Sensex Opens in Green; Infosys & HCL Technologies Top Gainers

Tue, 9 Feb 09:30 am

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Asian stock markets are trading higher today, tracking Wall Street gains on hopes for additional stimulus.

The Nikkei is trading higher by 0.4% and the Hang Seng is trading up by 0.5%.

In US markets, Wall Street indices closed at all-time highs on Monday as the Nasdaq added nearly 1% and the Dow Jones Industrial Average gained 0.8%.

Back home, Indian share markets have opened the day on a positive note, tracking gains in Asian peers.

A total of 218 companies, including Tata Steel, Adani Ports, Berger Paints India, and Burger King India are set to announce their December quarter results today.

The BSE Sensex is trading up by 192 points. Meanwhile, the NSE Nifty is trading higher by 61 points.

HCL Tech is among the top gainers today. SBI, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 0.1%. The BSE Small Cap index is trading higher by 0.3%.

Sectoral indices are trading mixed with stocks in the energy sector and IT sector witnessing buying interest. Automobile stocks are trading in red.

Shares of Nilkamal and Dixon Technologies hit their 52-week highs today.

The rupee is trading at 72.87 against the US$.

Gold prices are trading up by 0.4% at Rs 48,032 per 10 grams.

Speaking of stock markets, note that the Budget announcements cheered Dalal Street last week as the NSE Nifty hit all-time high of 15,014 on Friday. The index surpassed its previous highs yesterday and rose as much as 1.4% to 15,160.

Now, the important question on traders' mind is does the market have enough steam left to extend last week's gains fueled by the budget announcements?

Last week in Momentum Moves, Brijesh Bhatia spoke about what traders can expect on budget day.

In this week's video, Brijesh talks about how the charts say that the Nifty rally will likely pause this week. As per Brijesh, we might see Nifty reversing from the resistance zone of 15,070-15,450.

Tune in to the video to find out more:

In news from the cryptocurrencies space, Tesla bought bitcoins worth US$ 1.5 billion in January 2021 after the company updated its investment policy to invest in digital assets.

The price of the digital asset jumped as much as 20% on the back of above news, with prices nearing nearly US$ 47,000 for the first time.

In another significant move, the company said that it will start accepting Bitcoin as payment for its product and services in the future.

In India, the government is aiming to bring a bill in the Parliament to ban the use of private cryptocurrencies. The government plans to introduce a central bank digital currency created by the Reserve Bank of India (RBI).

The central bank recently said that an internal panel is working on the model for a digital currency to rival private cryptocurrencies like Bitcoin.

How the above developments pan out remains to be seen.

In news from the financial markets space, the holdings of foreign portfolio investors (FPIs) in India hit a five-year high of 22.7% of total market capitalisation at the end of the December quarter, up from 21.5% at the end of September, on the back of net inflows of Rs 1.42 lakh crore during the three-month period.

In terms of value, FPI ownership reached an all-time high of 41.83 lakh crore on December 31, up 29% from Rs 32.47 lakh crore on September 30.

HDFCBANK-500180/HDFC-BANK-Share-Price?utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" https://www.equitymaster.com/share-price/HDFC/HDFC-500010/HDFC-Share-Price?utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" target="_blank">HDFCBANK-500180/HDFC-BANK-Share-Price" target="_blank">HDFC Bank saw the maximum FPI inflows of Rs 115.7 billion in the December quarter. They invested Rs 97 billion and Rs 83.5 billion in Kotak Mahindra Bank and HDFC, respectively.

Stocks such as ICICI Bank, Bajaj Finance, L&T and Infosys saw FPI inflows of Rs 43 billion to Rs 77 billion.

Meanwhile, ownership of domestic institutional investors (DIIs) has consistently declined in the last four quarters from 14.4% on December 31, 2019, to 13.6% in December-end 2020. DIIs sold equities worth Rs 361.5 billion in 2020.

Among the non-promoter holdings, FPI ownership by value percentage went up to 45.1% in the quarter ended December 2020 from 43.4% in the September quarter.

The holdings of LIC in the 290 companies, in which it owns more than 1% equity, slipped to an all-time low of 3.7% on December 31, 2020.

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

Moving on to stock specific news...

Titan is among the top buzzing stocks today.

Country's largest watchmaker Titan has expanded its portfolio within the wearable category by launching its new smart fitness gear brand TraQ.

TRAQ is the first-ever smart gear developed entirely by Titan and conceptualised in-house at the design studio in Bengaluru, the company said in a statement.

Titan is eyeing the growing market in the fitness gear segment as the number of people taking up sports like running, cycling, swimming and aiming for a healthy and active lifestyle is on rise.

Titan Company CEO, Watches Division, Suparna Mitra said, "the pandemic has accentuated this trend creating demand for a dedicated gear for tracking performance in these sports. While there are many sports accessories brand, there are very limited players who offer products to track the performance in various sports. So we are very excited to launch a new brand of performance gear catering to this growing need."

Titan Company, a joint venture between Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), also operates in other segments including jewellery and eye wear.

Titan share price has opened the day up by 1.7%.

Here's an interesting data on Titan, even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002, would have led to mouth watering returns.

Take a look at how the power of compounding has gone wild here...

Here's what Co-head of Research at Equitymaster, Tanushree Banerjee wrote about it in one of the editions of Profit Hunter:

• It's possible to accumulate a few crores by investing small amounts in good businesses. Especially when the business is in distress and comes with margin of safety in valuations.
  
  Like the stock in my latest special report - First Stock to Potentially Rs 7 Crore Long-term Wealth.>
  
  Business headwinds and macro and regulatory issues have kept the stock out of favour in most of 2020.
  
  Given its pedigree, balance sheet strength and cash flows, the stock has a very high chance of rerating once the temporary clouds of uncertainty disperse.
  
  In fact, I believe that 2021 could be for this stock what 2004 was for Titan.

In an upcoming special online event - The Great Indian Wealth Project - Tanushree will show you how to potentially accumulate Rs 7 crore in wealth, over the long-term.

You can sign up for free here.

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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