Sensex Opens Marginally Higher; Bharti Airtel and Adani Ports Top Nifty Gainers

Wed, 7 Apr 09:30 am

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Asian stock markets are trading on a mixed note today after Wall Street pulled back from record highs reached in previous sessions, as market participants eye the upcoming earnings season and a series of US economic data.

The Nikkei is trading higher by 0.3% while the Hang Seng is trading down by 0.6%.

On Wall Street, the Dow Jones Industrial Average fell 0.3% to 33,430, while the Nasdaq Composite dropped 0.1%.

Back home, Indian share markets have opened marginally higher.

The BSE Sensex is trading up by 95 points. Meanwhile, the NSE Nifty is trading higher by 46 points.

Adani Ports and Bharti Airtel are among the top gainers today. Kotak Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.5%. The BSE Small Cap index is trading higher by 0.6%.

Sectoral indices are trading on a mixed note with stocks in the oil & gas sector and telecom sector witnessing buying interest.

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

Shares of HEG and Time Technoplast hit their 52-week highs today.

The rupee is trading at 73.54 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 45,800 per 10 grams.

Speaking of the current stock market scenario, after the recent volatility in the stock market, the fears of a correction have only grown and those who were bullish a few days ago are turning bearish.

But is this the right way to think about trading? How should you react to this?

India's # trader Vijay Bhambwani answers these questions in his latest video for Fast Profits Daily.

In the video, Vijay tell you about the two big reasons why the market fell this week and how you should react to such volatility.

Tune in to the below video to find out more:

Market participants will be tracking the Reserve Bank of India's (RBI) monetary policy outcome today.

RBI Governor Shaktikanta Das headed six-member monetary policy committee (MPC), as widely expected and as indicated by the central bank in its previous meets, is likely to maintain the status quo to keep the system adequately liquidated and help the economy sustain its growth trajectory as the second wave of coronavirus infections hits hard.

In February, the RBI said it expects the economy to expand 10.5% in the year that began April 1 after an estimated 7.7% contraction in the previous 12 months.

Currently, the policy repo rate or the short-term lending rate is at 4%, and the reverse repo rate 3.35%

Speaking of the ongoing volatility in Indian stock markets, have a look at the two charts below, in the order they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

As per Co-head of Research at Equitymaster, Tanushree Banerjee, 2021 could be one of the best years for individual investors.

In one of her videos, Tanushree discusses the best safe assets for 2021. You can watch the video here: Safest Assets in 2021 are Not What You Think...

Moving on to stock specific news...

Jindal Steel and Power is among the top buzzing stocks today.

Jindal Steel and Power (JSPL) share price witnessed buying yesterday after the steelmaker reported a 34.4% year-on-year (YoY) rise in its output for the January-March quarter.

Sales grew 37.4% YoY during the quarter ended March 31.

During the January-March period of 2020-21, the company produced 2.07 million tonne (MT) of steel, compared to 1.54 MT in the year-ago quarter, JSPL said in a statement.

Its sales during the quarter rose to 1.91 MT from 1.39 MT a year ago. For the entire FY21, the company's output stood at 7.51 MT, up 19.2% from 6.30 MT in the preceding fiscal.

In March alone, the company said its production rose to 7.30 lakh tonne (LT), registering a 21% YoY growth. The sales in March 2021 were 61% higher at 7.86 LT over the same month last year.

Note that the company is going to sell its entire stake in the power subsidiary, Jindal Power Ltd (JPL), in order to bring down its overall debt of Rs 280 billion and reduce carbon emissions within the group.

The company has received expressions of interest and a deal will be concluded by the end of this month, they said.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments form this space.

Adani Ports and Special Economic Zone (APSEZ) share price will also be in focus today after the company posted better business performance in the month of March 2021 and in Q4FY21.

The company's handled cargo volume in the month of March 21 stood at 26 MMT, a YoY growth of 41% and 23% on a month-on month-basis.

In Q4FY21, the company registering a YoY growth of 27% in the handled cargo volume at 73 MMT, while it registered a volume of 247 MMT in FY21 registering a growth of 11% on YoY basis.

In the container segment, the company handled 7.22 Mn TEU's in FY21, registering a growth of 16% on YoY basis.

In news from the IPO space...

Realty major Macrotech Developers Ltd, formerly known as Lodha Developers, is going to open its Rs 25 billion initial public offering (IPO) today.

The issue will close on April 9.

The price band is set at Rs 483-486 per share.

From IPO proceeds, the company mainly proposes to reduce debt by up to Rs 15 billion and acquire land or land developmental rights aggregating up to Rs 3.8 billion.

Note that this is the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges. In 2009 and 2018, the company had filed IPO documents and also got market regulator's approval but did not hit the capital market as market conditions were not conducive.

Macrotech Developers' revenue from operations stood at Rs 95.8 billion in the 2019-20 fiscal. In the first nine months of the last fiscal (9MFY21), revenue stood at Rs 29.2 billion.

The company posted a profit of Rs 12.1 billion in 2019-20 but has suffered a loss of Rs 2.6 billion in the April-December period of FY21 due to the pandemic.

Stay tuned to get all the updates on Macrotech Developers IPO.

Speaking of IPOs, note that Indian stock markets are going to witness as many as six major companies offering initial public offerings (IPOs) in April.

A similar trend was also seen in March with a total of nine companies being listed on the bourses. These included Laxmi Organic Industries, MTAR Technologies, Nazara Technologies, Easy Trip Planners, Heranba Industries, Craftsman Automation, Suryoday Small Finance Bank, Anupam Rasayan India and Kalyan Jewellers India.

IPOs like MTAR Technologies and Nazara Technologies listed with whopping premiums of 85% and 79%, respectively and the biggest issue in terms of size in the month of March was Kalyan Jewellers IPO, which raised Rs 11.8 billion from the primary market.

The IPO of Dodla Dairy will reportedly comprise a fresh issue of up to Rs 500 million by the company and an offer for sale (OFS) of up to 10.09 million equity shares by the promoters and an investor.

Seven Islands Shipping is aiming to raise Rs 6 billion through the IPO which will comprise a fundraise via fresh issue amounting to Rs 4 billion and an OFS aggregating up to Rs 2 billion.

Apart from these, through the Rs 73 billion IPO, Aadhar Housing Finance will issue fresh shares worth Rs 15 billion. The IPO is backed by private equity firm Blackstone which will sell existing shares worth Rs 25 billion in the IPO.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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