Sensex Zooms 750 Points as IT & Realty Stocks Rally; M&M, ONGC and NTPC Surge 4%

Fri, 28 Jan 10:30 am

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Asian stock markets recovered some of the losses today sparked by the Federal Reserve's pivot to tighter monetary policy.

The Hang Seng is down 1% while the Shanghai Composite is up 0.1%. The Nikkei is trading higher by 2%.

In US stock markets, another volatile day of trading on Wall Street ended Thursday with stocks closing lower after giving up an early rally. The late-afternoon fade extended the market's losing streak as it closed in on its fourth weekly loss.

Markets are still processing the latest indications from the Federal Reserve that the central bank is increasingly concerned about inflation and plans to raise interest rates and take other steps soon to fight it.

The Dow Jones Industrial Average ended flat while the tech-heavy Nasdaq Composite dropped 189 points, or 1.4%.

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

With the Union Budget next week, investors are treading with caution amid global uncertainty and hawkish mood.

Market participants are tracking shares of Dr Reddy's Lab, L&T, AU Small Finance Bank, Bharat Electronics, and Dixon Technologies as these companies will report their Q3 earnings today.

The BSE Sensex is trading up by 754 points. Meanwhile, the NSE Nifty is trading higher by 245 points.

M&M and NTPC are among the top gainers today. Maruti Suzuki, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 1.8%. The BSE Small Cap index is trading higher by 1.9%.

All sectoral indices are trading in green with stocks in the IT sector, oil & gas sector and realty sector witnessing most of the buying.

Telecom stocks are in focus as the DoT has agreed with the telecom players' plea to not proceed with the process of adopting 5Gi as a national standard.

Shares of GMDC and TV18 Broadcast hit their 52-week highs today.

The rupee is trading at 75.07 against the US$.

Gold prices are trading up by 0.1% at Rs 47,937 per 10 grams.

Meanwhile, silver prices are trading up by 0.2% at Rs 62,039 per kg.

Gold is flat today and set for its sharpest weekly decline since November, as markets digested the US Federal Reserve's policy tightening plans that propelled the dollar index to a multi-month peak.

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.

In latest developments from the IPO space, Vedant Fashions, which owns ethnic wear brand Manyavar, has fixed its price band at Rs 824-866 per share for its initial public offering (IPO).

The IPO will open on 4 February and close on 8 February.

On 18 January, the company got market regulator's nod to float an IPO and filed a red herring prospectus with ROC on 22 January. The company plans to list on exchanges on 16 February.

The offer for sale (OFS) has up to 17.46 m shares by Rhine Holdings Ltd; up to 723,000 shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 18.18 m shares by Ravi Modi Family Trust.

At the upper end price band, Vedant Fashions plans to raise around Rs 31.5 bn via IPO.

Vedant Fashions is in the men's Indian wedding and celebration wear market. Its Manyavar brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence.

In other news, Life Insurance Corporation (LIC) will reportedly launch its mega IPO in early March.

LIC's listing is poised to be India's biggest IPO to date, with the government looking to raise up to Rs 1 lakh crore by selling shares. That would beat the roughly five times Rs 183 bn that Paytm raised in November last year.

Note that the government is banking on the sale of shares in LIC IPO to fill the fiscal deficit this year.

How both these upcoming IPOs sail through remains to be seen.

Speaking of IPOs, back in September 2021, Equitymaster's smallcap guru, Richa Agarwal, recorded a video about what to look for in an IPO.

Richa shared some points to help you avoid the bad IPOs and pick the ones with the highest potential to create long term wealth.

Moving on to stock specific news...

Laurus Labs is among the top buzzing stocks today.

Drug-maker Laurus Labs on Thursday reported a 44% year-on-year (YoY) drop in its net profit at Rs 1.5 bn in December 2021 quarter.

In the year ago period, the company had reported a net profit of Rs 2.7 bn.

The decline in profit was due to lower sales from sales of antiretroviral (ARV) active pharmaceutical ingredients (APIs) and formulations. Sales of APIs contribute about 43% of the company's sales, while 39% comes from formulations and the remaining from custom synthesis.

Revenues declined 20% YoY to Rs 10.3 bn in the quarter under review compared to Rs 12.9 bn last year.

Earnings before interest, tax, depreciation and amortization (EBITDA) decreased 17% YoY to Rs 2.9 bn.

Here's what Satyanarayana Chava, founder and CEO of Laurus Labs, said in an exchange filing:

• Strong momentum in our CDMO business continued this quarter with over 60% growth and we saw a healthy rebound in API business (ex-ARV) with activity levels picking up.
  
  We continue to sharpen our execution as we focus on positioning our businesses for sustainable long term growth.

The company said the brownfield expansion at its facilities will add significant operational capacity by the beginning of fiscal 2023.

Laurus Labs share price is currently trading up by 0.3%.

To know more, check out Laurus Labs 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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