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Sensex Zooms 500 Points; Grasim Industries & HDFC Bank Top Gainers
Tue, 9 Mar 09:30 am | Yash Vora, TM Team

Asian share markets are trading on a mixed note tracking a mixed Wall Street session following a big downturn in tech shares.

Stocks fell despite prospects of global recovery and the passage of a US$1.9 US trillion stimulus bill.

The Nikkei is trading up by 1% while the Hang Seng is up 1.3%. The Shanghai Composite is trading lower by 0.2%.

In US stock markets, Wall Street indices settled on a mixed note. The Dow Jones Industrial Average rose 306 points, or 1% while the Nasdaq Composite dropped 311 points, or 2.4%.

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

The BSE Sensex is trading up by 461 points. Meanwhile, the NSE Nifty is trading higher by 138 points.

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

Both, the BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.7%.

Barring oil & gas stocks, all sectoral indices are trading in green with stocks in the finance sector and banking sector witnessing most of the buying interest.

The rupee is trading at 73.18 against the US$.

Gold prices are trading up by 0.3% at Rs 44,351 per 10 grams.

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Crude oil prices rose today on expectations of a recovery in the global economy after US Senate approval of a US$ 1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States.

Note that Brent crude futures surged above US$ 70 a barrel on Monday for the first time since the Covid-19 pandemic began, while US crude touched its highest in more than two years, following reports of attacks on Saudi Arabian facilities.

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In news from the telecom sector, as per an article in The Economic Times, the government is likely to amend the telecom licence norms this month to incorporate the guidelines of national security directive on telecommunication sector that will help in controlling installation of network equipment from China and other non-friendly countries.

Here's an excerpt from the article:

  • Under the provisions of this directive, the government will declare a list of trusted sources and trusted products for installation in the country's telecom network.

    "DoT is almost ready to amend licence conditions to incorporate guidelines NSD (national security directive). It should be done in the coming week."

The list of the trusted source and product for installation in telecom networks will be decided based on the approval of a committee headed by the deputy national security advisor.

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While the government has not barred procurement of equipment from Chinese companies, it amended the general financial rules (GFR) 2017 to enable the imposition of restrictions on bidders in public procurement from countries that share a land border with India on grounds of defence of India, or matters directly or indirectly related thereto, including national security.

In other news from the telecom sector, the telecom department has sent notices to Reliance Jio, Bharti Airtel and Vodafone Idea, demanding around Rs 219.2 billion as upfront payment for spectrum bought in the just ended auctions. The carriers need to pay up in 10 working days.

In the 4G spectrum auctions ended on March 2, the government sold airwaves worth Rs 778.14 billion, or 37% of the over 2308 MHz of spectrum of sale.

Jio and Bharti Airtel bulked up on crucial airwaves to cater to the surge in data usage and future-proof themselves ahead of 5G rollouts, while Vodafone Idea bought spectrum needed to beef up its 4G holdings.

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

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In news from the steel sector, market participants are tracking shares of Tata Steel and Tata Steel PP.

While dismissing a petition for staying a move to recover income tax and interest of Rs 12.2 billion for the years 2009-10 to 2014-15, the Income Tax Appellate Tribunal was particularly not amused that Tata Steel rushed to it directly only when the IT department wanted to adjust a due refund of Rs 4.4 billion against the money it wanted to recover as past dues.

Shares of Tata Steel have opened the day up by 1.4%.

Moving on to news from the FMCG sector, Hindustan Unilever (HUL) is among the top buzzing stocks today.

HUL will eliminate the word 'normal' from packaging and advertising of all its beauty and personal care brands to demolish stereotypes as consumer activism and awareness towards building an inclusive society takes centre stage the world over.

India's largest packaged consumer goods company, which makes marquee beauty brands including Dove, Lifebuoy, Axe and Sunsilk, will remove 'normal' from its communication as part of the worldwide drive by its parent Unilever.

HUL's executive director, Priya Nair said the decision to remove 'normal' is one of the many steps they are taking to challenge narrow beauty ideals.

Citing data from extensive research by Unilever, Nair said that in India, over eight in ten people think that using the word 'normal' on beauty products has a negative impact.

In addition to removing 'normal', HUL has also decided to not digitally alter a person's body shape, size, proportion or skin color in its brand advertising.

Last year in July, HUL had dropped the word 'fair' from its biggest skincare brand Fair & Lovely and renamed it Glow & Lovely amidst global outage and anti-racism protests.

The face care segment in India is estimated at Rs 100 billion with HUL leading the category with 43% share.

HUL share price has opened the day up by 0.5%.

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009:

While the Sensex has offered 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.

Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes this outperformance could continue for many years.

With a rising population and standards of living, Indian's consumption demand for FMCG products will skyrocket over the coming years.

We are keeping a close eye on FMCG stocks and will keep you updated on all the news from this space. Stay tuned!

And 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!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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Stock Market Updates

6 Reasons Why Sensex Plunged 1,708 Points Today (Today's Market)

Apr 12, 2021 Closing

Indian share markets end deep in the red with the Sensex down by 1,708 points and the Nifty ending down by 524 points.

Sensex Skids Over 1,600 Points, Dow Futures Down by 90 Points (Today's Market)

Apr 12, 2021 12:30 pm

BSE Sensex is trading down by 1,685 points, while the NSE Nifty is trading down by 508 points.

RAIN INDUSTRIES Share Price Down by 6%; BSE 500 Index Down 2.6% (Today's Market)

Apr 12, 2021 10:00 AM

RAIN INDUSTRIES share price is trading down by 6% and its current market price is Rs 164. The BSE 500 is down by 2.6%. The top gainers in the BSE 500 Index are JUBILANT PHARMOVA (up 6.2%) and IPCA LABS (up 5.3%). The top losers are RAIN INDUSTRIES (down 5.8%) and BAJAJ FINANCE (down 5.1%).

Sensex Slumps 1,400 Points, Nifty Cracks Below 14,400; IndusInd Bank & SBI Fall 8% (Today's Market)

Apr 12, 2021 09:30 am

Indian share markets open deep in the red. The BSE Sensex opened down by 1,395 points, while the Nifty is trading lower by 431 points.

VOLTAS Share Price Down by 6%; BSE CONSUMER DURABLES Index Down 4.0% (Today's Market)

Apr 12, 2021 09:39 AM

VOLTAS share price is trading down by 6% and its current market price is Rs 994. The BSE CONSUMER DURABLES is down by 4.0%. The top losers are VOLTAS (down 6.2%) and SYMPHONY (down 5.9%).

VA TECH WABAG Share Price Down by 7%; BSE CAPITAL GOODS Index Down 3.7% (Today's Market)

Apr 12, 2021 09:39 AM

VA TECH WABAG share price is trading down by 7% and its current market price is Rs 254. The BSE CAPITAL GOODS is down by 3.7%. The top losers are VA TECH WABAG (down 6.9%) and HEG (down 7.8%).

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