Sensex Gains 400 Points, Nifty Tops 14,850; Banking & Metal Stocks Rally

Fri, 7 May 09:30 am

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Asian stock markets are trading on a positive note today following a healthy lead from Wall Street, with all eyes on the release of US jobs data later in the day.

The Hang Seng is trading up by 0.7% while the Nikkei is up 0.1%. The Shanghai Composite is trading higher by 0.4%.

In US stock markets, Wall Street indices closed higher as gains by banks and technology companies led a broad rally.

Sentiment got a boost after a report showed the number of Americans filing new claims for unemployment benefits fell below 500,000 last week for the first since the pandemic started.

Continuing its uptrend, the Dow Jones Industrial Average hit a new high.

Healthcare sector was hurt by news that the White House supports waiving intellectual property rights for coronavirus vaccines to help immunize poorer countries faster. Shares of drug-maker Moderna fell as investors shrugged off its first-ever quarterly profit.

The Dow Jones Industrial Average rose 318 points or 0.9% while the Nasdaq rose 50 points or 0.4%.

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

The International Monetary Fund's said that the recent jump in Covid-19 cases in India posed downside risks to the fund's April forecast for 12.5% growth in India's economic output in fiscal years 2021 and 2022.

HDFC, Ultratech Cement, Dabur India, Kansai Nerolac and Godrej Agrovet are among companies that will announce their March quarter results today.

The BSE Sensex is trading up by 405 points. Meanwhile, the NSE Nifty is trading higher by 121 points.

IndusInd Bank is among the top gainers today. Power Grid, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4%. The BSE Small Cap index is trading higher by 0.7%.

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

Shares of Ajanta Pharma and Tata Steel hit their 52-week highs today.

The rupee is trading at 73.59 against the US$.

Gold prices are trading up by 0.2% at Rs 47,675 per 10 grams.

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In news from the insurance sector, SBI Life Insurance is among the top buzzing stocks today.

US private equity fund CA Emerald Investments, an affiliate of Carlyle Asia Partners, is looking to sell 3.5% stake in SBI Life Insurance Company worth US$ 447 million or Rs 33.1 billion through stock exchange platform today, according to a term sheet issued by the sole book runner JPMorgan.

The sale price has been fixed at 945 apiece, which is 2.5% lower than yesterday's closing price of 969.30.

As on 31 March 2021, CA Emerald Investments held 6% stake in the company.

The Washington-headquartered buyout group had acquired a 9% stake in SBI Life Insurance in March 2019 for about US$ 652 million in one of its biggest investments in India. It had purchased the stake from BNP Paribas Cardif SA.

Carlyle divested 3% stake in SBI Life in November 2019 for about Rs 28 billion through an open market transaction.

SBI Life was incorporated as a joint venture between State Bank of India (SBI) and BNP Paribas. Last month BNP sold 5% stake in SBI Life through the open market process to reduce its stake to 0.2%.

Carlyle also has significant stakes in SBI Cards & Payments Services. Earlier in March, the private equity giant sold 4% stake in SBI Cards worth US$ 514 million or Rs 37.3 billion.

SBI Life Insurance share price has opened the day up by 4%.

Speaking of the insurance sector, have a look at the chart below which shows the investment assets of non-life insurers and life insurers over the past 10 years:

Investment Assets of Non-Life Insurers 11x That of Life Insurers

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, the above chart is enough proof of how big an earning opportunity is the zero-cost float to the non-life insurers. Their investment assets under management is nearly 11 times that of life insurers.

Tanushree recently recommended a high-quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

Moving on to news from the power sector, Adani Transmission plans to invest Rs 30 billion in its transmission business and Rs 15 billion in the Mumbai electricity distribution business in 2021-22, as the company aims to continue its expansion plan.

In FY21, the company added 2,536 circuit km to its power transmission network, driven by organic and inorganic growth taking the total network to 17,2762,536 circuit km.

Yesterday, the company reported a net profit of Rs 2.6 billion in the fourth quarter of FY21 as against Rs 0.6 billion a year ago.

Revenue in the quarter rose 3% YoY to Rs 22.8 billion.

For the year ended March, the company reported net profit of Rs 12.9 billion, up 82%. However, revenue declined 14% to Rs 88.4 billion.

Adani Transmission said that power demand and bill collection in the Mumbai electricity distribution area was impacted in the first half of FY21 due to the disruption caused by the Covid-19 pandemic but the company saw improvement on both accounts in the second half.

Adani Transmission share price has opened the day up by 1%.

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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