Sensex Trades Flat Tracking Weak Global Cues; Tata Steel & Hindalco Top Gainers

Fri, 4 Feb 10:30 am

   Previous Close   

   Pre-Open   

   SGX Nifty   

   Closing   

Asian stock markets are trading on a mixed note today as investors digested sharp selloffs on Wall Street.

The Nikkei fell 0.3% before recovering while the Hang Seng rallied 2.6%.

In US stock markets, Wall Street indices snapped a four-session winning streak on Thursday, with all three benchmarks ending lower after Facebook-owner Meta Platforms' dour forecast sent its stock plummeting and halted a nascent recovery built on upbeat earnings from other big tech.

Meta shares sank 26.4%, wiping around more than US$200 bn off its market value, according to Reuters calculations, as it blamed Apple's privacy changes and increased competition from rivals such as TikTok for its disappointing outlook.

The decline in marketcap was the largest ever recorded by a US company in a single session, eclipsing when Apple Inc shed US$180 bn on 3 September 2020.

The Dow Jones Industrial Average fell 518 points, or 1.5%, while the S&P 500 lost 112 points, or 2.4%. The Nasdaq Composite dropped 539 points, or 3.7%.

Back home, Indian share markets are trading on a flat note. Benchmark indices started on a muted note in line with weak global cues.

Market participants are tracking shares of Tata Steel, Shree Cements, Siemens, Paytm, and Devyani International as these companies will announce their December quarter results today.

The BSE Sensex is trading up by 112 points. Meanwhile, the NSE Nifty is trading higher by 38 points.

Tata Steel and UltraTech Cement are among the top gainers today. ITC, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 0.2% while the BSE Small Cap index is trading higher by 0.5%.

Sectoral indices are trading mixed with stocks in the realty sector and FMCG sector witnessing selling pressure.

Metal stocks and banking stocks, on the other hand, are trading in green.

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

The rupee is trading at 74.70 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 0.4% at Rs 60,984 per kg.

Gold is steady today and set for a weekly gain as a weaker dollar, concerns over stubborn inflation and tensions surrounding Ukraine lifted demand for the safe-haven bullion.

Crude oil prices climbed, extending sharp gains in the previous session as frigid weather swept across large swathes of the US, threatening to further disrupt oil supplies.

Speaking of stock markets, in his latest video, India's #1 trader Vijay Bhambwani talks about the dilemma faced by old timers in the market.

You can watch the video here: A Veteran Trader's Dilemma in a Euphoric Market

In news from the FMCG sector, ITC is among the top buzzing stocks today.

FMCG major ITC on Thursday reported a standalone net profit of Rs 41.6 bn for the December 2021 quarter, up 12.7% against a profit of Rs 36.9 bn in the same quarter last year.

The profit figures came above estimates.

Revenue from sale of products came in at Rs 166.3 bn, up 31.3% as against Rs 126.7 bn in the corresponding quarter last year.

ITC saw a strong demand in cigarette business, the volumes for which reached pre-Covid levels. It also saw robust FMCG sales and growth in hotels business as the mobility and occupancy increased.

The company's cigarette revenue came in at Rs 62.4 bn for the quarter, growing 13.6% compared to the year-ago period.

Meanwhile, revenue from other FMCG businesses came in at Rs 40.9 bn, up 9.3%. Its hotel business also showed significant growth.

ITC said it is spending a considerably large amount on brand building for the non-cigarette FMCG vertical. For the quarter, it spent Rs 22.7 bn towards this expense, up 26.4% from the same quarter last year.

The impact of higher raw material inflation was partially negated by implementing strategic cost efficiency initiatives, calibrated price increase, favorable business mix and by giving fiscal incentives to the staff.

The company also announced an interim dividend of Rs 5.25 per share. The company has fixed 15 February as the record date and the dividend will be credited by 4 March.

ITC share price is currently trading down by 0.8%. It opened the day 2% higher.

Note that shares of ITC seem to have woken up from underperformance and have gained around 7% since the announcement of the budget on the back of no change in the tax burden on cigarettes.

Have a look at the chart below which shows the company's performance for the past one year.

To know more, check out ITC's latest quarterly results.

Moving on to news from the insurance sector, ahead of its much-awaited initial public offering (IPO), state-owned insurance behemoth Life Insurance Corporation (LIC), has tied up with insurance aggregator Policybazaar.com for distribution of its products.

This is LIC's first association with an insurance aggregator, and otherwise relies heavily on its large agency force of 1.33 m agents for distributing its products.

In a statement, Policybazaar said they have joined hands with LIC to offer a wide range of term and investment products to consumers.

Policybazaar, the flagship platform of PB Fintech, is the largest online insurance marketplace in the country which distributes products of 51 insurance companies, which include life, general, and standalone health insurance companies.

LIC's individual agents sourced almost 97% of its new business premium (NBP) in the first six months of fiscal 2022 from its products on a standalone basis.

Further, in fiscal 2021, these individual agents of LIC had sourced 94% of its NBP from individual products. In fiscal 2020, this number stood at 95%.

In other news, LIC's embedded value has been finalised at more than Rs 5 tn according to sources.

Reports also state that LIC is likely to sell its entire stake to IDBI Bank in 2022-23.

Note that market participants are eagerly waiting for the government to indicate LIC's embedded value - a measure of future cash flows in life insurance companies and the key financial gauge for insurers - when it releases the IPO draft prospectus next week.

While there has been speculation about the number - from as low as US$53 bn to as high as US$150 bn, this is the first time the government, which owns 100% of LIC, is commenting on it.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of IPOs, Co-head of Research at Equitymaster Tanushree Banerjee explains how to analyze LIC's IPO in her latest video.

Insurance is not an easy sector for investors to figure out. The financial statements are full of jargon. And in fact they don't resemble financials of any other sector.

Watch the below video to know how you could create wealth in insurance stocks.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

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

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers