Sensex Today Hits Fresh Record High | Nifty Nears 22,600 | Voltas Zooms 10%, Nykaa, Info Edge Surge 7%

Mon, 8 Apr 10:30 am

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Asian share markets are higher today, following gains on Wall Street which were fuelled by better-than-expected US payrolls data.

In US stock markets, Wall Street indices finished higher on Friday last week after a strong jobs report reinforced the view that the economy remains healthy even as it suggested the Federal Reserve could delay cutting interest rates.

The Dow Jones gained 0.8% while the tech heavy Nasdaq ended higher by 1.2%.

Back home, Indian share markets are trading on a positive note following the trend on GIFT Nifty.

The GIFT Nifty was trading higher by 31 points, signalling that Dalal Street was headed for positive start.

Last week, benchmark indices logged a third week of gains, ending the first week of FY25 on a positive note.

At present, the BSE Sensex is trading higher by 278 points, while the NSE Nifty is trading around 22,590 levels, up 79 points.

Tata Steel and Power Grid are among the top gainers today.

HDFC Bank and Bharti Airtel, on the other hand, are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index gained 0.4% while the BSE Small Cap index is trading higher by 0.6%.

All sectoral indices are trading in green with stocks in the consumer durables sector, energy sector and telecom sector witnessing most of the buying.

Shares of Info Edge and Phoenix Mills hit their 52-week high today.

Crude oil prices fell as Israel said it would pull some troops out from Gaza.

The rupee is trading at Rs 83.24 against the US dollar.

The rupee rose 8 paise to close at 83.31 against the US dollar last week as the RBI kept the benchmark interest rate unchanged at 6.5% for the seventh time in a row.

In commodity markets, gold prices are trading 0.5% higher at Rs 70,985 per 10 grams today.

Speaking of stock markets, Zill Jain talks about the top transformer stocks to watch out, in the below video.

In a recent interview, Elon Musk said that artificial intelligence (AI) will run out of electricity and transformers by 2025.

This has put transformer stocks in focus.

Watch the below video to see the companies leading the charge.

Imports Fall as PLI Boost Helps Domestic Production

In news from the electronics sector, India's local manufacturing of electronics is widening each year with more and more components being made in the country.

This has led to a sharp fall in imports of mechanics, vibrator motors, charger adapters, plastic parts, and other parts by value and volume.

According to data from the commerce ministry, imports of completely boxed units of electronics such as smartphones slumped 40% during April-January FY24.

Local manufacturing of electronics, especially smartphones, rose 5% on year in 2023, driven by the government's production-linked incentive (PLI) scheme, with more manufacturers procuring components that have a large impact on the bill of materials (BoM) from local producers.

Imports of charger adapters that accompany mobile phones and other electronic devices saw a sharp 72% fall in volumes in the April to January 2024 period, as compared to FY23.

Semiconductor imports rose by 0.5% in volume and by 20% in value to US$12,255 million in FY24 (April-January), which market trackers said is due to import of high-end semiconductors for premium electronic goods and rising wafer costs due to high demand.

Note that India has to catch up with global counterparts to become a reliable hub for electronics maintenance and repair (MRO).

Co-head of Research at Equitymaster Tanushree Banerjee explains more on this and the stocks participating in India's electronics revolution, in the below video.

The increasing integration of electronic components into automobiles, particularly for advanced driver-assistance systems and electric vehicle features, positions the top electronics stocks to leverage expertise effectively.

The growing global demand for Internet of Things (IoT) devices and smart consumer electronics presents significant opportunities for these companies.

AC Stocks in Focus

Moving on, AC stocks are back in focus with investors looking at seasonal investment themes.

This comes as the sweltering heat forecasts this summer to boost sales of the top AC companies.

In fact, shares of most air conditioner companies have surged up to 15% in the first week of April with market experts seeing more room for growth.

The India Meteorological Department (IMD) forecasted that India could witness higher-than-normal heatwaves in the April to June period.

Take for instance Voltas...

The Tata group company has seen a sharp uptick in its shares in the week gone by.

Air conditioner companies typically report strong numbers in the March and June quarters and that trend is expected to continue this year too.

The surge in demand for cooling appliances during hot months drives up sales and profitability for AC manufacturers. This trend is observed in April when temperatures start rising, signalling the onset of summer.

Moreover, the introduction of new and innovative AC models with advanced features such as IoT attracts consumers and contributes to increased sales.

However, investors must exercise caution and conduct thorough research before investing.

For more, check out the top AC companies that we highlighted in our recent editorial.

Vishal Mega Mart IPO

Moving on to the latest developments from the IPO space, Indian supermarket chain Vishal Mega Mart Pvt. has picked banks as it presses ahead with a planned initial public offering (IPO) this year.

Vishal Mega Mart has reportedly chosen Kotak Mahindra Bank and ICICI Bank to help arrange a share sale as early as in the fourth quarter of this year.

It is owned by private equity firms Partners Group Holding AG and Kedaara Capital, and the IPO would allow them to pare their stakes.

Note that the rising Indian market has turned into a market for deals including IPOs as global investors seek to tap its growth potential.

From big conglomerates like Tatas and Adanis, to electric automakers like Ather and Ola, there are a slew of exciting companies expected to launch their IPOs this year.

For more information on IPOs, check out the list of upcoming IPO's.

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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