Sensex Opens in Green; Infosys & Wipro Among Top Nifty Gainers

Wed, 23 Dec 09:30 am

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Asian share markets are trading on a positive note today. The Nikkei is trading up by 0.2% and the Hang Seng is trading up by 0.3%.

US stock markets ended mostly lower on Tuesday over concerns the new Covid-19 variation could further hamper a softening economic recovery even though the World Health Organization has said the new variant is not out of control yet.

The US Congress approved a long-anticipated new fiscal stimulus package worth nearly US$ 900 billion late on Monday, only for President Donald Trump to call it "a disgrace" and demanding that lawmakers more than triple relief payments to Americans.

The Dow Jones Industrial Average fell 0.7%, while the Nasdaq gained 0.5%.

Back home, Indian share markets have opened on a positive note.

Market participants will track news on the vaccine front after a Reuters report said that India is likely to approve Oxford/AstraZeneca's coronavirus vaccine for emergency use by next week after its local manufacturer submitted additional data sought by authorities.

The BSE Sensex is trading up by 174 points. Meanwhile, the NSE Nifty is trading higher by 48 points.

Infosys is among the top gainers today. ONGC, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.8%. The BSE Small Cap index is trading up by 1.2%.

Sectoral indices are trading on a mixed note with stocks in the IT sector and realty sector witnessing most of the buying interest. Energy stocks are trading in red.

The rupee is trading at 73.85 against the US$.

Gold prices are trading down by 0.1% at Rs 50,080 per 10 grams.

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, talks about how you can make seasonal profits in the stock market, in his latest video for Fast Profits Daily.

In the video below, Brijesh shares the basics of a tool called seasonality analysis and how you can use it to make regular profits without taking too much risk.

Tune in here to find out more:

In news from the IT sector, Infosys and Wipro are among the top buzzing stocks today.

Infosys and Wipro on Tuesday said they have bagged billion-dollar, multi-year technology contracts from Germany's Daimler AG and Metro AG, respectively.

Both deals involve absorbing clients' employees and will require regulatory approval, the Indian software services companies said.

While Infosys didn't disclose financial details of the contract with Daimler, reports stated that the outsourcing deal is worth more than a billion dollars.

Infosys will help Daimler upgrade its IT operating model and infrastructure across workplace services, service desk, data centre, networks and SAP (systems applications and products).

Earlier this year in July, Infosys had won a multi-year digital transformation deal from US investment firm Vanguard. The deal, pegged at about US$ 1.5 billion, is one of the largest-ever for the company.

Meanwhile, Wipro said it estimates its contract with Metro to generate US$ 700 million in revenue in the first five years.

The company has the option to extend the contract by four more years, leading to potential spending of more than US$ 1 billion, it said in a statement.

Wipro said its takeover deal with Metro is expected to generate revenue of more than Rs 10 billion annually for the company. Wipro will absorb more than 1,300 employees of the German wholesaler.

The takeover is expected to close before the end of April next year.

In other news, Wipro on Tuesday also said its up to Rs 95-billion share buyback programme will commence on December 29 and close on January 11, 2021.

Last month, shareholders had approved Wipro's buyback plan for purchase of up to 237.5 million equity shares at Rs 400 per share.

The company has set December 11, 2020 as the record date for determining eligibility for the buyback.

The buyback will open on December 29, 2020 and close on January 11, 2021.

Note that Wipro's larger rival Tata Consultancy Services (TCS) has also proposed a mega Rs 160-billion buyback plan at Rs 3,000 per equity share. The Mumbai-based company's buyback offer commenced on December 18 and is slated to close on January 1, 2021.

Last year, Wipro had undertaken a buyback programme of 323.1 million shares at Rs 325 apiece, aggregating to about Rs 105-billion.

Wipro share price has opened the day up by 3.4%.

Moving on to news from the automobile sector, Karnataka has launched a unique electric vehicle (EV) battery swapping network in its capital Bengaluru, addressing one of the key concerns of potential users of the cleaner technology - fast discharge and lack of supporting infrastructure.

Chief Minister BS Yediyurappa inaugurated the city's first EV battery swapping network on Tuesday. To encourage the use of electric vehicles, he also took a ride in the indigenously developed e-autorickshaw.

He added that once people like the e-vehicles, they will start using them.

Karnataka was the first state in the country to introduce an EV policy to reduce pollution.

In other news, according to a report by India Energy Storage Alliance (IESA), the electric vehicle market in India is expected to hit over 6.3 million unit mark per annum by 2027.

As per the findings of the report, which covers the present scenario and forecast of electric vehicle, EV batteries and the public charging infrastructure market in the country, demand for the batteries is also going to rise substantially over the same period.

Similarly, the annual battery demand is forecasted to grow at 32% to hit 50GWh by 2027, of this, 40 plus GWh will be on lithium-ion batteries.

"The estimated battery market potential is USD 580 million in 2019 and is forecasted to grow to USD 14.9 billion by 2027," the report added.

EV sales in India stood at 3.8 lakh units in 2019-20, and the EV battery market stood at 5.4GWh during the year.

The electric two-wheelers were the highest selling in the entire segment last fiscal.

How the above developments pan out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

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

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India.

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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