Sensex Opens Higher ahead of RBI Governor's Speech; ONGC & IndusInd Bank Top Gainers

Wed, 5 May 09:30 am

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Asian share markets fell for the fourth straight session today as sentiment took a knock from a selloff on Wall Street, combined with talk of rising US interest rates.

The Hang Seng is trading up by 0.1%. Markets in Japan, China and South Korea are closed today for a holiday.

In US stock markets, the Nasdaq dropped 1.9% overnight as some big tech names ran into profit-taking, including Microsoft Corp, Alphabet Inc, Apple Inc and Amazon. The Dow Jones Industrial Average ended on a flat note.

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

Reserve Bank of India (RBI) said Governor Shaktikanta Das will make an unscheduled speech today. The address will be broadcast at 10 am, the RBI said on Twitter, without providing further details.

A total of 20 companies, including Tata Steel, Adani Enterprises, Adani Green Energy, Blue Dart Express, Ceat, Craftsman Automation, and Deepak Nitrite are set to release quarterly earnings today.

The BSE Sensex is trading up by 209 points. Meanwhile, the NSE Nifty is trading higher by 74 points.

ONGC is among the top gainers today. Bajaj Finance, 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%.

All sectoral indices are trading in green with stocks in the oil & gas sector and metal sector witnessing most of the buying interest.

Shares of G.E. Shipping and Tata Steel hit their 52-week highs today.

The rupee is trading at 73.88 against the US$.

Gold prices are trading up by 0.4% at Rs 47,039 per 10 grams.

Gold prices rose today as concerns over possibility of higher US interest rates countered a subdued dollar.

Speaking of gold, in his latest video for Fast Profits Daily, Brijesh Bhatia talks about gold and silver. He talks about which asset would be the better choice from a short-term trader's point of view.

At Equitymaster, we have been bullish on gold and silver as investments for a long time now. But what about trading?

Brijesh answers this question by analyzing both assets separately and together, in three charts.

Tune in to the video below to find out more:

In news from the retail sector, Titan is among the top buzzing stocks today.

After declining for four consecutive sessions, shares of Titan Company rose over 1.3% today.

In the past four trading sessions, shares of the company have declined as much as 8% after the company announced its March quarter earnings.

Titan Company, wherein Rakesh Jhunjhunwala cut some stake in the March quarter, reported a standalone profit of Rs 5.3 bn as against Rs 3.6 bn in the year-ago quarter.

Revenue from operations climbed 61.1% YoY to Rs 71.4 bn during the quarter ended March 2021.

The company's performance for the quarter was aided by the low base of the year-ago quarter, which was affected by the national lockdown in the last week of March 2020 and the general slowdown in the economy prior to the pandemic.

The company's board also declared a final dividend of Rs 4 per share for the financial year ended March.

Rakesh Jhunjhunwala reduced his stake in Titan in March 2021 quarter. The ace investor sold 2.3 mn shares in Q4FY21.

As per the shareholding pattern for March 2021, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together held 5.06% stake in the company, which was at 5.32% in the December 2020 quarter.

Meanwhile, Jhunjhunwala increased his stake in stocks such as MCX, Fortis Healthcare, and Agro Tech Foods in the last quarter.

Titan share price has opened the day up by 1.3%.

Speaking of the country's largest watchmaker, here's an interesting data on Titan...

Even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002, would have led to mouth-watering returns.

Take a look at how the power of compounding has gone wild here...

Here's what Co-head of Research at Equitymaster, Tanushree Banerjee wrote about it in one of the editions of? Profit Hunter:

• It's possible to ?accumulate a few crores ?by investing small amounts in good businesses. Especially when the business is in distress and comes with margin of safety in valuations.
  
  Like the stock in my latest special report -?First Stock to Potentially Rs 7 Crore Long-term Wealth.
  
  Business headwinds and macro and regulatory issues have kept the stock out of favour in most of 2020.
  
  Given its pedigree, balance sheet strength and cash flows, the stock has a very high chance of rerating once the temporary clouds of uncertainty disperse.
  
  In fact, I believe that 2021 could be for this stock what 2004 was for Titan.

Moving on to news from the telecom sector, the Department of Telecommunications (DoT) on Tuesday allowed mobile operators to conduct 5G trials in the country with equipment manufacturers they have tied up with, barring Chinese companies.

The Central government has allowed telecom companies including Bharti Airtel, Reliance Jio Infocomm, Vodafone Idea, and MTNL to conduct trials for uses and applications of 5G technology, an official statement said.

These service providers have tied up with original equipment manufacturers and technology providers such as Ericsson, Nokia, Samsung, and the C-DoT.

In addition, Reliance Jio Infocomm will be conducting trials using its own technology. The permissions are in accordance with the priorities and the names of technology partners identified by the companies themselves.

The duration of the trials at present is six months. This includes two months needed for procuring and setting up the equipment.

The government has told the telecom service providers to conduct trials in rural and semi-urban settings in addition to urban areas.

5G revolution is expected to deliver improved user experience in terms of data download rates, up to three times greater spectrum efficiency, and low latency to enable Industry 4.0.

We will keep you updated on 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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