Sensex Up 500 Points, Nifty Nears 16,000; Eicher Motors, JSW Steel & Tata Steel Top Gainers

Mon, 16 May 10:30 am

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Asian share markets are higher today, following a Wall Street bounce which was sparked by a rally in tech stocks.

The Nikkei gained 0.6% while the Shanghai Composite is down 0.5%. The Hang Seng is trading lower by 0.4%.

In US stock markets, Wall Street indices surged on Friday to end higher.

The Dow Jones rallied 1.5% while the Nasdaq surged 3.8%.

Back home, Indian share markets are trading on a positive note.

Benchmark indices started on a flat note today tracking weakness in US stock futures but soon firmed up.

Market participants are tracking shares of Bharat Forge, GRM Overseas and Raymond as these companies will announce their March quarter results later today.

The BSE Sensex is trading up by 521 points. Meanwhile, the NSE Nifty is trading higher by 168 points.

Tata Steel and Titan are among the top gainers today. UltraTech Cement, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap are trading higher by 1%.

Barring IT, all sectoral indices are trading in green with stocks in the metal sector, telecom sector and banking sector witnessing most of the buying.

Shares of Kohinoor Foods and Kanani Industries hit their 52-week highs today.

Shares of Ambuja Cement and ACC rose after the Adani group announced entering an agreement with Holcim to buy its stake in the two companies.

The rupee is trading at 77.60 against the US$.

Gold prices are trading up by 0.2% at Rs 49,966 per 10 grams.

Meanwhile, silver prices are trading up by 0.6% at Rs 59,680 per kg.

Crude oil prices are down today, giving up earlier gains as investors took profits after a surge in the previous session, but global supply fears loomed with the European Union preparing to phase in a ban on imports from Russia.

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah discusses a better option than buying the dip, in his latest video.

In this volatile market, should one go ahead and buy the current dip or is it advisable to wait for some more time?

Rahul answers this question in the below video. Tune in to find out more:

In news from the electric vehicles (EV) space, companies involved in the space are betting on locally manufactured battery cells as they might be a safer bet in Indian conditions.

This comes after several incidents of EVs getting caught on fire in recent months.

Existing lead-acid cell makers, auto original equipment manufacturers (OEMs), and energy companies looking to diversify their portfolio are in the fray.

Niti Aayog CEO Amitabh Kant said that they recently ran an advanced cell chemistry (ACC) programme and it was subscribed 2.6 times. Under this, selected companies will receive incentives for investing in ACC battery storage.

An ACC production-linked incentive (PLI) scheme announced in March 2022 will help the indigenous EV cell ecosystem evolve faster.

Speaking of EVs, have a look at the chart below which shows the massive opportunity in the two-wheeler EVs.

Here's what lead Smallcap Analyst at Equitymaster, Richa Agarwal wrote about this in one of the editions of Profit Hunter:

• In the last five years, two-wheeler sales in India were around 2 crore units per year. Now the sector is cyclical and has been in the downturn for some time. So let's consider a moderate 5% growth for the next 10 years.
  
  By 2030, we are looking at 2-wheeler sales of 3 crore units. Even if one third of this is EV sales, that's 1 crore electric 2-wheelers per year.
  
  In the last 2 years, average electric 2-wheeler sales were 1.5 lakh units. From 1.5 lakh to 1 crore, that's a 66x opportunity in 2-wheeler EVs.
  
  This is an annual growth rate of 52% over next 10 years. It's an almost vertical growth opportunity.

As per Richa, this is like a gold rush. But like in any gold rush, the winners will just be a few.

In news from the media sector, AMG Media Networks, a unit of billionaire Gautam Adani's conglomerate Adani Enterprises, will pick a 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media for an undisclosed sum.

The company said this in a regulatory filing.

Earlier in March this year, the Adani group company announced its foray into the media business by acquiring an unspecified minority stake in Quintillion Business Media.

Quintillion Business is a business and financial news company and operates a leading business news digital platform BloombergQuint.

The same notice was also confirmed by Quint Digital Media through a separate regulatory filing to the exchanges.

Note that the Adani group has been eyeing entry into the media space for the past few months. In September last year, it hired veteran journalist Sanjay Pugalia to lead its media company, Adani Media Ventures.

Of late, the group has been foraying into various segment with its latest entry being into media and cement.

For more detailed updates, check the latest Adani Group results.

Moving on to news from the e-commerce space, CarTrade Tech is among the top buzzing stocks today.

CarTrade Tech share price has been on a downtrend ever since listing on the bourses at around Rs 1,500 per shares.

At present, shares of the company trade at Rs 600.

Note that the crash in several new-age tech stocks has eroded investors wealth on an extreme level. Six such new age tech companies have lost close to Rs 1.8 tn in marketcap.

Correction in US tech stocks, high valuations and dampened results could be the main factors why these stocks are falling.

For instance, CarTrade Tech reported a poor set of numbers for fiscal 2022, posting an EBITDA (earnings before interest tax, depreciation and amortisation) loss as it normalised expenses on employees and marketing.

The cost of ESOPs rose sharply but even excluding these expenses, EBITDA margins for fiscal 2022 and March 2022 quarter came in at 4.5% and 5.5% respectively, significantly lower than in the previous year.

The market regulator in February proposed that in addition to the financial parameters, new age tech companies should disclose details of the KPIs (key performance indicators). The choice of KPIs should also be explained.

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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