Sensex Opens 350 Points Higher; Dr Reddy's Lab & Tata Steel Top Gainers

Mon, 10 May 09:30 am

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Asian stock markets rose today amid speculation that interest rates will remain low due to receding inflationary pressure.

The Nikkei is trading up by 0.6% while the Shanghai Composite is up 0.1%. The Hang Seng gave up early gains and is presently trading down by 0.5%.

In US stock markets, a lacklustre monthly jobs report sparked a rebound in technology shares and other growth stocks on Friday, helping send the S&P 500 and Dow Jones Industrial Average to fresh record highs. The milestones marked the respective indexes' 26th and 24th record closes of 2021.

The monthly jobs report showed employers added 266,000 jobs in April and the unemployment rose to 6.1%.

The Dow Jones Industrial Average rose 229 points, or 0.7% to 34777.76, while the Nasdaq added 119 points or 0.9%.

For the week, the Dow gained 903 points, or 2.7% while the Nasdaq fell 1.5%.

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

A total of 22 firms, including Chambal Fertilizers, Venky's, JMC Projects and Zydus Wellness are slated to post their quarterly numbers today.

The BSE Sensex is trading up by 352 points. Meanwhile, the NSE Nifty is trading higher by 120 points.

Dr Reddy's Lab is among the top gainers today. UltraTech Cement, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened up by 0.6% and 0.9%, respectively.

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

Shares of Vaibhav Global and Tata Steel hit their 52-week highs today.

The rupee is trading at 73.34 against the US$.

Gold prices are trading up by 0.1% at Rs 47,800 per 10 grams. Meanwhile, silver prices are trading up by 0.9% at Rs 72,037 per kg.

Gold hovered near three-month highs hit last week after weaker-than-expected US jobs data cemented hopes that interest rates will stay low for some time, pressuring the dollar and boosting bullion's appeal.

Speaking of gold, in one of his videos 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, Avenue Supermarts is among the top buzzing stocks today.

Avenue Supermarts, which owns the hyper-retail chain DMart, on Saturday reported a 53% year-on-year (YoY) jump in its consolidated net profit at Rs 4.1 bn for the March quarter (Q4FY21).

The chain of hypermarkets had reported a net profit of Rs 2.7 bn in the corresponding quarter of last year.

Total revenue for the quarter stood at Rs 74.1 bn, as compared to Rs 62.6 bn in the same period last year.

Earnings before interest, tax, depreciation and amortization (EBITDA) in Q4FY21 stood at Rs 6.1 bn, as compared to Rs 4.2 bn in the corresponding quarter of last year.

Total expenses were reported at Rs 69.2 bn, up 16.1% YoY.

For the financial year ended 31 March 2021, the company reported a 13.7% YoY decline in net profit at Rs 11.7 bn, hit by the coronavirus pandemic.

While total revenue declined 3.6% to Rs 237.9 bn, EBITDA also fell 17.9% to Rs 17.4 bn in FY21.

Avenue Supermarts share price has opened the day up by 1.1%.

Moving on to news from the FMCG sector, consumer goods giant Hindustan Unilever (HUL) said it will provide 4,000 oxygen concentrators to India to help meet the medical oxygen requirement of home-bound patients and hospitals amid the devastating second wave of Covid-19.

The company, which will be putting in Rs 300 million in this initiative, has partnered with KVN Foundation and home healthcare company Portea Medical to put them to use.

Portea will have access to 3,000 concentrators, which will be provided free of charge to patients.

The remaining will be donated by HUL to hospitals at some 20 locations across the country, the company said in a statement.

Note that India is facing severe shortage of oxygen cylinders and concentrators in the grip of a deadly second wave of Covid-19. Most hospitals are working over capacity and are having to turn back patients due to shortage of beds and oxygen.

"The entire Unilever family is rallying together to support India in this moment of crisis by helping secure oxygen concentrators which are in severe short supply," said Sanjiv Mehta, chairman of HUL.

Apart from this, HUL is also covering the cost for vaccination of 300,000 people, including those who work for suppliers and distributors, and has set up isolation facilities at its 30 manufacturing units.

Last year, the FMCG major had committed Rs 1 billion to support the communities impacted by the coronavirus pandemic.

HUL share price has opened the day up by 0.7%.

Here's an interesting data on HUL, between 2002 to 2010, HUL's stock price went nowhere...have a look at the chart below:

A Journey of No Returns in a So Called Safe Stock

The stock was basically in an 8 year coma. The returns could barely even make up for the inflation.

However, over the 2010 to 2020 period, HUL delivered a whopping return of 30% CAGR!

Back in November 2020, Rahul Shah had recorded a video on why you should skip stocks like Nestle and HUL.

In the video, Rahul Shah discussed why he preferred a little known stock over HUL and how he was proven right.

You can watch the video here: Don't Let Brokerages Fool You into Buying HUL & Nestle. The Real Money is in These Stocks Right Now...

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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