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Sensex Opens 340 Points Lower; Nestle India and Hero MotoCorp Among Top Stocks in Focus

Thu, 22 Apr 09:30 am

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Asian stock markets are trading on a positive note today following an overnight bounce in the US markets.

The Nikkei is trading up by 1.9% while the Hang Seng is up 0.7%. The Shanghai Composite is trading higher by 0.4%.

In US stock markets, Wall Street indices jumped on Wednesday after a two-day decline.

The Dow Jones Industrial Average rose 0.9% to 34,137. Meanwhile, the Nasdaq rose 1.1%.

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

Benchmark indices fell in early trade as India continued to report spike in Covid cases and states announced stringent lockdown measures.

The BSE Sensex is trading down by 340 points. Meanwhile, the NSE Nifty is trading lower by 85 points.

IndusInd Bank is among the top losers today.

Shares of Nestle India are in focus today as the company on Tuesday reported a 14.6% year-on-year (YoY) growth in its net profit to Rs 6 billion for the quarter ended March 2021.

You can read more about it here: Nestle India Sees Double-Digit Growth in Q1

The BSE Mid Cap index has opened down by 0.4%. The BSE Small Cap index is trading flat.

All sectoral indices are trading on a negative note with stocks in the automobile sector and energy sector witnessing most of the selling pressure.

Shares of Cadila Healthcare hit their 52-week high today.

The rupee is trading at 75.40 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 48,216 per 10 grams.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about how trading in commodities will make you a better trader.

The commodity market in India doesn't get the attention from traders that it deserves. The bias is towards equities.

Vijay strongly believes participating in the commodities market will make you a better trader who makes more profits.

Tune in to the below video to find out more:

In news from the automobile sector, Hero MotoCorp is among the top buzzing stocks today.

Hero MotoCorp has halted manufacturing at all its plants in light of the ongoing surge in spread of Covid-19 across the country. The shutdown, which is temporary and includes the global parts centre (GPC), is a first by a two-wheeler maker in this financial year.

The Delhi-based maker of Splendor stated that it will utilize these shut-down days to carry out necessary maintenance work in the manufacturing plants. Each plant and GPC will remain shut for four days, in a staggered manner between April 22 - May 1 basis the local scenario.

"The shutdown will not impact the company's ability to meet the demand, which has been impacted due to localized shut-downs in many states and production loss will be compensated during the remainder of the quarter", Hero MotoCorp said in a filing with the stock exchanges.

In other news, Hero MotoCorp on Wednesday announced that it has collaborated with the Vietnamese battery giant - Gogoro to source technology for its future electric vehicles. Gogoro is a global leader in urban battery swapping and smart mobility innovation which is based out of Vietnam.

Hero will bring Gogoro's battery swapping platform to India and both the brands will come together to produce Hero-branded electric two-wheelers.

The company said in a press note that its new partnership with the Vietnamese battery giant will be further used to 'extend the work' that's currently been done at its R&D hubs located in India and Germany.

The brand also hopes to 'strengthen and expedite' the government's electrification drive with its new partnership.

Moreover, Hero MotoCorp is also hoping to make a 'significant impact' in the country's mobility and energy future.

Commenting on the new partnership, Dr. Pawan Munjal, Chairman and CEO, Hero MotoCorp, said, "Today marks another major milestone in our journey, as we bring Hero's leadership in two-wheelers, our Global scale and innovation powerhouse, with the leadership of Gogoro in Swapping business model, as they have demonstrated over the years in Taiwan and rest of the world."

Hero MotoCorp share price has opened the day down by 1.9%.

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.

Moving on to news from the steel sector, Tata Steel, along with HSBC, has executed a blockchain-enabled paperless trade transaction.

According to the company, this is a global first for the steel industry.

The live financial transaction involved the export of steel by Tata Steel to Universal Tube & Plastic Industries, UAE, a press release said on Wednesday.

The end-to-end paperless transaction was made possible by a unique collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. The letter of credit was issued by HSBC UAE for Univ­ersal Tube & Plastic Industries, UAE (importer), with HSBC India as the advising and negotiating bank for Tata Steel, India (exporter).

This transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

Tata Steel has also signalled its intent to explore similar opportunities in other geographies as well.

Tata Steel share price has opened the day up by 2.4%.

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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