Sensex Today Rallies 1,000 Points Tracking Strong Global Cues | IT Stocks Rally | Infosys, HCL Tech, TCS Among Top Gainers

Fri, 11 Nov 10:30 am

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Asian share markets spiked today, while the dollar nursed steep losses after a smaller-than-expected increase in US consumer prices fuelled hopes that the Federal Reserve could tone down its aggressive pace of interest rate hikes.

The Nikkei is up 2.8% while the Shanghai Composite is up 1.5%. The Hang Seng is the biggest gainer, up 5.5%

The S&P 500 and Nasdaq jumped on Thursday, racking up their biggest daily percentage gains in over two and a half year as a sign of slowing inflation in October sparked speculation the Federal Reserve might become less aggressive with interest rate hikes.

The Dow Jones rallied 3.7% while the tech heavy Nasdaq rallied 7.4%. It's rare for an index to rally 7%!

Check out the top IT stocks to track now as Nasdaq will have direct impact on Indian IT stocks.

Back home, Indian share markets are trading on a strong note, following the trend on SGX Nifty.

Benchmark indices extended gains today tracking firm global cues.

The BSE Sensex is trading up by 911 points. Meanwhile, the NSE Nifty is trading higher by 265 points.

Infosys and TCS are among the top gainers today. NTPC and M&M, on the other hand, are among the top losers today.

The BSE Mid Cap index is trading higher by 0.7% and the BSE Small Cap are trading higher by 0.5%.

All sectoral indices are trading on a positive note with stocks in the IT sector, realty sector and metal sector witnessing most of the buying.

Shares of Solar Industries and Adani Enterprises hit their 52-week highs today.

The rupee is trading at 80.81 against the US$.

Rupee has appreciated against the US dollar amid fall in crude oil prices, dollar weakness and sustained foreign fund inflows.

Gold prices are trading up by Rs 66 at Rs 52,175 per 10 grams. Meanwhile, silver prices are trading up by 0.3% at Rs 62,199 per kg.

Speaking of stock markets, metal stocks are looking good on the charts but which one should you buy?

The Indian stock market is close to its all-time high. Stocks from many sectors are trending bullish. Metal stocks are among them.

Chartist Brijesh Bhatia answers which stocks to track in the below video.

Brijesh also shared an update on the Nifty index on his telegram channel.

According to him, the gap-up today suggests breakout from the range of 18,000-18,350 can be on cards.

The bulls have managed to sustain above the first hurdle of 18,100 but resisting to cross 18,350, the second hurdle.

The move above 18,350 may accelerate the bullish momentum.

As it's Friday, the continuation of bullish momentum may take the index towards an all-time high of 18,600.

If you're interested in being part of Brijesh's charting journey as he shares how to create wealth from the profitable trade setups, join his telegram channel - Fast Profits Daily.

Bloodbath for Jubilant FoodWorks share price

The master franchise of Dominos India is owned by listed Indian company Jubilant FoodWorks.

Jubilant FoodWorks is part of the Jubilant Bhartia Group and is one of the India's largest QSR companies.

The stock is a market darling. The company ticks all the boxes right from business model to branding.

For the famous brands and grade-one quality food, foodies love Jubilant FoodWorks. However, as of late, investors won't be satisfied even if the company continues to deliver hot pizzas because the company's share price has seen a sharp decline.

In the year gone by, Jubilant FoodWorks share price is down by 27%.

To know more, read our article on why Jubilant share price is falling.

Discover: How to Grow Your Wealth in a Stress-Free Way

Adani Green posted its quarterly results

On Thursday, India's top renewable energy stock Adani Green Energy posted a 49% rise in its consolidated net profit at Rs 1.5 bn in September quarter of current financial year compared to a year ago, mainly due to higher revenues.

The consolidated net profit of the company was Rs 1 bn in the quarter ended on 30 September 2021.

Total income of the company rose to Rs 16.7 bn in the reporting quarter from Rs 14.1 bn in the same period a year ago.

The solar capacity utilisation factor (CUF) and sale of energy has improved with integration of high-quality SB Energy portfolio having a CUF of 26.3% in the first half of the current financial year.

The reduction in overall wind portfolio CUF and sale of energy is primarily due to one-off disruption in transmission line (force majeure) for 150 MW plant in Gujarat. The impact of this event in Q2 of the current financial year is expected to be 0.4 % of the expected annual generation of the overall operational capacity.

Excluding the aforesaid 150 MW plant, the wind portfolio CUF stands at a strong 41.0 % in the first half of the current financial year.

The newly commissioned solar-wind hybrid plants of 990 MW deploy bifacial PV modules and horizontal single-axis tracking (HSAT) technology to capture maximum energy from the sun as well as technologically advanced Wind Turbine Generators leading to a high hybrid CUF.

The newly commissioned plants are managed by Adani Group's intelligent 'Energy Network Operation Center' (ENOC) platform, which has proven technological capability and has aided AGEL in achieving superior operational performance for its entire renewable portfolio across diverse locations in India

Adani Green is one of the fastest growing stocks of 2022 having delivered multibagger returns in quick time.

Bata India quarterly results

Leading shoemaker Bata India on Thursday reported a 47.4% rise in consolidated net profit at Rs 548.2 m in the second quarter ended September 2022, helped by increased footfalls at stores.

The company had posted a net profit of Rs 371.8 m in the July-September quarter a year ago.

Its revenue from operations during the quarter under review was at Rs 8,297.5 m, up over 35.1% from Rs 6,141.2 m of the corresponding quarter of the previous financial year.

Bata India's total expenses in the September quarter were at Rs 7,659.6 m, up 33.7%.

In the September quarter, Bata's distribution channel continued to scale up to over 1,100 towns.

Its digital business also achieved its highest revenue of Rs 950 m during the quarter contributing 11% of total sales.

Bata India MD and CEO Gunjan Shah said the festivity around the corner and positive customer sentiments reflected in increased footfalls.

To know more, check out Bata India's financial factsheet.

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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