5 Reasons Why Sensex Hit Record High, Indian GDP in 2021, and Buzzing Stocks Today

Mon, 11 Jan Pre-Open

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Indian share markets hit fresh record high on Friday, boosted by auto and IT stocks, as focus shifted to third-quarter earnings with IT major Tata Consultancy Services (TCS) reporting its results.

Earnings optimism and positive global cues fueled a broad-based rally in the markets with benchmark indices settling 1.5% higher.

At the closing bell on Friday, the BSE Sensex stood higher by 689 points (up 1.4%).

The NSE Nifty closed higher by 210 points (up 1.5%).

Maruti Suzuki and Tech Mahindra were among the top gainers.

The BSE Mid Cap index ended up by 1%, and the BSE Small Cap index ended up by 0.7%.

On the sectoral front, gains were largely seen in the IT sector, auto sector and healthcare sector.

Gold prices for the latest contract on MCX were trading down by 1.5% at Rs 50,157 per 10 grams at the time of closing stock market hours on Friday.

Meanwhile, silver prices were trading down by 2.4% at Rs 68,280 per kg.

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. He also discusses why silver is a great investment for 2021 and beyond.

Tune in to the video to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Biocon Biologics.

Biocon announced that the board of its subsidiary Biocon Biologics has approved a US$ 75 million (Rs 5.5 billion) capital injection from the Abu Dhabi government's sovereign wealth fund ADQ in lieu of a 1.8% stake.

The latest transaction is the fourth successive fundraise by Biocon Biologics in the last 12 months as it looks to unlock value for the shareholders of its parent and scale up its research and development and manufacturing capabilities.

Tata Power share price will also be in focus today as the company 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.

Market participants will also track NALCO share price today as Union minister Pralhad Joshi said that state-run National Aluminium Company (NALCO) will invest around Rs 300 billion for its ambitious expansion and diversification projects in the next six to seven years (2027-28), which will help achieve the Centre's goal of 'Atmanirbhar Bharat'.

He said Rs 220 billion will be spent on the expansion of the company's aluminium smelter unit and construction of a 1400-MW feeder captive power plant (CPP) in Angul and over Rs 70 billion will be used for the fifth stream refinery, development of Pottangi bauxite mine and Utkal D & E coal blocks.

Top Factors Why Indian Share Markets Rallied on Friday

Firm Global Cues: Asian share markets ended near record-high levels which influenced the sentiment back home on Friday. Japan's Nikkei hit a three-decade peak as investors looked beyond rising coronavirus cases and political unrest in the United States to focus on hopes for an economic recovery later in the year.

European stocks also rose, with Germany's DAX hitting a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers.

Trump Concedes: With the US Congress affirming Joe Biden's electoral college victory over President Donald Trump, it ends the uncertainty surrounding the elections as well as the equity markets. Donald Trump conceded on Thursday that Biden will be the next US president.

Economic Recovery: As per economists, the Indian economy may grow at 8-11.5% at constant prices and 11.5% with current prices in 2021-22. The central government expects the gross domestic product (GDP) to shrink less than expected.

IT and Automobile Stocks Rally: Automobile and IT heavyweights such as Infosys, TCS, Tech Mahindra, Maruti Suzuki and M&M surged in the range on 3-5% on Friday. IT stocks rallied ahead of the December quarter numbers of TCS.

Rising Oil Prices: Crude oil prices hit 11-month highs last week, on track for a strong weekly gain as a rally in global equities fed risk appetite and stoked bullish sentiment following Saudi Arabia's pledge to cut output.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Indian GDP May Contract by 7.7% in 2021 Says NSO Data

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) showed last week.

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.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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