Sensex Trades Higher as RBI Raises Repo Rate by 50 bps; Ultratech Cement and ICICI Bank Top Gainers

Fri, 5 Aug 10:30 am

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Asian share markets traded higher today following gains on Wall Street while more businesses reported that higher raw material prices were weighing on profits.

The Nikkei rose by 0.7%, while the Hang Seng was down by 0.1%. The Shanghai Composite is trading lower by 0.1%.

Wall Street's main indexes ended in a dull session on Thursday as gains in high-growth stocks offset losses in energy shares, with investors looking ahead to monthly jobs reports for clues on the pace of interest rate hikes by the Federal Reserve.

The Dow Jones fell by 0.3% while the tech heavy Nasdaq rose 0.4%

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

Benchmark indices opened in green today following the trend on SGX Nifty. And as the session progressed, gains were extended.

Markets started on a positive note and continued the uptrend after the Reserve Bank of India (RBI) hiked repo rates by 50 basis points (bps).

With this rate-hike cycle, the Indian central bank has raised interest rates by 140 bps so far.

At present, the BSE Sensex is trading higher by 257 points. Meanwhile, the NSE Nifty is trading up by 66 points.

Ultratech Cement and ICICI Bank are among the top gainers today.

Reliance Ind and Power Grid are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.2% while the BSE Small Cap index is trading higher by 0.6%.

Check out these fast growing smallcap stocks with zero debt that have consistently reported increasing revenues and profits.

Sectoral indices are trading on a positive note, with the exception of energy, utilities, consumer durables, oil and gas, and auto sector.

Meanwhile, stocks in the telecom and basic material sector witness most of the buying.

Keep an eye out on these 4 sectors that can produce future multibagger stocks.

Adani Transmission and Blue Dart Express hit their 52-week highs today.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Also check out our editorial on the 10 fundamentally strong small cap stocks.

Meanwhile, these three companies are declaring bonus shares and stock split this month.

In the commodity markets, gold prices remain flat. Currently, gold prices are trading at Rs 52,009 per 10 grams.

Note that gold prices have fallen and have taken quite a knock in recent weeks.

Meanwhile, silver prices are trading higher at Rs 58,151 per kg. Silver price too have fallen a lot in recent days.

The rupee is trading at 79.0 against the US dollar.

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In news from the banking sector, Yes Bank has good news for its investors.

Rating agency Moody's on Thursday said it has upgraded Yes Bank's rating while changing outlook to 'stable' on the back of its equity capital raise plan announced last week.

The global rating agency has upgraded the private sector lender's long-term foreign currency issuer rating and long-term foreign and local currency back deposit ratings to 'Ba3' from 'B2'.

It has also changed the outlook on Yes Bank's ratings to 'stable' from 'positive' and also adjusted the Baseline Credit Assessment (BCA) to 'b1' from 'b3'.

On 29 July, Mumbai-headquartered Yes Bank announced the raising of nearly Rs 89 bn through a mix of shares and warrants to be issued to global private equity players Carlyle Group and Advent International.

This could be the turnaround that Yes Bank needed. It may indicate that it is time to say Yes to this bank. Because if you look at Yes Bank, it is a classic example of how a popular stock turned into a penny stock.

Take a look at Yes Bank's 10 Year performance.

With the latest developments, the downside risk from here seems limited. The upside opportunity to become a  multibagger stock for next 10 years could be substantial.

Further in news from the energy sector, Adani Enterprises posted its Q1 results yesterday.

Adani Enterprises on Thursday reported 73% jump in consolidated net profit at Rs 4,690 m for the quarter ending 30 June 2022. It reported consolidated net profit of Rs 2,710 m in the year-ago period.

The company's consolidated revenue from operations surged 225% to Rs 408.4 bn as compared to Rs 1,258 m last year.

Adani New Industries Supply Chain Ecosystem achieved sales volume of 264 MW while Adani Airports Holdings Ltd (AAHL - Airports) passenger movement rose 35% to 16.6 million across seven airports.

Adani Road Transport Ltd has started construction activities in Azhiyur Vengalam, Kodad Khammam, Badakumari Karki and Panagarh Palsit road projects.

Adani Group is one of the big business houses hit hardest by the stock market collapse.

Further in news from the FMCG sector, Britannia Industries posted its Q1 results

On Thursday, Britannia Industries reported a 13.4% year-on-year (YoY) drop in consolidated net profit at Rs 3,374.4 m for the June quarter compared with Rs 3,895.5 m in the same quarter last year.The profit figure missed Rs 3660 m bottom line that analysts had estimated.Total revenue for the quarter rose 8.7% YoY to Rs 37,009.6 m from Rs 34,034.6 m in the corresponding quarter last year.

Consolidated operating profit came in at Rs 4,500 m for the quarter, with consolidated operating margin falling to 12.2% in the June quarter from 14.1% in the March quarter and 14.8% in the year-ago quarter.

Global factors continued to impact the economy, which led to further surge in inflation during the quarter. Certain commodities, relevant to bakery business, such as wheat & industrial fuel witnessed steep sequential inflation during the quarter ranging between 15 and 20%.

However, Britannia has a long standing goodwill, not only among its customers but also for its investors. In fact Britannia Industries is among the top 4 FMCG stocks to watch out for.

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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