Sensex Zooms 700 Points Ahead of Economic Survey; Tech Mahindra & Wipro Top Gainers

Mon, 31 Jan 10:30 am

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Asian stock markets are trading on a mixed note today after a Fed official flagged the possibility of sharper interest rate increases and as Chinese data signaled slower growth.

The Hang Seng is trading up by 1.2%, while the Shanghai Composite is trading down by 1%. The Nikkei is trading higher by 1.5%.

In US stock markets, Wall Street indices surged on Friday, notching their best day so far in 2022 after another zigzag session, ending a tumultuous week marked by mixed corporate earnings, geopolitical turmoil and an increasingly aggressive Federal Reserve.

All three major indices began the day in the red, but turned increasingly green as the session progressed, with tech shares doing the heaviest lifting.

The Dow Jones Industrial Average rose 565 points, or 1.7%, while the S&P 500 gained 105 points, or 2.4%. The Nasdaq Composite zoomed 418 points, or 3.1%.

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

AGS Transact Tech - the omni-channel payment solution provider made its Dalal Street debut today.

This week, investors will be closely looking at the Economic Survey and the Union Budget, among other domestic and global cues, to be presented by Finance Minister Nirmala Sitharaman today and tomorrow, respectively.

Market participants will track shares of Sun Pharma, Tata Motors, IOC, DLF, and BPCL as these companies will announce their December quarter results today.

The BSE Sensex is trading up by 646 points. Meanwhile, the NSE Nifty is trading higher by 224 points.

Tech Mahindra and Wipro are among the top gainers today.

IndusInd Bank, 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 1.4% and 1%, respectively.

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

Shares of Bharat Dynamics and ONGC hit their 52-week highs today.

The rupee is trading at 74.95 against the US$.

Gold prices are trading up by 0.1% at Rs 47,645 per 10 grams.

Meanwhile, silver prices are trading down by 0.2% at Rs 60,915 per kg.

Crude oil prices rose 1% amid concerns over tight supply as well as geopolitical tensions in Eastern Europe and the Middle East.

Speaking of stock markets, India's #1 trader Vijay Bhambwani shares his thoughts on taking up day trading as a profession, in his latest video for Fast Profits Daily.

Is this a good idea? Should you quit your job to start day trading for living? Vijay answers these questions in the below video.

In latest developments from the IPO space, today is the last day to subscribe to fast moving consumer goods (FMCG) company Adani Wilmar's initial public offering (IPO). In the first two days, the IPO received a tepid response from investors as it was oversubscribed by just 1.19 times.

Retail investors continued to provide strong support, as the portion set aside for them was subscribed 1.85 times. Employees had bid for 18% of their quota of shares, while shareholders' potion was subscribed 85%.

The IPO is a complete fresh issue of equity shares of Rs 36 bn and no existing promoters or shareholders will be selling any shares.

Adani Wilmar is a joint venture between Adani Group and Singapore-based Wilmar, which was formed in 1999. It sells cooking oils under the Fortune brand as well as various other food products like rice and sugar.

In the grey market, shares of the company are commanding a premium of Rs 40.

How this IPO performs on listing day remains to be seen. To know more, check out our coverage on the IPO here: Adani Wilmar IPO: 5 Things to Know.

Moving on to stock specific news...

Gujarat State Fertilizers and Deepak Fertilizers are among the top buzzing stocks today.

Gujarat State Fertilizers has reported a more than two-fold jump in its consolidated net profit at Rs 2.5 bn for the quarter ended December 2021. Its net profit stood at Rs 1 bn in the year-ago period.

In the quarter under review, the company's revenue increased to Rs 26.7 bn from Rs 21.5 bn reported in the year ago quarter.

Shares of Gujarat State Fertilizers are trading up by 3.1%.

Meanwhile, Deepak Fertilisers and Petrochemicals also posted a nearly two-fold jump in consolidated net profit at Rs 1.8 bn. The company's net profit stood at Rs 0.9 bn in the same quarter of the previous fiscal year.

Revenues rose to Rs 19.7 bn during October-December 2021 period from Rs 14.6 bn a year ago.

Revenue from its chemicals business increased to Rs 11.8 bn while the fertilizer business revenue rose to Rs 7.7 bn from Rs 6.5 bn.

The company saw a strong topline growth across business segments.

Commenting on the performance, the company's chairman and MD Sailesh C Mehta said,

• During the quarter, net profits doubled owing to significant margin expansion in the chemicals segment, whilst the fertilizer segment faced challenges due to uncertainties around raw material availability and costs.

The company's mining chemical business delivered an outstanding quarter and according to the company, outlook remains encouraging supported by an increase in mining and infrastructure related activities.

Deepak Fertilizers is working closely with mining chemicals customers to demonstrate technical capability and value benefits. Furthermore, the company is leveraging advanced technologies like drones and AI-based blast modelling to improve productivity in the mines and infrastructure projects.

The company also said a shift of global supply chain trend towards India is driving strong demand for nitric acid from downstream customers.

Deepak Fertilizers share price is currently trading up by 5%.

Speaking of Deepak Fertilizers, have a look at the chart below to see how the company has performed in the past one year.

It has delivered strong gains of 230% to its shareholders. To know more, check out Deepak Fertilisers' latest shareholding pattern.

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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