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Sensex Trades Marginally Higher; Power & FMCG Stocks Under Pressure
Thu, 26 May 10:30 am

Sensex Trades Marginally Higher; Power & FMCG Stocks Under Pressure

Asian share markets are higher today following gains on Wall Street as investors looked at the optimistic side of Federal Reserve minutes that reiterated plans to raise interest rates.

The Nikkei is up 0.2% while the Shanghai Composite is trading higher by 0.7%. The Hang Seng is trading lower by 0.2%.

In US stock markets, Wall Street indices closed higher on Wednesday, boosted after minutes from the Federal Reserve's latest monetary policy meeting.

Policymakers unanimously felt the US economy was very strong as they grappled with reining in inflation without triggering a recession.

The Dow Jones gained 0.6% while the Nasdaq rallied 1.5%.

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

Benchmark indices are off day's low but still trading in green tracking positive global cues.

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Market participants are tracking shares of Page Industries, NMDC, Hindalco and Bharat Dynamics as these companies will announce their March quarter results later today.

The BSE Sensex is trading up by 128 points. Meanwhile, the NSE Nifty is trading higher by 22 points.

HDFC and HDFC Bank are among the top gainers today. Asian Paints, on the other hand, is among the top losers today.

The BSE Mid Cap index is down 0.2%. The BSE Small Cap index is trading lower by 0.7%.

Sectoral indices are trading mixed with stocks in the power sector, FMCG sector and realty sector witnessing most of the selling.

Banking stocks and IT stocks, on the other hand, are trading in green.

Shares of Mehta Housing and Galactico Corporate hit their 52-week highs today while Aarti Drugs and Alkyl Amines hit their 52-week low today.

Tech Mahindra share price is falling for the past couple of months and is trading near its 52-week low.

Adani Green Energy has also lost its sheen and has fallen over 20% in the past one month.

Gold prices are trading up by 0.1% at Rs 50,849 per 10 grams.

Meanwhile, silver prices are trading down by 0.1% at Rs 61,500 per kg.

Crude oil prices rose today, extending a cautious rally this week on signs of tight supply while the European Union wrangles with Hungary over plans to ban imports from Russia.

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Speaking of stock markets, Chartist Brijesh Bhatia discusses what the charts say about investing in auto stocks, in his latest video for Fast Profits Daily.

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In news from the banking sector, the centre is on track for privatisation of two public sector banks (PSBs) and will take appropriate steps in the coming months.

If sources are to be believed, Central Bank of India and Indian Overseas Bank are likely candidates for privatisation.

In the Union Budget for 2021-22, the government announced its intent to take up the privatisation of two PSBs in the year and approved a policy of strategic disinvestment of public sector enterprises.

Apart from this, the divestment of BPCL is also on the card and fresh bids will be invited. The government had to cancel the sale as only a single bidder was left in the fray.

The government had planned to sell its entire 52.98% stake in BPCL and invited expression of interest from bidders in March 2020.

At least three bids came in by November 2020 but only one remains now after the others withdrew from the race.

For Container Corporation, there are a few hiccups in the process, and it would be undertaken after those are resolved.

How the privatization plans move forward remains to be seen.

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In news from the semiconductor space, Vedanta will soon finalize a location for its US$20 bn semiconductor and display unit plant in India.

The company is set to decide the venue by mid-June and will have the first chip product ready in two years, Vedanta's Chairman Anil Agarwal said on Wednesday.

Earlier this year in February, Vedanta said it will diversify into chip manufacturing and announced plans to form a joint venture with Taiwan's Foxconn.

This was aimed to support Prime Minister Narendra Modi's drive to make India a semiconductor manufacturing hub.

Vedanta is seeking incentives from Modi's government and is also in talks with several Indian states on the unit's location.

Agarwal said on the sidelines of the annual World Economic Forum the first phase of Vedanta's project will entail an investment of US$2 bn.

Semiconductor stocks are a hot trend in equity market today. Check out the list of semiconductor stocks in India and what the future has in store for them.

Moving on to corporate earnings, Coal India is among the top buzzing stocks today.

Coal India on Wednesday posted a 45.9% rise in its consolidated net profit at Rs 66.9 bn for the quarter ended March 2022 on the back of higher revenue from operations.

In its Q4 results, Coal India reported consolidated revenue from operations at Rs 327.1 bn.

The company's production for the quarter under review increased to 209 m tonnes over 203.4 m tonnes in the corresponding quarter of previous fiscal.

The board of the company has recommended a final dividend of Rs 3 per share. You can check out the companies that have announced the biggest dividend payouts this year.

Speaking of Coal India, have a look at the chart below which shows the company's performance over the past decade.

chart

Despite having a monopoly, shares of Coal India that once traded at Rs 350 (in 2010), now trade at Rs 180.

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!

Read the latest Market Commentary


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