Sensex Gains 400 Points Ahead of RBI Policy Outcome; Nifty Crosses 15,000-Mark

Fri, 5 Feb 09:30 am

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Asian stock markets are trading higher today after their US peers climbed to a record on signs of a healing labor market and improving coronavirus trends.

The Hang Seng is trading up by 0.9% while the Shanghai Composite is up 0.7%. The Nikkei is trading higher by 1.3%.

In US stock markets, Wall Street indices rose on Thursday as investors focused on corporate earnings and signs of progress on a pandemic-relief package after data suggested the labor market was stabilizing.

The Labor Department's report showed 779,000 Americans filed new applications for unemployment benefits last week, lower than 812,000 in the prior week, as authorities started to loosen pandemic-related restrictions on businesses.

The Dow Jones Industrial Average rose 332 points, up 1.1%, while the Nasdaq Composite gained 1.23%.

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

Market participants are tracking shares of Britannia Industries, Punjab National Bank, Mrs Bectors Food, Fortis Healthcare, Pfizer and Shipping Corporation of India as these companies are slated to announce their December quarter results today.

Market participants will also track the Reserve Bank of India's monetary policy outcome. Reports state that the RBI's monetary policy committee (MPC) is expected to maintain status quo stance in the policy review.

In the previous rounds, the MPC has left enough hints to convey that reviving growth is the priority and the panel will remain on an accommodative stance "as long as necessary".

The BSE Sensex is trading up by 394 points. Meanwhile, the NSE Nifty is trading higher by 107 points.

SBI is among the top gainers today. M&M, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.8%. The BSE Small Cap index is trading higher by 0.7%.

All sectoral indices are trading in green with stocks in the banking sector and finance sector witnessing most of the buying interest.

Shares of Hero MotoCorp and Bajaj Finance hit their 52-week highs today.

The rupee is trading at 72.97 against the US$.

Gold prices are trading up by 0.3% at Rs 46,850 per 10 grams. Meanwhile, silver prices are trading up by 0.7% at Rs 67,264 per kg.

Speaking of stock markets, the biggest weighted sector in the market - financials - is back in action. The post budget rally was led by financials however as per our expert chartist Brijesh Bhatia, that is not the best sector to trade in the short-term.

As per Brijesh, energy stocks could be the next driver. In the video below, he explains why he is bullish on the energy sector.

Tune in to find out more:

In news from the automobile sector, Mahindra & Mahindra (M&M) is among the top buzzing stocks today.

M&M is scheduled to announce its December quarter results later today.

Ahead of the results, shares of the company hit a fresh 52-week high yesterday. The stock has surged as much as 19% in the past four trading sessions after reporting strong tractor sales volume of 35,000 units for January 2021, up 50% over the same month previous year.

Yesterday, the utility vehicles major said it is recalling 1,577 units of its SUV Thar with diesel powertrain to replace faulty camshaft, an engine part.

The Mumbai-based auto major said it would undertake proactive inspection and replacement of camshaft on a batch of 1,577 units of Thar diesel variants, manufactured between September 7 and December 25, 2020.

This action is also in compliance with SIAM's voluntary code on vehicle recall, M&M said.

M&M share price has opened the day down by 1.2%.

In other news, Hero MotoCorp share price is also in focus today.

Two-wheeler major Hero MotoCorp yesterday reported 23.2% jump in its December quarter net profit at Rs 10.8 billion on the back of strong revenue growth. The company had reported a profit of Rs 8.8 billion in the same quarter last fiscal.

Revenue of the company increased by 39.7% at Rs 97.8 billion against Rs 70 billion.

EBITDA was up 36.1% at Rs 14.1 billion against Rs 10.4 billion, while margin was at 14.5% versus 14.8%.

The board of directors declared an interim dividend at 3,250% i.e. Rs 65 per equity share (face value of Rs 2 per equity share) for the financial year 2020-21.

Further, the board declared a special interim dividend of Rs 1 billion at 250% i.e. Rs 5 per equity share, to mark the achievement of historic milestone of achieving 100 million cumulative production of two-wheelers, taking the aggregate interim dividend declared to 3,500% i.e. Rs 70 per equity share.

Meanwhile, Ather Energy's new scooter plant in Hosur, Tamil Nadu, has started production with an investment of more than Rs 6.3 billion, said the Hero MotoCorp-backed electric vehicles start-up on Thursday.

The plant spreads over 400,000 sq. ft and it will manufacture electric scooters along with lithium-ion batteries.

The company has signed an agreement with the Tamil Nadu government to invest Rs 6.35 billion in the plan that will create around 4,000 jobs in five years.

Ola Electric is also setting up a 2-million units per annum plant in Tamil Nadu. On December 14, 2020, Ola Electric signed an agreement with the Tamil Nadu government to set up its plant that it said will be the largest for EV scooters in the world.

Note that transport Minister Kailash Gahlot yesterday detailed the electric vehicle (EV) policy at a global summit and said the Delhi government has aimed to set up charging stations within every 3 kms distance in the city.

In a virtual address at the global event organised by World Bank and WRI Ross Center, Gahlot said the Delhi government has set a very ambitious target for the next five years - to have 25% electric vehicles in total vehicle registrations in the city.

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India.

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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