Sensex Jumps 400 Points, Nifty Above 16,550; HCL Tech & Tata Steel Top Gainers

Mon, 23 Aug 09:30 am

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Asian share markets rose today as traders sought to take advantage of last week's selloff while weighing risks from the delta virus strain and China's regulatory curbs.

The Hang Seng and the Shanghai Composite are trading up by 1.9% and 1%, respectively. The Nikkei is trading higher by 1.7%.

In US stock markets, Wall Street indices closed higher on Friday but still ended with losses for the week on fears over the spread of the coronavirus delta variant, the imminent tapering of Federal Reserve bond buying, and China's restrictions on its economy.

The Dow Jones Industrial Average rose 226 points, or 0.7%, while the Nasdaq Composite advanced 173 points, or 1.2%.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

Shares of Nuvoco Vistas are going to list today on the bourses today.

The BSE Sensex is trading up by 367 points. Meanwhile, the NSE Nifty is trading higher by 105 points.

HCL Tech and Tata Steel are among the top gainers today. Power Grid, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.8% and 0.9%, respectively.

All sectoral indices are trading in green with stocks in the metal sector and realty sector witnessing most of the buying interest.

Shares of Titan and SRF hit their 52-week highs today.

The rupee is trading at 74.34 against the US$.

Gold prices are trading up by 0.1% at Rs 47,170 per 10 grams.

Meanwhile, silver prices are trading down by 0.7% at Rs 61,717 per kg.

Crude oil prices reversed out of a seven-day losing stretch today as investors punted on crude at bargain levels.

Speaking of stock markets, in his latest video, Co-head of Research Rahul Shah talks about the stellar performance of Tata group companies in the current bull market.

In the video, Rahul also compared the performance over a 5-year and a 10-year period.

Tune in to find out more:

In news from the banking sector, HDFC Bank is among the top buzzing stocks today.

Paytm and India's largest private sector bank, HDFC Bank have announced a strategic partnership to build comprehensive solutions across payment gateway, point of sale machines and credit products including Paytm Postpaid.

The partnership aims to empower new businesses which have recently ventured online, and enable them to scale up.

IPO bound-Paytm and HDFC Bank are coming together for two broad PoS offerings.

In the first, HDFC Bank will drive merchant partnerships across India, to whom Paytm will offer its existing range of Android POS devices.

As part of this, HDFC Bank's salespersons will start selling Paytm's payment solutions in the market. HDFC Bank will be the payment partner, while Paytm will be the distribution and software partner.

Secondly, Paytm and HDFC Bank will jointly launch a co-branded PoS product in the retail segment, which Paytm will have the option to offer it to its own customer base.

Note that this is a notable partnership. In 2017, HDFC Bank's then India Managing Director Aditya Puri had said payment wallets like Paytm have no future.

But over time, Paytm's offerings have expanded. Paytm now has the license to operate as a payments bank.

HDFC Bank share price has opened the day up by 0.5%.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company which has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long-run.

Moving on to news from the consumer durables space, manufacturers of consumer electronics, including smartphones, have been forced to cut production by 10-30% as China is closing or imposing curbs at airports and ports due to Covid infections among workers.

This has increased freight costs by 40-50%, having almost doubled in the past three months with companies saying they will be compelled to increase prices.

China accounts for 60-70% of components used in electronic goods made in India.

Because of this, the supply of components ahead of the crucial festival season in India has hit.

On 21 August, cargo operations at Shanghai's Pudong international airport were shut indefinitely with ground-handling company Shanghai International Airport Services announcing a Covid-19 quarantine policy for workers handling international flights after a few cases were detected.

This reflects China's zero-tolerance policy on Covid cases in ports and airports.

This is choking component supplies to India with the US and Europe also stepping up imports from China to prepare for their holiday season in the next quarter.

Also, this crisis has come at a time when there is already a shortage of components such as semiconductor chips and television panels.

Logistics companies had already indicated that shipping lead times will double to 60 days while container charges have surged to a record high of five-six times since the pandemic.

Logistics companies are charging almost US$6,000 per container now and still availability is not guaranteed. That compares with US$3,000 in April-May and US$1,000-1,200 pre-Covid.

As electronics goods prices have went up due to surge in commodity and component prices, companies were expecting the sales for festive season to be good because they have raised prices.

The festive season is the biggest shopping period for electronic products, accounting for 35-45% of annual business.

We will keep you posted if there's anything brewing in this space. Stay tuned.

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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