abysmally low by global standards. This shows that there is big upside in the market share of power exchanges in India.

As per Tanushree Banerjee, co-head of Research at Equitymaster, India's power sector is currently in transition. It is driven by increasing reliance on short-term contracts and electricity spot markets. This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

Back in August, Tanushree recommended a high quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

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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