Sensex Surges 500 Points, Nifty Above 17,350; Telecom, Metal & Banking Stocks Rally

Fri, 31 Dec 10:30 am

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Asian share markets are higher today as markets weighed the efforts to limit the health and economic effects of the latest fast-spreading Covid-19 wave.

The latest data showed China's manufacturing sector continued to expand in December, providing some relief to Beijing as the world's second-largest economy continues to struggle with a property market slump.

The Hang Seng is up 1.3% while the Shanghai Composite is trading higher by 0.4%.

In US stock markets, Wall Street indices closed lower on Thursday, retreating late in thin holiday volume from record highs set early in the session on strong US data including a drop in weekly claims for US unemployment benefits.

The Dow Jones fell 0.3% while the Nasdaq Composite ended on a flat note.

Back home, Indian share markets opened on a strong note, mirroring global trends.

Benchmark indices are firm today after four days of muted action with the BSE Sensex crossing the 58,000 mark.

Cash management systems player CMS Info Systems made its Dalal Street debut today. The company raised Rs 11 bn via primary route offering its shares in the range of Rs 205-216 apiece between 21-23 December.

The BSE Sensex is trading up by 461 points. Meanwhile, the NSE Nifty is trading higher by 147 points.

Bharti Airtel and IndusInd Bank are among the top gainers today. Asian Paints, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.6% and 0.7%, respectively.

Barring IT, all sectoral indices are trading in green with stocks in the telecom sector, metal sector and banking sector witnessing most of the buying.

Shares of Suzlon Energy and Persistent Systems hit their 52-week highs today.

The rupee is trading at 74.42 against the US$.

Crude oil prices fell 1% but are set to post their biggest annual gains in 12 years. Brent crude futures are on track to end the year up 53% while US crude futures are headed for a 57% gain, the strongest performance for the two benchmark contracts since 2009.

Gold prices are trading up by 0.1% at Rs 47,909 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 62,232 per kg.

Gold is set for its worst performance in six years, though prices inched up in thin trade today as US Treasury yields dipped, increasing the bullion's appeal by reducing its opportunity cost.

This would mark gold's biggest annual decline since 2015, having fallen 4% so far this year. Meanwhile, silver was on track for its worst year since 2014 with a drop of about 12%.

Speaking of bullion, in his latest video for Fast Profits Daily, Vijay Bhambwani explains whether gold and silver prices will decline due to the strength in the US dollar in 2022.

Tune in to the below video to find out more:

In news from the FMCG sector, HUL share price is in focus today.

FMCG distributors in Maharashtra are planning to stop selling select products of leading firm Hindustan Unilever (HUL) from 1 January as the company has not engaged in talks with them over the issue of price disparity between traditional distributors and organised B2B distributors.

In response to this, HUL said their arrangements with their distributor partners are not exclusive and said the prices offered by them to various channels, such as General Trade, Modern Trade, eCom and Cash & Carry B2B, could be different depending on various factors.

An HUL spokesperson said that as channels evolve, the company will continue to take up new initiatives with an objective to help scale up business for its distributors and to strengthen its distribution.

Note that the development comes against the backdrop of fast-moving consumer goods (FMCG) distributors seeking a "level-playing field" from the manufactures between traditional distributors and other organised B2B distribution firms.

The All India Consumer Products Distributors Federation (AICPDF) is in negotiation with several FMCG makers. It had earlier called for a "non-cooperation" movement against FMCG companies from next year if B2B retailers continue to sell the products at lesser prices.

Its Maharashtra, distributors had decided not to sell HUL's Kissan brand of products. If the company does not respond in the next one week, it will also stop selling HUL's products under Glow & Lovely and Ron brands.

How this pans out remains to be seen. To know more, check out HUL's 2020-21 annual report analysis.

Speaking of HUL, here's an interesting data on the stock, between 2002 to 2010, HUL's stock price went nowhere...have a look at the chart below:

A Journey of No Returns in a So Called Safe Stock

The stock was basically in an 8 year coma. The returns could barely even make up for the inflation.

However, over the 2010 to 2020 period, HUL delivered a whopping return of 30% CAGR!

Back in November 2020, Rahul Shah had recorded a video on why you should skip stocks like Nestle and HUL.

In the video, Rahul Shah discussed why he preferred a little known stock over HUL and how he was proven right.

You can watch the video here: Don't Let Brokerages Fool You into Buying HUL & Nestle. The Real Money is in These Stocks Right Now...

Moving on to news from the semiconductor space, the government will start receiving applications from companies for setting up of semiconductor fabs, display units and for other related schemes from 1 January 2022.

Announcing that companies can begin applying under the scheme, IT Minister Ashwini Vaishnaw on Thursday exhorted players to leverage this opportunity to set up their manufacturing operations in India.

Here's an excerpt of what the minister said,

• This is a real opportunity for all big and small players and the right time for companies to come and set up their manufacturing facilities in India. So welcome to India.

Semiconductor stocks were all news earlier this month, as the government had approved a Rs 760-bn scheme to boost semiconductor and display manufacturing in the country.

This was done in a bid to position India as a global hub for hi-tech production, and attract large chip makers.

However, question still loom if large players will enter India or not. When Vaishnaw was asked if the government expects investments to come in from large players such as Intel under the mega scheme, he declined to comment

Along with the dates, the IT ministry has also released guidelines for implementation of the scheme and a semiconductor portal has been launched for accepting and processing applications from interested players.

The Rs 760-bn PLI scheme for semiconductors will take India one step closer to being self-reliant in electronics manufacturing. It will also bring massive investments and result in 35,000 specialised jobs apart from indirect employment for one lakh people.

With the semiconductor incentive scheme in place, the government expects investments of around Rs 1.7 lakh crore and 1.35 lakh jobs in the next four years.

We will keep you updated on all the latest developments from 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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