Sensex Zooms 515 Points, Nifty Ends Above 17,600; Financial and IT Stocks Rally

Thu, 11 Aug Closing

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Indian share markets rose today tracking the rally in US stocks after softer-than-expected US inflation data stoked speculation the Federal Reserve could pivot to a shallower pace of interest-rate hikes.

Financial and IT stocks led the rally.

At the closing bell, the BSE Sensex stood higher by 515 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 124 points (up 0.7%).

Axis Bank, IndusInd Bank and Bajaj Finance and were among the top gainers today.

ITC, Tata Consumer Products, and Apollo Hospitals, on the other hand, were among the top losers today.

BPCL share price ended flat today. For the past couple of days, BPCL share price has been falling due to its withdrawal of disinvestment plan and poor financials.

The SGX Nifty was trading at 17,682, up by 135 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index climbed up by 0.8% while the BSE Smallcap index climbed up by 0.5%.

For more information, check out these fast growing smallcap stocks with zero debt that have consistently reported increasing revenues and profits.

Sectoral indices ended on a mixed note with stocks in the FMCG and metal sector witnessing maximum selling.

While stocks in the IT, banking, and consumer goods witnessed buying interest.

Shares of SKF India, Eicher Motors, and Timken India 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 the 5 stocks paying out big dividends in August 2022.

ICICI Bank, HDFC Bank, and Reliance were amongst the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian stock markets ended on a mixed note. The Nikkei ended the day down by 0.7%, while the Hang Seng inched higher by 2.4%. The Shanghai Composite ended 1.6% higher.

The rupee is trading at 79.6 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 52,328 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.22% at Rs 58,832 per 1 kg.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Once the Fed signals an end to the rate hikes (or hints at it) and when investors are confident the US economy will emerge from the recession, that's when we see gold and silver prices recovering.

Speaking of stock markets, Richa Agrawal talks about 3 profitable microcap stocks and why they should be in your watchlist, in her latest video.

Check out the below video to know more:

In news from the auto sector, Eicher Motors shares rose 3% today after the company reported its results for the June 2022 quarter. The stock also hit an all-time high of Rs 3,261 during intraday trade.

The maker of iconic Royal Enfield reported a 72% YoY growth in consolidated revenues at Rs 33.3 bn, up from Rs 19 bn.

The growth was driven by an increase in the exports segment, a rise in volumes, and a higher average realization due to the price hike.

Due to the increase in revenue, the company's operating profit rose 130% YoY to Rs 8.3 bn, while operating profit margin surged to 24.5% from 18.4% in the year-ago period due to alleviating metal prices.

Overall, the company reported a 157.5% YoY growth in net profit.

Commenting on the results, Eicher Motors Managing Director, Siddhartha Lal said,

• Our international volumes continued to record consistent growth with more than 60% increase as compared to the previous year.
  
  We recently launched the Hunter 350 to some spectacular reception from Indian and global audiences. As we begin retail in India, we are confident that the Hunter 350 will open up a new market for us.

To know more about the company, check out Eicher Motors financial factsheet.

Speaking of auto stocks, chartist Brijesh Bhatia believes this is a good time to look at two-wheeler auto stocks.

From the entire auto chain, two-wheelers auto stocks look promising. They offer the best bullish structure on the charts.

Equal Weighted Two-Wheelers (2W) Index

 

According to Brijesh, the break above the yellow dotted line in the above chart can accelerate the bullish momentum.

These two wheeler stocks are the fastest growing companies in the auto sector. Investors should be selective in this space because India's best two wheeler stocks are already powering ahead.

Choose the best fundamentally strong stocks which can be multibagger stocks for 2025.

Moving on to the news from mining sector, Vedanta was among the top buzzing stocks today.

The company has announced that it will spend US$ 3 bn in capex over the next two years.

Of this, US$ 2 bn would be earmarked for the ongoing financial year 2023.

The company is planning to set up an integrated semiconductor manufacturing facility in India to meet domestic demand.

The domestic consumption of semiconductors is expected to cross US$80 bn by 2026 and may touch US$ 110 bn by 2030, the company said.

Vedanta has further pledged US$5 n to reduce carbon emissions in operations to net zero by 2050 or sooner.

It had set targets to become water-positive by 2030 as well as use 2.5 gigawatt of renewable energy in its operations.

To know more, check out Vedanta's latest news and analysis.

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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