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Sensex Zooms 600 Points as IT Stocks Rally; Infosys, Tech Mahindra & Wipro Top Gainers
Fri, 3 Jun 10:30 am

Asian share markets are higher today, following rallies on Wall Street ahead of US jobs data due later in the day.

The Nikkei is up 1.2% while the Shanghai Composite is up 0.4%.

In US stock markets, Wall Street indices rebounded on Thursday as shares of megacap stocks like Tesla, Nvidia, Meta Platforms and Netflix jumped after Federal Reserve policymakers indicated they will not desist in the fight to tame inflation.

The Dow Jones gained 1.3% while the Nasdaq zoomed 2.7%.

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

Benchmark indices staged a gap-up opening today following the trend on SGX Nifty live chart and tracking a rally in US markets overnight.

Market participants are tracking FII& DII activity closely. FIIs turned sellers to the tune of Rs 4.5 bn while DIIs remained net buyers to the tune of Rs 1.3 bn.

HDIL, Vivimed Labs and Opto Circuits are eyed as these companies will announce their Q4 results later today.

Meanwhile, specialty chemical company Aether Industries made its debut at the bourses today. The company raised Rs 8.1 bn via its IPO.

The BSE Sensex is trading up by 580 points. Meanwhile, the NSE Nifty is trading higher by 144 points.

Infosys and Tech Mahindra are among the top gainers today. UltraTech Cement, on the other hand, is among the top losers today.

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

Sectoral indices are trading mixed with stocks in the IT sector, capital goods sector and energy sector witnessing most of the buying.

Power stocks, on the other hand, are trading in red.

Shares of Ratnamani Metals and Lemon Tree Hotels hit their 52-week highs today.

The rupee is trading at 77.50 against the US$.

Gold prices are trading at Rs 51,255 per 10 grams. Meanwhile, silver prices are trading up by 0.6% at Rs 62,682 per kg.

Crude oil prices are flat today, clinging to gains made in the previous session on doubts that producers belonging to OPEC+ can hike their crude output enough to make up for lost supply from Russia.

Speaking of stock markets, chartist Brijesh Bhatia talks about commodity supercycle and the commodity stocks to buy, in his latest video for Fast Profits Daily.

As per Brijesh, the charts indicate that the rally will continue, and commodity stocks will benefit.

Tune in to the below video to find out more:

In news from the specialty chemical space, Fine Organic Industries is among the top buzzing stocks today.

Shares of Fine Organic Industries continued their uptrend and gained 2% today. However, gains were quickly erased as the session progressed as investors booked profits.

In the past four trading sessions, the stock of the specialty chemicals company has soared over 35% after the company reported strong Q4 results.

The company's consolidated profit after tax (PAT) grew nearly four-fold to Rs 1.2 bn.

The company's revenue grew 91% year on year (YoY) to Rs 6.2 bn as against Rs 3.2 bn in the year-ago quarter.

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The company's board also recommended a final dividend of Rs 9 per equity share for the financial year ended 31 March 2022.

Fine Organic carries on business in India and abroad, as manufacturers, processors, suppliers, distributors, dealers, importers, exporters of wide range of oleochemical-based additives used in foods, plastics, cosmetics, coatings and other specialty application in various industries.

To know more about the company, check out Fine Organic's latest quarterly results.

Speaking of stock markets, with stocks rising across the board, you must be excited to see that volatility has eased and things are going back to normal. Several Indian stocks have delivered multibagger returns in a span of one month.

But remember that not all are worthy. Many could be trading in uncharted territory and may be overvalued.

If you're new and on the lookout for fundamentally strong stocks, check out the debt free stocks and the ones which pay high dividend.

Also, read about the multibagger penny stocks for 2025 to get started in the world of penny stock investing.

Moving on to news from the energy sector, 16 banks led by the State Bank of India (SBI) have sold more than Rs 80 bn of Suzlon Energy loans to the Rural Electrification Corp (REC) and the state-owned Indian Renewable Energy Development Agency (IREDA).

This move is done to clean up their books, that has been a drag for nearly a decade and a half.

The loan sale was concluded even as the wind energy company was in the midst of its second bank-led restructuring initiated in 2020.

The REC and IREDA-led refinance would extend the tenure of Suzlon's loans and would also bear a lower interest rate than what it was paying banks.

Suzlon Energy share price is trading down by 4%.

Note that in the past decade, lenders have restructured Suzlon's debt twice. Currently, the market regulator is conducting a long-drawn forensic audit while lenders have agreed to bail the company for the third time.

High debt stocks like Suzlon are always considered risky while debt free companies in India are considered safe because these companies are insulated against interest rate changes.

Suzlon is one such popular stock which has turned into penny stock and never recovered. Have a look at the chart below:

From having a marketcap of Rs 680.7 bn in January 2008, Suzlon's current marketcap stands at Rs 77.2 bn.

Moving on to news from the infra space, Indian Railway Finance Corporation (IRFC) wants to start lending to other infrastructure companies including roads and ports with linkages to railway stations.

The company's MD and chairman said that IRFC has to ensure that their basic strength as a nil non-performing asset (NPA) company is upheld.

At no point of time can we afford to compromise on the low cost and no-NPA features of IRFC.

Our objective clause in the Memorandum of Association clearly mentions that we can lend to any sector with backward and forward linkage with the railways. So, a port with a linkage to a railway head that directly feeds into the Indian Railways network can be given a loan by IRFC.

IRFC share price is currently trading up by 0.2%.

For more details about the company, check out IRFC company fact sheet and quarterly results.

And 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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