Sensex Zooms 700 Points, Nifty Above 17,150, Bajaj Auto, Sun Pharma & IndusInd Bank Top Gainers

Tue, 26 Apr 10:30 am

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Asian share markets are higher today as investors cheered gains on Wall Street while keeping a cautious eye on Chinese shares.

China's stock market is volatile as traders remained on edge over its worsening Covid outbreak and lockdowns.

The Nikkei gained 0.7% while the Hang Seng rallied 1.9%. The Shanghai Composite reversed losses and is trading higher by 0.9%.

In US stock markets, Wall Street indices surged as a rebound in tech stocks helped turn things around late in the day.

US markets have been on a losing streak amid worries about high inflation and the rapid increase in interest rates the Federal Reserve is likely to prescribe for it.

The Dow Jones gained 0.7% while the Nasdaq rallied 1.3%.

Back home, Indian share markets are trading on a positive note.

Market participants are tracking shares of Bajaj Finance, HDFC Life, Macrotech Developers, and KPIT Tech as these companies will announce their March quarter results today.

The BSE Sensex is trading up by 680 points. Meanwhile, the NSE Nifty is trading higher by 208 points.

IndusInd Bank and M&M are among the top gainers today. Asian Paints, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 1.5%. The BSE Small Cap index is trading higher by 1.2%.

All sectoral indices are trading in green with stocks in the power sector, automobile sector and FMCG sector witnessing most of the buying.

Shares of Adani Power and Varun Beverages hit their 52-week highs today.

The rupee is trading at 76.47 against the US$.

Gold prices are trading up by 0.2% at Rs 51,500 per 10 grams.

Meanwhile, silver prices are trading up by 0.5% at Rs 65,420 per kg.

Crude oil prices gained today after falling sharply in the prior session on worries that continued Covid-19 lockdowns in China would eat into demand and as the US dollar rose to a two-year high.

Speaking of stock markets, in his latest video, Co-head of Research at Equitymaster Rahul Shah tries to understand the probability of Tata Power undergoing a significant crash in the near future.

Is Tata Power's rise justified by fundamentals or too much of expectations have built up into the stock price?

Is the stock in risk of a big crash if the broader markets start turning southwards?

Rahul answers all these questions in the below video. Tune in to know more...

In news from the food and beverages space, food processing companies such as iD Fresh Food, Mrs Bector's Food and CG Corp Global are getting ready to combat a possible shortage of wheat due to the combined effects of hoarding by farmers and traders, and the fallout of the Ukraine-Russia war.

According to reports, the supply of the produce may further suffer in the months ahead due to yield loses in states like Punjab and Haryana, the top producers of the grain in the country.

Companies involved in the space are prepared to increase wheat inventory and are also considering a hike in the price of products as wheat rates go up.

Mrs Bector's Food, which houses biscuits and cookies under its brand Cremica and bread under English Oven and also manufactures these products for several food processing companies, also flagged unpredictability in wheat supplies and prices.

The company's MD said that prices are very volatile at the moment and the normal quality wheat price is 5% higher than the government price.

• We also do not have clarity on how will mills source wheat in the months ahead after they exhaust their current stock. There are also reports that farmers are hoarding wheat supplies anticipating a surge in prices.

Beer companies, too, will be hit in a wheat shortage scenario. Craft beer maker Bira 91 is securing adequate supplies of wheat and other commodities in preparation for such a scenario, indicated its founder and CEO Ankur Jain.

While earlier projections had shown that India can benefit from the global shortage of wheat due to the Russia-Ukraine war, experts are of the view that a less-than-estimated output of the grain can lead to shortage of the product in the country too.

The agriculture ministry has predicted wheat production of over 111 m tonnes this year compared to 104 m tonnes last year.

ITC and Adani Wilmar are some of the brands operating in the staples segment. Shares of both the companies have seen a sharp spike in recent months.

The Russia-Ukraine conflict has sent wheat prices soaring, potentially benefiting ITC's agri division that exports wheat. It's looking to gain markets that traditionally imported wheat from Russia and Ukraine.

Other companies such as Britannia and Nestle, too, require wheat for their offerings in biscuits, breads, pastas and noodles categories.

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

Moving on to news from the telecom sector, Tata Communications is among the top buzzing stocks today.

Shares of Tata Communications gained 2% today after declining 10% yesterday after the company reported a weak set of numbers for the March quarter.

Yesterday, the stock ended 10% lower, its worst closing since 12 March 2020.

Tata Communications posted revenue growth of 1.9% on a sequential basis and 4.7% on a YoY basis but higher operating expenses led to a 6% miss on EBITDA.

The telecom company's net profit was down 7.6% due to lower EBITDA, higher D&A and taxes, offset in part by higher other income.

Yesterday's fall can also be attributed to the weak management commentary. In the conference call, the management said that the deal funnel grew sequentially, but the conversion of the funnel to order book has been affected by some slowness in decision-making by OEMs on account of ongoing supply-chain issues.

Tata Communications share price is currently trading down by 1.5%.

To know more, check out Tata Communications' 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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