Sensex, Nifty Open Higher; TCS & Tata Steel Top Gainers

Thu, 24 Jun 09:30 am

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Asian share markets are mixed today as investors reassessed US Federal Reserve statements on inflation and focused on upcoming data for direction.

The Hang Seng and the Nikkei are up 0.2% and 0.1%, respectively. The Shanghai Composite is trading down by 0.2%.

In US stock markets, Wall Street indices ended mixed as the market's comeback rally took a breather.

The Dow Jones Industrial Average fell 71 points or 0.2%. Meanwhile, the Nasdaq Composite ended up by 0.1% or 18 points.

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

Market participants will track shares of ONGC, Ashok Leyland and Mishra Dhatu Nigam as these companies are scheduled to be released on Thursday.

The BSE Sensex is trading up by 226 points. Meanwhile, the NSE Nifty is trading higher by 64 points.

TCS is among the top gainers today. Titan, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.1%. The BSE Small Cap index is trading higher by 0.4%.

Sectoral indices are trading mixed with stocks in the IT sector and banking sector witnessing buying interest.

Oil & gas stocks and power stocks, on the other hand, are trading in red.

Shares of IRB Infra and Jagran Prakashan hit their 52-week highs today.

The rupee is trading at 74.25 against the US$.

Gold prices are trading down by 0.4% at Rs 46,900 per 10 grams.

Meanwhile, silver prices are trading down by 0.6% at Rs 67,557 per kg.

Crude oil prices climbed today after a sharp drawdown in US crude and gasoline stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end US sanctions on Iranian crude exports.

In news from the IT sector, Infosys is among the top buzzing stocks today.

IT major Infosys' share buyback programme worth Rs 92 bn will commence tomorrow, 25 June 2021.

The company has proposed to buy back shares at a maximum price of Rs 1,750 per share.

Infosys had announced its intention of a share buyback while announcing its March quarter results.

The board approval for the buyback was issued on 14 April, and shareholder approval was received on 19 April, at the company's 40th Annual General Meeting (AGM).

The company also said that the buyback will be done from its free reserve in accordance with regulation.

The share buyback is in accordance with the company board's decision to return 85% of the free cash reserves over a period of five-years through a combination of dividends and share buyback to shareholders.

Also, Infosys will utilise at least 50% of the amount earmarked as the maximum buyback size for the buyback i.e. Rs 46 bn.

Based on the minimum buyback size and the maximum buyback price, the company will purchase an indicative minimum of 2,62,85,714 equity shares.

Infosys share price has opened the day up by 1.1%.

Speaking of the IT sector, Brijesh Bhatia, Research Analyst at Fast Profits Report talks about why he is bullish on IT stocks and why they will lead the next leg of the rally.

Tune in to the video below to find out more:

Moving on to news from the FMCG sector, FMCG companies are witnessing an increase in sales after Unlock 2.0.

This is due to easing of curbs on trading and movement by state governments and local authorities due to falling number of Covid cases.

Several states began lifting restriction in the first week of June.

Companies are witnessing a tailwind in sales, particularly in their health & hygiene portfolio - both in urban and rural markets.

FMCG companies are also expecting the current quarter to be a better one, helped by an increase in sales and convenience of business.

Dabur India CEO Mohit Malhotra said as several states are unlocking and local markets are opening up, consumer demand is showing an uptick.

Meanwhile, Jyothy Labs Joint Managing Director Ullas Kamath said from the FMCG perspective, most of the goods were in the essential category and their business was normal.

Products from health & hygiene such as personal care products, body wash, soap and dish wash are doing well.

Yesterday, HUL Chairman Sanjiv Mehta said that the demand in the rural sector will be crucial to assess this year after the second wave of the Covid.

• On a per capita basis, the rural sales of FMCG are one-third to that of the urban which is a low base, but two-thirds of the people in the country stay in rural areas, so it is important that the demand in the sector stays resilient.

The comments from the industry leader come at a time when the country is emerging from the second wave and as states began to reopen.

How FMCG companies perform in the coming quarter remains to be seen.

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.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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