Sensex Trades Higher, Nifty Above 17,600; Bharti Airtel & Tata Steel Top Gainers

Wed, 13 Apr 10:30 am

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Asian share markets are mixed today after US shares slid over lingering inflation fears.

The Hang Seng is down 0.1% while the Shanghai Composite fell 0.5%. The Nikkei rallied 1.8%.

In US stock markets, Wall Street indices fell reversing earlier gains as impending monetary tightening from the Federal Reserve once again pulled growth stocks back into red territory.

The Dow Jones Industrial Average dropped 0.2% while the Nasdaq fell 0.3%.

US inflation hits new four-decade high as Americans paid more for gasoline, food and other essentials last month amid an ongoing wave of record inflation made worse by Russia's invasion of Ukraine.

The consumer price index (CPI) climbed 8.5% over the 12 months to March, the biggest jump since December 1981.

Back home, Indian share markets are trading on a positive note. Benchmark indices started on a firm note today, after two days of selling.

IT major Infosys is all set to report its earnings today so it will be keenly tracked.

Meanwhile, the manufacturer of iron and steel pipes - Hariom Pipe Industries made its debut on the bourses today. The company raised Rs 1.3 bn via its IPO by selling shares in the range of Rs 144-153.

The BSE Sensex is trading up by 234 points. Meanwhile, the NSE Nifty is trading higher by 84 points.

Bharti Airtel and Tata Steel are among the top gainers today. Dr Reddy's Lab, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 0.6% while the BSE Small Cap is trading higher by 0.8%.

All sectoral indices are trading in green with stocks in the metal sector and energy sector witnessing most of the buying.

Shares of Varun Beverages, Sheela Foam and Bharat Electronics hit their 52-week highs today.

The rupee is trading at 76.10 against the US$.

Gold prices are trading down by 0.1% at Rs 52,860 per 10 grams.

Meanwhile, silver prices are trading up by 0.2% at Rs 68,908 per kg.

Crude oil prices climbed today on worries that sliding output in sanctions-hit Russia, the world's second-biggest oil exporter, will tighten supply after Moscow said peace talks to resolve its invasion of Ukraine had come to a dead end.

Speaking of stock markets, in his latest video, Chartist Brijesh Bhatia explains why you should avoid trading auto stocks in April.

Tune in to the below video for more details:

In news from the commodities space, according to sources, bumper harvests and overflowing grain bins will help India to meet wheat import needs of the world's top buyers as Russia's Ukraine war hits supplies from the Black Sea region.

India is prepared to meet any extra demand for wheat from buyers in south Asia and Southeast Asia, and also from countries further afield in Europe, West Asia and North Africa. Ukraine is a major producer of grains, but exports have been disrupted since the Russian invasion in February.

India's new season wheat harvest is underway, with this year's production pegged at a record 111.32 million tonnes - making it the sixth season in a row that the country has produced a surplus.

India needs at least 25 million tonnes of wheat each year to run a food welfare programme.

Last year, the government bought a record 43.34 million tonnes of wheat from domestic farmers, substantially higher than the amount it needs for the welfare programme.

This year government purchases are likely to fall because private traders are offering farmers a higher price for wheat than the government's price of Rs 20,150 a tonne, leaving a bigger surplus for export.

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

Speaking of wheat, we recently did an editorial explaining whether this is a good time to look at wheat stocks in India.

You can check the same here: Is it the Right Time to Invest in Wheat Stocks in India?

Moving on to news from the steel sector, Tata Steel has completed the acquisition of entire stake held by state-owned SAIL in S&T Mining.

The acquisition is part of Tata Steel Group portfolio restructuring and simplification strategy.

Tata Steel had recently said that it has executed a share purchase pact with Steel Authority of India (SAIL) for acquiring the latter's entire 50% stake in S&T Mining.

On completion of the acquisition, S&T Mining has become a wholly-owned subsidiary of Tata Steel.

S&T Mining, a 50:50 joint venture between Tata Steel and SAIL, was incorporated for the purpose of acquiring coal blocks, carrying out exploration, obtaining regulatory approvals and licences, development of mine, extraction and mining of coal from the identified blocks.

Interesting to note that S&T Mining is non-operational since 2018-19.

Tata Steel share price is currently trading up by 1.5%.

To know more, check out Tata Steel's latest quarterly results and its financial factsheet.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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