Sensex Rises 500 Points, Nifty Nears 18,000; Maruti, Hero MotoCorp & ITC Top Gainers

Mon, 10 Jan 10:30 am

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Asian stock markets are trading mixed today as investors countdown to another US inflation reading that could well set the seal on an early rate hike from the Federal Reserve.

The Hang Seng is up 0.9%, while the Shanghai Composite is trading higher by 0.3%. The Nikkei is trading on a flat note.

In US stock markets, Wall Street indices wrapped up the first week of the new year with daily and weekly losses on Friday as investors worried about looming US interest-rate hikes and unfolding Omicron news.

The Nasdaq posted its biggest weekly percentage fall since February 2021 and led declines for the day in the major indexes. Stocks fell after the December US jobs report missed expectations but was still seen as strong enough to keep the Federal Reserve's tightening path in place.

The Dow Jones Industrial Average fell 0.1% while the S&P 500 lost 0.4%. The Nasdaq Composite plunged 145 points, or 1%.

Back home, Indian share markets opened on a positive note, following the trend on SGX Nifty. Benchmark indices extended gains, mirroring global trends and rallied up to 1% today.

Market participants will track shares of GNA Axles, 5Paisa Capital, and Excel Realty as these companies will announce their December quarter results today.

Other big companies such as TCS and HDFC Bank will also declare their earnings later this week while India's inflation numbers will also be in limelight.

The BSE Sensex is trading up by 501 points. Meanwhile, the NSE Nifty is trading higher by 148 points.

Maruti Suzuki and Hero MotoCorp are among the top gainers today. Wipro, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.6% and 0.9%, respectively.

Barring IT, all sectoral indices are trading in green with stocks in the automobile sector and realty sector witnessing most of the buying.

Shares of Kajaria Ceramics and KPIT Technologies hit their 52-week highs today.

The rupee is trading at 74.15 against the US$.

Gold prices are trading down by 0.2% at Rs 47,356 per 10 grams.

Meanwhile, silver prices are trading down by 0.3% at Rs 60,400 per kg.

Gold is flat today, hovering near a three-week low, as traders awaited December US inflation data.

Crude oil prices lost more ground as rapidly climbing cases of the Omicron Covid-19 variant hit economic activity, although losses were curbed by supply disruptions in Kazakhstan and Libya.

Speaking of stock markets, co-head of Research at Equitymaster Tanushree Banerjee talks about India's best semiconductor stocks, in her latest video.

In the video, Tanushree also discusses how you could identify India's best semiconductor stocks. Tune in to find out more.

In news from the energy space, Adani Enterprises has formed a new wholly-owned subsidiary named Adani New Industries (ANIL) which will undertake green hydrogen projects, manufacturing of wind turbines and solar modules batteries among other components.

The move is aimed at producing cheapest hydrogen. It also comes in the light of billionaire Mukesh Ambani announcing his foray into the green energy business.

Adani had in November 2021 announced that his conglomerate will invest US$70 bn in the new energy segment during the next 10 years as it wants to become the world's largest renewable energy company and produce the cheapest hydrogen on earth.

ANIL will also manufacture solar modules, batteries, electrolyzers, associated upstream manufacturing as well as ancillary industries and undertake all such activities associated therewith in this regard.

Note that Adani group companies have already charted out ambitious plans. Adani Green Energy, which is the world's largest solar power developer, is targeting 45 gigawatts of renewable energy capacity by 2030 and will invest US$20 bn to develop a 2 GW per year solar manufacturing capacity by 2022-23.

Meanwhile, Adani Transmission, India's largest private sector power transmission and retail distribution company, is looking to increase the share of renewable power procurement from the current 3% to 30% by 2022-23 and to 70% by 2029-30.

How the above developments pan out remains to be seen.

Shares of Adani group companies are trading on a positive note today with Adani Total Gas leading gains.

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

As an individual investor, you need to sit tight over high conviction stocks and invest consistently to see the magic of compounding.

Because 2022 could be extremely profitable, over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.

Moving on to news from the retail sector, Avenue Supermarts will be among the top buzzing stocks today.

Avenue Supermarts, the firm which owns the DMart chain of stores and is one of India's largest food and grocery retailers, reported a 23.7% year-on-year (YoY) jump in its consolidated net profit at Rs 5.5 bn for the December 2021 quarter.

This compared with Rs 4.5 bn reported in the corresponding quarter of last year. Net profit increased 32% sequentially.

Topline for the quarter rose 22.2% YoY to Rs 92.2 bn from Rs 75.4 bn in the year-ago quarter.

In a filing, the company said profit after tax margin improved to 6%, up 10 basis points.

The company's CEO & Managing Director Neville Noronha said overall gross margins were marginally lower due to mix deterioration.

He added that general merchandise and apparel business is consistently seeing relatively lesser sales contribution while essentials and FMCG are doing better.

• Inflation and lesser opportunities to go out are negatively impacting certain categories more than others. We are seeing higher inflation as an opportunity to make our buying more efficient, our assortment sharper and continue to keep our costs low.

In the quarter under review, the company added 17 stores - its highest in seven quarters. As of 31 December 2021, the company had a total number of 263 stores.

Avenue Supermarts share price is trading down by 1.3%.

To know more, check out Avenue Supermarts' 2020-21 annual report analysis.

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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