Sensex Ends 327 Points Higher as FMCG Stocks Rally; HUL, Britannia & ITC Top Gainers

Mon, 4 Jul Closing

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After opening the day on a choppy note, Indian share markets rallied as the session progressed and ended higher.

Benchmark indices reversed course as gains in index heavyweight stocks helped uplift sentiment. ITC share price gained 3% while IndusInd Bank, ICICI Bank and HUL also rallied 2%.

Earlier in the day, Indian share markets started on a negative note dragged by metal stocks due to demand worries and weaker sentiment in global markets.

At the closing bell, the BSE Sensex stood higher by 327 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 83 points (up 0.5%).

HUL and IndusInd Bank were among the top gainers today.

TCS and Tata Steel, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,820, up by 78 points, at the time of writing.

The BSE MidCap index gained 0.8% while the BSE SmallCap index ended higher by 0.6%.

Sectoral indices ended on a mixed note with stocks in the FMCG sector and banking sector witnessing buying interest.

Metal stocks, on the other hand, witnessed selling pressure.

Metal stocks fell as iron ore and steel prices tumbled on fears of a slump in demand for commodities.

Electric vehicle stocks were in focus today after the central government said it will soon take a call on whether or not to take penal action against manufacturers of faulty electric vehicles.

Shares of AIA Engineering and Rolex Rings hit their 52-week highs today.

Avenue Supermarts share price rose 3% today after the company posted its business update.

Radhakishan Damani, who owns and operates the retail chain DMart, saw his wealth rising nearly Rs 44 bn due to this rally.

Asian share markets ended on a mixed note today.

The Nikkei and the Shanghai Composite ended the day up by 0.8% and 0.5%, respectively. The Hang Seng ended down by 0.1%.

The rupee is trading at 78.95 against the US$.

As the rupee falls, check out these five companies which stand to gain big from a weakening rupee.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 52,055 per 10 grams.

Speaking of gold, India's #1 trader Vijay Bhambwani explains whether you should be bullish on gold after the new sanctions on Russia, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

In news from the metal sector, the Ministry of Steel has asked the stakeholders to develop a time-bound action plan to lower emissions in the Indian steel industry.

According to a ministry document, the iron and steel industry globally accounts for around 8% of total carbon dioxide (CO2) emissions on an annual basis, whereas in India, it contributes 12% to the total CO2 emissions.

In line with government's commitments, the Indian steel industry needs to reduce its emissions substantially.

India will meet a target of net zero emissions by 2070, Prime Minister Narendra Modi said at the COP26 global climate summit in November 2021.

For this climate change, discussions were also held for promoting the transition towards green steel.

The use of green hydrogen in producing iron and the use of carbon capture utilisation and storage technologies for lowering emissions were also discussed.

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

Moving on to news from the energy sector, as per an article in The Economic Times, the government's decision to impose windfall taxes on refiners and oil explorers is likely to see earnings cut of 5-15% in the ongoing fiscal on lower revenues.

Here's an excerpt from the article:

• Revenues may shrink by about Rs 1 lakh crore on a full-year basis, and refining and upstream companies are expected to contribute equally to the estimated compression.
  
  The move would essentially cap gross refining margin (GRM) expansion of refining companies in the current super cycle and realisation at upstream companies.

Last week, stocks of refiners and explorers plunged after the government announced the tax on export of petrol, diesel, among other things.

ONGC and Reliance Industries were the big losers and fell deep in the red.

With last week's 8% decline, Reliance erased all of its 2022 gains. Have a look at the chart below which shows India's most valuable company's YTD performance.

The government's move will reduce Reliance Industries' profits as nearly 40% of its business comes from the oil refining business. This sent Reliance shares falling 8%.

Moving on to news from the FMCG sector, ITC was among the top buzzing stocks today.

Shares of the FMCG to cigarette conglomerate hit an over two-year high of Rs 293 on expectation of strong earnings growth.

Note that once a meme stock, ITC is the top performing stock from the BSE Sensex and NSE Nifty index, which has surged 33% in the past six months, as against 11% fall in the benchmark indices.

A stable tax environment for cigarettes in recent years has allowed ITC to calibrate price increases to avoid a disruption in demand.

Market experts are of the view that this trend will continue and should result in improved cigarette volumes and earnings visibility.

Before the rally in ITC started, we covered an editorial on why ITC is set for its next leg of growth. You can read it here: ITC: Load, Aim...Fire!

To know more about the company, check out ITC's 2021-22 annual report analysis.

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