Sensex Today Zooms 400 Points | Power & FMCG Stocks Rally | HUL, L&T, HCL Tech Top Gainers

Tue, 17 Jan 10:30 am

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Asian share markets started on a mixed note today, after Beijing released weak economic data.

However, investors' expectations for a strong China rebound remained high even as the global economy edges closer to recession.

The Nikkei is trading up by 1.2% while the Hang Seng was down by 1%. The Shanghai Composite is trading lower by 0.3%.

US markets were closed on Monday on account of Martin Luther King Day.

Back home, Indian share markets are trading on a firm note, following a fall in crude oil prices.

Benchmark indices started flat but extended gains as the session progressed tracking strength in index heavyweight stocks.

At present, the BSE Sensex is trading higher by 395 points. Meanwhile, the NSE Nifty is trading higher by 112 points.

HUL, HCL Tech, and Larsen and Toubro are among the top gainers today.

Adani Enterprises, Hero Motocorp, and Bajaj Finance are among the top losers today.

Bajaj Finance share price is falling for the past few sessions and it continued the downtrend even today.

Broader markets are trading on a negative note. The BSE Mid Cap index and BSE Small Cap index are trading down by 0.2%.

Sectoral indices are trading mixed with stocks in the FMCG sector, and power sector witnessing most of the buying. Stocks in the realty sector, healthcare sector, and telecom sector witness selling.

Shares of Orient Press, and Jindal Stainless (Hisar) hit their 52 week high today.

The rupee is trading at Rs 81.8 against the US dollar.

In the commodity markets, gold prices trade lower by 0.2% at Rs 56,400 per 10 grams.

Meanwhile, silver prices are trading lower by 0.3% at Rs 69,593 per 1 kg.

Speaking of stock markets, Yazad Pavri talks about a corporate business group set to grow by leaps and bounds, in his latest video.

This business group seems to be in a much better position than ever before and is now at an inflection point. In a way, one could compare it to where the Tata group was in 2017 when Chandrasekaran took over the reins to head the conglomerate.

Tune in to the below video to know more.

Bharat Forge's renewable energy push

In news from the?auto ancillary sector, auto components maker Bharat Forge is planning to increase the production of renewable energy by 700 megawatts (MW) and its green steel production capacity to 100% from 30%.

It is because the firm is witnessing strong demand from the renewable and electric vehicle (EV) sectors.

The renewable energy and EV players are eager to buy green steel-based products for their consumption, leading the demand higher.

The company is further planning to make three lakh tons of green steel initially and then add to it at different locations.

Note that the?electric vehicle (EV) megatrend?is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and?India's top EV stocks?are set to benefit from this shift.

Take a look at the chart below, which shows the massive opportunity in the two-wheeler EVs.

It remains to be seen how the above developments pan out.

Centre cuts windfall tax on crude oil

According to a government notification on 16 January 2023, India has cut its windfall tax on crude oil and exports of aviation turbine fuel (ATF) and diesel.

The tax has now declined to Rs 1,900 (US$ 23.3) per ton from Rs 2,100 per ton, effective from Tuesday.

The government also cut the export tax on ATF to 3.5 rupees per litre from 4.5 rupees per litre and cut the export tax on diesel to 5 rupees per litre from 6.5 rupees per litre.

India, a major consumer and importer of oil, has been buying Russian crude at well below a $60 price cap agreed upon by the West.

The country in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to gain from robust refining margins instead of selling more cheaply at home.

Bank of Maharashtra Q3 results

Bank of Maharashtra's (BoM) net profit jumped 139% year-on-year (YoY) to Rs 7.7 bn in the December 2022 quarter on the back of robust growth in net interest income and a decline in provisions and contingencies.

It reported a net profit f Rs 3.3 bn in the year-ago period.

Net interest income, the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose nearly 30% YoY to Rs 19.8 bn.

Segment-wise, corporate or wholesale and retail banking operations saw a revenue growth.

Gross non-performing assets (NPAs) declined 2.9% in the reporting quarter against 3.4% in the previous quarter and 4.7% in the previous year.

Net Non-performing asset (NPA) fell 0.5% against 0.7% in the previous quarter and 1.2% in the corresponding period of the previous financial year.

The provision coverage ratio improved to 97.1% in the December quarter compared to 93.7% in the year-ago period and 96.1% in the September quarter.

Oil extends decline

Oil dropped as investors waited for data on China's economy and a market outlook from the Organization of Petroleum Exporting Countries that may yield clues about supply and demand in 2023.

Global benchmark Brent fell toward $84 a barrel after shedding 1% on Monday.

US West Texas Intermediate (WTI) crude futures slid 1.5% to US$78.7 from Friday's close. There was no settlement done on Monday due to a US holiday for Martin Luther King Day.

In addition to the backwards-looking data from China, OPEC is scheduled to release its monthly analysis of the global oil market later today.

The wider 23-nation OPEC+ group agreed to collectively reduce supplies by 2 million barrels per day from November 2022 and then hold steady for the rest of this year.

Crude has had a rocky start to 2023, sinking in the opening week on concerns over a global slowdown before rebounding.

Separately, the International Energy Agency is also set to release a monthly report on Wednesday, with markets seeking similar cues from the organization.

Aside from China, oil has found support from growing expectations that the Federal Reserve is nearing an end to its aggressive series of interest-rate hikes and a weakening dollar.

Since oil price movements interest you, explore stocks benefitting from falling crude oil prices.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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