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Indian Share Markets Open Marginally Higher; Wipro Up 7% Post Q4 Results
Fri, 16 Apr 09:30 am | Yash Vora, TM Team

Asian stock markets are trading on a positive note today. The Nikkei is trading up by 0.2% while the Hang Seng is up 0.3%. The Shanghai Composite is trading higher by 0.5%.

China's economy grew at a record pace in the first quarter, official data showed, expanding 18.3% from a year earlier as the recovery from the coronavirus slump accelerated.

The growth in gross domestic product (GDP) was slower than the 19% forecast by economists in a Reuters poll, and followed 6.5% growth in the fourth quarter last year.

It was the strongest growth since at least 1992 when official quarterly records started.

In US stock markets, Wall Street indices jumped overnight to reach record levels as traders eyed a much stronger than expected print on consumer spending and a sharp improvement in the number of new jobless claims.

Traders digested a key print on the strength of the US consumer on Thursday, with the Commerce Department's March retail sales showing the best monthly rise in retail sales since May 2020.

The Dow Jones Industrial Average gained more than 300 points, or about 0.9%, to reach a record intraday and closing high and break above the 34,000 level. The S&P 500 and Nasdaq also rose to reverse declines from a day earlier, with tech stocks leading both indexes higher by more than 1%.

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

Market participants are tracking Mindtree share price as the company is scheduled to announce its quarterly results today.

The BSE Sensex is trading up by 131 points. Meanwhile, the NSE Nifty is trading higher by 40 points.

Asian Paints and Wipro are among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

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

Sectoral indices are trading on a mixed note with stocks in the metal sector and IT sector witnessing buying interest.

Energy stocks and banking stocks, on the other hand, are trading in red.

Shares of Dabur and Emami hit their 52-week highs today.

The rupee is trading at 74.78 against the US$.

Gold prices are trading down by 0.1% at Rs 47,110 per 10 grams. Meanwhile, silver prices are trading down by 0.3% at Rs 68,368 per kg.

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In news from the IT sector, Wipro on Thursday reported a consolidated net profit of Rs 29.7 billion for March quarter of financial year 2020-21 (Q4FY21), up 27.8% year-on-year (YoY), as against Rs 23.3 billion posted in the same period last year.

On a quarter-on quarter (QoQ) basis, the profit increased marginally by 0.1%, compared to Rs 29.7 billion reported in the December quarter of FY21.

Wipro's consolidated revenue from operations climbed 3.4% YoY to Rs 162.5 billion in the recently concluded quarter. This stood at Rs 157.1 billion in the corresponding period last year.

Wipro's IT services business clocked revenue at Rs 163.3 billion for the quarter, growing 3.9% QoQ.

The company said the fourth quarter was its best in the last 10 years.

Wipro said it added one client in over US$ 100-million category, three in over US$ 75-million band and two in the over US$ 50-million category.

Wipro share price has opened the day up by 5.4%.

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Moving on to news from the FMCG sector, Dabur is among the top buzzing stocks today.

FMCG company Dabur India's market capitalisation crossed the Rs 1 trillion-mark for the first time on Thursday. Its shares rose over 2% to close at a lifetime high of Rs 573, valuing the company at Rs 1.01 trillion.

Dabur is one of the world's largest ayurvedic and natural health care company.

The company's fast moving consumer goods (FMCG) business led the growth with a 19.5% surge, with an underlying FMCG volume growth of 18.1% during the third quarter of 2020-21 (Q3FY21).

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

In other news, retailers and FMCG makers say they have adequate stocks at stores and warehouses and are prepared to manage the situation in the wake of fresh restrictions being imposed by various states amid a surge in Covid-19 cases.

Some FMCG companies have already started building inventories and preponed supplies to retail outlets and stockists to ensure that consumers do not face any shortage.

Dabur said in view of the rising number of Covid-19 cases, it has started working towards building its inventory, both of finished goods as well as raw and packing material, from last month itself.

"We have preponed supplies to retail outlets and stockists to ensure that consumers do not face any shortage in the market," said Dabur India CEO Mohit Malhotra.

The company is also applying learnings from last year on streamlining the supply chain to ensure minimal disruption.

Kolkata-headquartered FMCG firm Emami said the weekend curfews will not have any major impact on the company.

V-Mart Retail CMD Lalit Agarwal said though the recent surge in coronavirus cases and restrictions would impact the business, it supports any such move by the government to check its spread further.

Future Group retailing brand Big Bazaar, which had recently given a push to its online sales by assuring two hours' instant delivery at the consumers' doorstep, said its staff is ready to handle the situation and deliver the goods to buyers.

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

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!

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

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Stock Market Updates

Sensex Trades Marginally Lower, Dow Futures Up by 174 Points (Today's Market)

May 14, 2021 12:30 pm

BSE Sensex is trading down by 29 points, while the NSE Nifty is trading down by 39 points.

Sensex Opens Flat; Asian Paints Rallies 7% Post Q4 Results (Today's Market)

May 14, 2021 09:30 am

Indian share markets open flat. The BSE Sensex opened down by 33 points, while the Nifty is trading lower by 14 points.

ADANI TOTAL GAS Share Price Down by 5%; BSE 500 Index Down 0.1% (Today's Market)

May 14, 2021 09:34 AM

ADANI TOTAL GAS share price is trading down by 5% and its current market price is Rs 1,330. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are ASIAN PAINTS (up 6.7%) and BANK OF INDIA (up 5.7%). The top losers are ADANI TOTAL GAS (down 5.2%) and VINATI ORGANICS (down 7.1%).

JINDAL STEEL & POWER Share Price Down by 5%; BSE METAL Index Down 2.4% (Today's Market)

May 14, 2021 09:32 AM

JINDAL STEEL & POWER share price is trading down by 5% and its current market price is Rs 466. The BSE METAL is down by 2.4%. The top losers are JINDAL STEEL & POWER (down 5.3%) and NMDC (down 5.3%).

BANK OF INDIA Share Price Up by 5%; BSE BANKEX Index Up 0.3% (Today's Market)

May 14, 2021 09:28 AM

BANK OF INDIA share price is trading up by 5% and its current market price is Rs 77. The BSE BANKEX is up by 0.3%. The top gainers in the BSE BANKEX Index is BANK OF INDIA (up 5.2%). The top losers is HDFC BANK (down 0.2%).

GRINDWELL NORTON Share Price Up by 8%; BSE CAPITAL GOODS Index Up 0.4% (Today's Market)

May 14, 2021 09:26 AM

GRINDWELL NORTON share price is trading up by 8% and its current market price is Rs 1,259. The BSE CAPITAL GOODS is up by 0.4%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 7.7%). The top losers are L&T (down 0.3%) and V GUARD INDUSTRIES (down 0.4%).

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