Sensex Today Rallies 555 Points | Bajaj Finance, HDFC Surge 3% | 4 Reasons Why Indian Share Market is Rising

Thu, 4 May Closing

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After opening the day marginally higher, Indian share markets extended gains as the session progressed and ended on a strong note.

Benchmark indices bounced back in style after yesterday's fall, aided by metal stocks and a positive reaction to strong earnings, as investors looked past the US Fed rate hike.

At the closing bell, the BSE Sensex stood higher by 555 points (up 0.9%).

Meanwhile, the NSE Nifty closed up by 165 points (up 0.9%).

HDFC and BPCL were among the top gainers today.

UPL and Nestle on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,285 up by 124 points, at the time of writing.

Broader markets ended on a positive note with both the BSE Midcap index and the BSE Smallcap index ending 0.8% higher.

Barring FMCG, all sectoral indices ended the day on a positive note with stocks in the finance sector, and telecom sector witnessing most of the buying.

Shares of KSB and Bosch hit their 52-week highs today.

Asian stock markets ended on a positive note. The Nikkei today ended marginally higher, while the Hang Seng rose 1.3%. The Shanghai Composite ended 0.8% higher.

The rupee is trading at 81.7 against the US$.

Gold prices for the latest contract on MCX are trading higher by 0.6% at Rs 60,965 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.7% at Rs 77,176 per kg.

4 Reasons Why Indian Share Market is Rising

#1 Strong global cues

Asian stock markets were mostly higher on Thursday after the US Fed raised its benchmark lending rate again to cool inflation. The Hang Seng rose 1.3%, while Shanghai Composite ended 0.8% higher.

This was as foreign investors turned net buyers of Asian stocks in April, bolstered by rising expectations the US Federal Reserve will pause its aggressive tightening cycle, and by other factors such as weaker dollar and strong first-quarter company earnings.

#2 Robust quarterly results

Indian shares traded higher on Thursday, aided by strong quarterly updates from finance companies and banks. The Fed's comments that rate hike may slow down going forward added to the sentiment.

#3 Index-heavyweight shares rally

Index heavyweights HDFC, HDFC Bank and Reliance Industries contributed more than 60% to today's gains.

#4 Dollar takes a back seat

The?rupee has been falling?for quite some time now and this falling trend reversed today as it appreciated. The rupee appreciated 15 paise to 81.6 in trade, due to a weak dollar in overseas markets and forex inflows.

The dollar index, which gauges the greenback's strength against six major currencies, meanwhile, closed 0.24% lower at 101.1.

The Rupee's appreciation often attracts FIIs as it adds to the return for foreign investors.

Speaking of stock markets, India recently became the most populous country, displacing China. Of the many factors that influence whether this population becomes a demographic dividend or disaster, infrastructure in the country will be a key determinant.

In the below video, Richa Agarwal talks about a specific sector under infra, Railways. It seems railways sector is set for a massive growth, thus opening up the opportunities for the railway companies.

Tune in to the video below to know about stocks that could ride the railway capex cycle.

HDFC Q4 profit jumps 20%

Moving on to news from the finance sector, Housing Development Finance Corporation (HDFC) today reported a 19.6% YoY rise in net profit at Rs 44.3 bn for the March 2023 quarter.

The net interest income (NII) for the quarter came in at Rs 53.2 bn compared to Rs 46 bn in the previous year.

The assets under management (AUM) stood at Rs 7.2 trillion (tn) against Rs 6.5 tn in the previous year.

As of 31 March 2023, individual loans comprise 83% of the AUM. On an AUM basis, the growth in the individual loan book was 17%. The growth in the total loan book on an AUM basis was 11%.

The board declared an interim dividend of Rs 44 per equity share for the financial year 2023.

Reacting to the strong numbers, the share price of the bluechip company extended its gains and rose 2.3% to hit the 52-week high of Rs 2,859.15.

Since large caps interest you, here's our guide to buying the best bluechip stocks.

Why Titan share price is rising

Titan, of one of Rakesh Jhunjhunwala's portfolio stocks, traded close to lifetime highs today after better-than-expected Q4 results.

The Tata Group company clocked a standalone revenue of Rs 87.5 billion (bn), an increase of 25% YoY in the March 2023 quarter.

Net profit for the quarter came in at Rs 7.3 bn, up 50% YoY.

For the jewellery segment, the total income came in at Rs 75.7 bn, increasing 24% YoY. The company's India business grew 21% YoY, while buyer growth was at 15%.

Its wedding segment witnessed a comeback, with growth rates marginally higher than the overall retail sales growth.

The watches and wearables business recorded a total income of Rs 8.7 bn, up 40% YoY, backed by strong growth in analogue watches and a multi-fold increase in wearables.

During the year, Titan opened the first Tanishq store in the USA and the first Titan Eye Plus store in Dubai. In addition to that, the House of Titan proudly launched its latest brand, IRTH, a collection of women's bags.

Emerging businesses posted a total income of Rs 770 m.

The company's board also recommended a dividend of Rs 10 per equity share of Rs 1 each.

Speaking of Titan, here is some interesting data, even a tiny investment of Rs 1,000 per month in the stock of Titan since 2002 would have led to mouthwatering returns of Rs 762 m in 2020.

Continuing this momentum, Titan's share price rose around 6% in March 2023, making it one of the biggest gainers of March 2023.

With strong expansion plans, it is among the top 5 Jewellery stocks in India.

Believe it or not, Titan was a Tata group penny stock two decades ago.

Patel Engineering wins new order

Moving on to news from the engineering sector, shares of Patel Engineering rallied 12% today after the company and its joint venture partners bagged Rs 13.1 bn worth of projects.

The company with joint venture partners bagged a Rs 3.1 bn Tumkur branch canal micro irrigation project and a Rs 9.9 bn Sher Micro-Irrigation Project.

The company, being a 51% partner in the joint venture for the Tumkur branch canal work, has a project share of Rs 1.5 bn. In the Sher project it has a share worth Rs 3.5 bn by way of a 35% share in the joint venture.

For a fundamental analysis of the above company, check out Equitymaster's Indian stock screener which has a separate screen for top engineering companies in India.

And to know what's moving the Indian stock markets, 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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