Asian share markets rose in early trade today as investors cheered solid corporate earnings on Wall Street.
The Nikkei gained 0.6% while the Shanghai Composite shed 0.1%. The Hang Seng is up 0.5%.
In US stock markets, Wall Street indices settled higher following steep losses in the previous session as strong revenue forecast from big companies alleviated fears.
The Dow Jones gained 0.2% while the Nasdaq ended flat.
Back home, Indian share markets are trading on a positive note today tracking mixed global markets.
Market participants are tracking shares of Bajaj Finserv, Axis Bank and Ambuja Cements as these companies will announce their March quarter results today.
At present, the BSE Sensex is trading up by 174 points. Meanwhile, the NSE Nifty is trading higher by 67 points.
Asian Paints & UPL are among the top gainers today. Bajaj Finance and Bajaj Auto, on the other hand are among the top losers today.
The BSE Mid Cap index is up 0.3% while the BSE Small Cap index gained 0.2%.
Sectoral indices are trading mixed with stocks in the metal sector and energy sector witnessing most of the buying.
Telecom stocks and realty stocks, on the other hand, are trading in red.
Shares of CRISIL and GHCL hit their 52-week highs today.
The rupee is trading at 76.64 against the US$.
Gold prices are trading down by 0.4% at Rs 50,972 per 10 grams.
Meanwhile, silver prices are trading down by 1.2% at Rs 63,867 per kg.
Crude oil prices are down today as concerns about rising coronavirus cases in China weighed on futures market.
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Is it time to be cautious when it comes to smallcaps? Will smallcap stocks outperform in fiscal 2023?
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In latest developments from the IPO space, LIC is launching the biggest initial public offering (IPO) in the history of the Indian capital market at about Rs 210 bn.
The share sale, which opens on 4 May, will make the insurer the fifth-largest listed company in the country with a market capitalisation of Rs 6.02 trillion, assuming the upper price band of Rs 949 a share.
LIC has fixed the price band at Rs 902-949 per share for the IPO.
LIC will also become the fourth most valuable insurer globally - after Ping An Insurance of China, AIA Group, and China Life - and the fifth largest in terms of gross written premium.
For more details about the IPO, read our recent article: All you need to know about the LIC IPO.
Moving on to stock specific news...
Adani Enterprises is among the top buzzing stocks today.
The flagship company of Adani group has entered the media segment with the setting up of a wholly owned subsidiary, AMG Media Networks.
The new company will carry on the business of media related activities, including publishing, advertising, broadcasting, distributing etc. of content over different types of media networks.
The company, as per its memorandum of association, will develop content for a range of platforms and media.
Note that in March, Quintillion Business Media Private, an indirect subsidiary of Quint Digital had said that Adani Group will acquire a minority stake in it.
QBM runs Bloomberg Quint.
Adani Enterprises share price is currently trading up by 1%.
Speaking of Adani group, shares of all companies in the group are on a roll for the past few months.
This has made Gautam Adani the fifth richest person in the world, who recently surpassed Warren Buffett.
In particular, Adani Enterprises shares have seen a spectacular run as can be seen from the chart below.
To know more about the company, check out Adani Enterprises's financial factsheet and its latest quarterly results.
Moving on, as per a leading financial daily, Jindal Steel, Adani Power and Tata Elxsi are likely to get space in the MSCI India Index.
According to Edelweiss Alternative & Quantitative Research, with this likely inclusion, Jindal Steel and Adani Power may see inflows of $150 m each, while Tata Elxsi may get $190 m foreign inflow.
The brokerage also expects that HDFC AMC may get excluded from the index, while Indraprastha Gas could be retained.
The MSCI index review announcement is likely on 13 May and the re-balancing could be from 31 May.
We will keep you updated on the latest developments from this space. Stay tuned.
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