Sensex Zooms 1,100 Points, Nifty Above 16,150, Tata Motors, Dr Reddy's Lab & JSW Steel Surge 5%

Fri, 20 May 10:30 am

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Asian share markets are higher today despite a selloff on Wall Street as bargain-hunting purchases offset some risk-off sentiment.

The Nikkei is up 1.2% while the Shanghai Composite added 1%.

In US stock markets, Wall Street indices ended another volatile session lower, bringing the market closer to its first bear market since the beginning of the pandemic.

Stocks fell as investors fretted about inflation and rising interest rates.

The Dow Jones is down 0.8% while the Nasdaq ended 0.3% lower.

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

Benchmark indices rebounded from a huge selloff the previous day, tracking strength in Asian markets and US equity futures.

Market participants are tracking shares of IRFC, NTPC and Paytm as these companies will announce their March quarter results later today.

The BSE Sensex is trading up by 1,146 points. Meanwhile, the NSE Nifty is trading higher by 353 points.

Tata Motors and Dr Reddy's Lab are among the top gainers today. Godrej Consumer, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 1.7%. The BSE Small Cap index is trading higher by 1.8%.

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

Shares of Esab India and Hindustan Aeronautics hit their 52-week highs today.

The rupee is trading at 77.52 against the US$.

Gold prices are trading up by 0.2% at Rs 50,620 per 10 grams. Meanwhile, silver prices are trading at Rs 61,564 per kg.

Crude oil prices are flat as worries about weaker economic growth offset expectations that crude demand could rebound in China as Shanghai lifted some coronavirus lockdowns.

Speaking of stock markets, we recently recorded a video on our YouTube channel discussing the stocks that you should buy in this bear market.

We all know how inflation concerns have rattled the markets lately. How sticky is the inflation? How much inflation effect has been priced in the markets?

Research Analyst Aditya Vora answers the above questions and much more. Tune in to find

Meanwhile, if you're confused what to do in the current market scenario, read our latest editorial where we explain what to do in a falling market.

Coming to corporate earnings, Hindustan Petroleum Corporation (HPCL) on Thursday reported a 40% drop in net profit in the quarter ended March 2022 as higher refining margins were wiped away by losses on auto fuel sales.

The company's chairman and Managing Director Pushp Kumar Joshi, at a media call, said the company earned US$ 12.44 on turning every barrel of crude oil into fuel in the fourth quarter of fiscal 2021-22.

This is against a gross refining margin (GRM) of US$ 8.11 per barrel in the same quarter a year back.

HPCL and other PSU oil companies held petrol and diesel prices for a record duration despite a surge in crude oil prices to a 14-year high. They started raising prices only on 22 March.

For the year 2021-22, HPCL has proposed a final dividend of Rs 14 per share.

Another company which declared results yesterday was drugmaker Dr Reddy's Lab.

During market hours yesterday, Dr Reddy's Lab reported its quarterly results where profit after tax plunged 76% to Rs 875 m. This compared with Rs 3.6 bn in the same quarter a year ago.

The drug major accounted Rs 7.5 bn towards impairment charges of non-current assets during the fourth quarter.

Shares of HPCL and Dr Reddy's Lab are currently trading up by 0.2% and 4.6%, respectively.

In news from the semiconductor space, Taiwan Semiconductor Manufacturing Company (TSMC) is considering building a new multibillion-dollar factory in Singapore to help tackle the global chip shortage.

According to reports, negotiations are under way with the Economic Development Board (EDB).

The Singapore Government may help to fund construction of the plant.

Note that 2021 and 2022 were good years for the semiconductor industry as demand surged. However, the pandemic caused disruptions which throttled supply.

The demand-supply mismatch resulted in semiconductor stocks seeing a sharp rally and touching their all-time highs.

Recently, we wrote about the top semiconductor companies in India and why they should be on your watchlist.

Global semiconductor giants are showing interest to set shop in India and giving India's semiconductor plans a much-needed push.

For instance, international semiconductor consortium ISMC will invest a whopping US$3 bn in setting up a semiconductor chip-making plant in Karnataka.

Speaking of semiconductor stocks, note that TSMC is the largest contract manufacturer of semiconductor chips in the world. The company manufactures chips for major tech firms such as Apple, Nvidia, Intel, Qualcomm, etc.

It is also one of the most successful companies whose stock has been a big wealth creator.

Can Indian companies involved in this space also see such massive gains?

In January, we wrote a piece on what Indian companies can learn from this giant. You can read it here.

Meanwhile, also check out Co-head of Research at Equitymaster Tanushree Banerjee's video on India's best semiconductor stocks.

Moving on to latest developments from the IPO space, Rustomjee group company Keystone Realtors is likely to file a draft red herring prospectus (DRHP) with the market regulator soon for an initial public offering (IPO) of around Rs 10 bn.

Recently, the company raised Rs 1/7 bn through pre-IPO placement. The deal comprised primary infusion and witnessed participation from HDFC Capital, IIFL Group, and the family office of Jagdish Master.

With this, Keystone will become the fourth real estate company to go public in the past decade.

Puranik Builders is another realty company planning to go public this year. The company already received approval in November last year.

We will keep you updated on the latest developments from this space. Stay tuned.

Since you're interested in IPOs, check out the current IPOs and upcoming IPOs on our website.

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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