Sensex Rallies 750 Points Ahead of Union Budget; IndusInd Bank & Sun Pharma Top Gainers

Tue, 1 Feb 10:30 am

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Asian stock markets are higher today tracking gains on Wall Street, with investors keeping their eyes on global events as some of the Asian stocks are shut for Lunar New Year break.

The Nikkei is trading up by 0.2%.

In US stock markets, Wall Street indices closed higher on Monday, at the end of a volatile month for Wall Street where the tech-heavy Nasdaq narrowly avoided its worst ever start to the year and the S&P 500 recorded its weakest January performance since 2009.

The Dow Jones rallied 1.2% while the Nasdaq Composite zoomed a whopping 3.4%,

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

Benchmark indices were set for a gap-up opening today ahead of the Union Budget scheduled later in the day.

Market participants are tracking shares of Adani Ports, Tech Mahindra, Sona BLW Precision, and Kansai Nerolac Paints as these companies will announce their December quarter results today.

The BSE Sensex is trading up by 772 points. Meanwhile, the NSE Nifty is trading higher by 214 points.

IndusInd Bank and Sun Pharma are among the top gainers today.

Bharti Airtel, 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 0.8%, respectively.

Barring oil & gas, all sectoral indices are trading in green with stocks in the banking sector, finance sector and realty sector witnessing most of the buying.

Shares of Deepak Fertilizers and IDFC hit their 52-week highs today.

The rupee is trading at 74.53 against the US$.

Gold prices are trading up by 0.1% at Rs 47,722 per 10 grams.

Meanwhile, silver prices are trading down by 0.1% at Rs 60,945 per kg.

Crude oil prices edged higher, trading near seven-year highs hit last week, as investors bet supplies will stay tight, with a limited production hike by major oil producers and a strong post-pandemic recovery in fuel demand.

Speaking of stock markets, Brijesh Bhatia discusses stocks to watch out during the Union Budget, in his latest video for Fast Profits Daily.

Brijesh has used point and figure charts to develop a trading system which identifies the best budget stocks to trade.

In news from the energy space, the privatisation of Bharat Petroleum Corporation (BPCL) is now likely to take place in the next fiscal as the sale process has not been completed within the decided timeline.

A person aware of the developments said the process has been stalled due to various reasons and many global energy majors are reconsidering their investments due to carbon and climate change issues.

So far, Vedanta group, private equity firm Apollo Global and I Squared Capital's Think Gas arm had expressed interest in buying the government's 52.98% stake. The government was hopeful of executing the BPCL sale by March this year.

The three suitors are talking to global energy giants and sovereign funds, but have not been able to firm up their bids as yet. A global push towards green energy is making it difficult to attract investments in fossil fuels.

Whoever wins the bid, they'll get access to a 25.77% market share in India's fuel retailing segment, along with 15.3% of India's refining capacity.

Note that the state-owned fuel major reported its quarterly numbers yesterday where its consolidated net profit rose 47.6% to Rs 28.1 bn from Rs 19 bn in the same quarter last year.

Profit figure was below estimate as street was expecting the company to post a profit of Rs 30.8 bn.

Revenues too climbed 34.8% to Rs 1,177 bn from Rs 872.9 bn in the corresponding quarter last year.

While declaring results, the petroleum major also declared a second interim dividend of Rs 5 per share for the financial year 2021-22. The company's board has fixed Friday, 11 February as the record date.

BPCL share price is currently trading down by 3%.

To know more, check out BPCL's 2020-21 annual report analysis.

Speaking of PSUs, have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in BSE PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in one of the edition of Profit Hunter:

• However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.
  
  In an editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.

Moving on to latest developments from the IPO space, Hariom Pipe Industries has received capital markets regulator go ahead to raise Rs 1-1.2 bn through an initial public offering (IPO).

Hariom Pipe Industries, which had filed preliminary IPO papers in September 2021, obtained its observation letter on 25 January 2022, an update with the regulator showed.

Headquartered in Hyderabad and incorporated in 2007, the backward integration focused company has a strong hold on its steel products with wide distribution network across India and especially in the southern and western regions.

In other news, the IPO of Adani Wilmar received a strong response from investors, with the issue garnering over 17 times subscription on the last and final day of the bidding process on Monday.

The quota for retail bidders was subscribed 3.92 times, whereas the HNI portion was subscribed about 56.30 times. The QIB portion fetched 5.73% bids, while the employee portion was subscribed 51% on final day.

Ahead of the IPO, the FMCG company allocated 40.9 m equity shares to anchor investors at Rs 230 apiece, aggregating the transaction size to Rs 9.4 bn.

The strong response for the IPO comes as majority of brokerage houses are positive on the issue and have suggested investors to bid for the IPO citing its reasonable valuations, growth plans for the future, robust product line, sound balance sheet and strong parentage.

AWL has differentiated and diversified product portfolio with market leading brands. It is one of India's leading consumer product companies with leadership in edible oil and packaged food business.

How the IPO performs on listing day remains to be seen.

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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