Sensex Opens in Green; Tata Motors & Coal India Top Gainers

Mon, 7 Jun 09:30 am

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Asian stock markets are trading on a mixed note today after the much-awaited May US payrolls report showed the recovery on track.

The Hang Seng is down 0.7% while the Nikkei is trading up by 0.3%. The Shanghai Composite is trading down by 0.2%.

In US stock markets, Wall Street indices rose on Friday, with technology shares leading the way as weaker-than-expected jobs growth eased concerns about the economy running too hot and causing an early tightening of monetary policy.

The Labor Department's report showed nonfarm payrolls increased by 559,000 jobs last month, helped by vaccinations and a reopening economy, following an unexpected slowdown in the labor market in April.

The Dow Jones Industrial Average gained 179 points or 0.5% while the Nasdaq Composite rose 200 points or 1.5%.

The Dow advanced about 0.7% for the week. While the Nasdaq gained just shy of 0.5% this week for its third winning week in a row.

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

Union Bank of India, Central Bank of India, Mrs Bectors Food, Jubilant Ingrevia and MRF are among the 31 companies slated to post their quarterly numbers today.

The BSE Sensex is trading up by 25 points. Meanwhile, the NSE Nifty is trading higher by 17 points.

Power Grid is among the top gainers today. Bajaj Finance, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.5% and 0.7%, respectively.

Barring finance stocks, all sectoral indices are trading in green with stocks in the metal sector and power sector witnessing most of the buying interest.

Shares of Bharat Forge and PNB Housing Finance hit their 52-week highs today.

The rupee is trading at 72.90 against the US$.

Gold prices are trading down by 0.1% at Rs 48,973 per 10 grams.

Meanwhile, silver prices are trading down by 0.3% at Rs 71,312 per kg.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about why the Nifty can go higher.

In the video, Vijay explains why he believes strongly in trading indices over stocks.

Tune in to the video below to find out more:

In news from the FMCG sector, Emami is among the top buzzing stocks today.

FMCG major Emami has raised product prices on an average by 4% in the current fiscal to offset the present input cost pressure that will help the company to retain a gross margin of 66-67%.

The company's director Mohen Goenka told they have a price hike of 4% and this will take care of its existing cost pressure as of now.

He said that with the price rise, Emami does not foresee any pressure on gross and EBITA margins as of now.

Pain and summer brands portfolios were among categories where price rise was witnessed.

The company's long awaited project Khoj that aims deeper rural reach to retain profitability momentum, has been launched in Uttar Pradesh with the relaxation of lockdown.

Project Khoj is a rural project where the company has identified 13 states where it would go very deep into 3,000 population villages.

The states in the first leg of the projects are Uttar Pradesh in the north, Bihar in the east, Maharashtra in the west and Andhra Pradesh in the South.

Emami share price has opened the day up by 1%.

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009:

While the Sensex has offered 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.

Richa Agarwal, Senior Research Analyst at Equitymaster, and Editor of the smallcap service, Hidden Treasure, believes this outperformance could continue for many years.

She said that with a rising population and standards of living, Indian's consumption demand for FMCG products will skyrocket over the coming years.

Moving on, in latest developments from the IPO space, Delhivery, a new-age logistics and supply-chain startup plans to list in India anytime between December 2021 and March 2022, its co-founder and chief executive Sahil Barua has said.

The company joins a group of technology firms that are on course to tap the primary markets.

Unless there is a severe third wave of Covid-19 affecting market sentiment, Delhivery is unlikely to postpone its initial public offering (IPO) timeline, Barua said in an exclusive interview.

The company is still working out details of the issue, including its size.

Given that the company already has substantial cash on balance sheet, it is expecting to be a primary issue in the US$400-500 m range.

Delhivery is the third venture from SoftBank Group Corp's India portfolio after PolicyBazaar and Paytm.

Last week in an interview, Rajeev Misra, chief executive of SoftBank Vision Fund, said the investment firm expects local companies to list here, keeping in mind the resilience in the Indian stock markets.

Delhivery had clocked revenues of more than Rs 37 bn in 2020-21.

Its rival Blue Dart Express registered revenues of around Rs 32.8 bn in the same period.

How Delhivery's IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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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