What to Expect from Infosys Q4 Results, Textile Exports Amid Soaring Cotton Prices, and Top Buzzing Stocks Today

Wed, 13 Apr Pre-Open

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On Tuesday, Indian share markets ended lower for the second straight day as inflation concerns lingered and bond yields spiked.

At the closing bell on Tuesday, the BSE Sensex stood lower by 388 points, down 0.7%. Meanwhile, the NSE Nifty fell 145 points.

Axis Bank and Kotak Bank were among the top gainers. Tata Steel and Tech Mahindra, on the other hand, were among the top losers.

Both, the BSE Midcap index and the BSE Smallcap index ended lower by 1.5%.

Barring banking sector, all sectoral indices ended in red. Metal stocks, realty stocks and energy stocks were among the hardest hit.

Shares of Raymond and Adani Green Energy hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.6% at Rs 52,510 per 10 grams, at the time of Indian market closing hours yesterday.

Here are four reasons why Sensex fell in the past two days:

4 Reasons why Indian Share Markets are Under Pressure

Covid cases surge in China: The Chinese city of Shanghai continues to report record coronavirus cases since the pandemic began. The city reported over 26,000 cases on Sunday, despite being under lockdown.

Meanwhile, the US State Department has also ordered all non-emergency government staff and their family members in Shanghai to leave amid the Covid surge.

New variant: If rising cases were not enough, a new variant has emerged and is adding to the worries. Japan reported its first case of omicron XE, a new Covid-19 strain first detected in the UK.

Inflation worries: Market participants avoided fresh positions ahead of the inflation data for both India and the US, which is scheduled to be released later today.

Rising bond yields: Long-term US Treasury yields jumped to a three-year high, fueling a global rise in borrowing costs. Ten-year US yields climbed through 2.75% yesterday, for the first time since March 2019, as investors priced in the impact of the Federal Reserve's tightening plan and accelerating inflation.

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:

Top Stocks in Focus Today

Coal India share price will be in focus today.

Coal India scaled up its capex to Rs 148.3 bn in year ending fiscal 2022, 101% of the set target and the highest spend so far. The target for the fiscal was Rs 146.9 bn.

Bandhan Bank share price will also be in focus today. Shares of the private lender are in an upward trajectory for the past few days after HDFC last Friday divested 49.63 m shares, representing 3.08% of total equity of the bank.

Market participants will also track shares of Infosys as the IT major is all set to report its earnings later today.

According to experts, India's second largest IT firm is likely to beat TCS in terms of YoY March quarter profit and sales growth.

Experts are of the view that Infosys will guide for double-digit revenue growth for fiscal 2023 while retaining its margin guidance.

US$100 bn Textile Exports by 2030?

On Tuesday, Union Minister Piyush Goyal pitched for taking the textiles exports of the country to US$ 100 bn by 2030 as the sector is recording a healthy growth.

The textiles minister also said the exports would get a boost as the sector would get zero duty access in the UAE and Australia. India has signed a trade pact with both these countries.

India is also trying to get zero duty access in the markets of the European Union, Canada, the UK and member countries of the Gulf Cooperation Council (GCC), Goyal said. India is negotiating free trade pacts with these countries.

The textiles exports last fiscal year stood at US$ 43 bn as against US$ 33 bn in the previous year.

Goyal added that the current geopolitical situation is changing and it provides huge opportunities for the industry to boost exports.

Why FIIs are buying Energy Stocks

As per a leading financial daily, foreign portfolio investors (FPIs) showed renewed interest in the domestic oil and gas stocks in the last fortnight of March amid firm energy prices, notwithstanding their broader market selling.

They purchased Rs 31 bn worth of oil and gas stocks during the period while maintaining their selling stance in most of the other sectors. This was also the biggest inflow in a sector during the said fortnight.

The weight of energy stocks in the FPI portfolio has expanded by 126 basis points in 2022 so far, the highest among all sectors, to 11.4%. This compares with the sector's long-term average weight of 10.5%, the data from NSDL shows.

Biba Files Draft Papers

Biba Fashion has filed draft papers with the capital markets regulator to raise fresh capital of up to Rs 900 m, along with an offer for sale (OFS).

According to the draft red herring prospectus (DRHP) filed on Monday, the OFS part will consist of 27.7 m equity shares of the company. Promoter Meena Bindra and investors Faering Capital and Warburg Pincus backed Highdell Investment will be selling their stakes.

Private equity firm Faering Capital, which owns 4.4% stake in the company, plans to sell 18.4 m shares while Highdell Investment, which owns nearly 30% stake in the company, plans to sell 55.8 lakh shares.

Note that Biba's DRHP comes months after Indian apparel maker Vedant Fashions, popularly known by its brand name Manyavar, also listed on the stock exchange in February this year.

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

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