Asian share markets rose today as traders tracked a rally on Wall Street fuelled by falling crude oil prices and better-than-expected US economic data.
The Nikkei rose by 0.6%, while the Hang Seng was up by 2.1%. The Shanghai Composite is trading higher by 0.5%.
US stocks jumped to a sharply higher close and Treasury yields touched two-week highs on Wednesday as robust economic data, upbeat corporate guidance and easing geopolitical concerns boosted investor risk appetite.
The Dow Jones rose by 1.3% while the tech heavy Nasdaq jumped 2.6%
Back home, Indian share markets are trading on a positive note.
Benchmark indices opened in green today following the trend on SGX Nifty. And as the session progressed, gains were extended.
Infosys and Wipro are among the top gainers today.
NTPC and SBI are among the top losers today.
Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.6% while the BSE Small Cap index is trading higher by 1.1%.
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Sectoral indices are trading on a positive note, with the exception of telecom and realty sector.
Meanwhile, stocks in the metal sector and IT sector witness most of the buying.
Ahead of its MPC meeting, the Reserve Bank of India (RBI) can take some solace from the softening food commodity prices.
A Reuters report said that local wheat prices jumped to a record Rs 23,547 per tonne on Wednesday last week. That is a 12% rise from the recent lows that followed the government’s surprise ban on exports on 14 May.
Wheat and rice stocks in India are gaining traction lately due to this reason.
MRF and Blue Dart Express hit their 52-week highs today.
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Also check out our editorial on the 10 fundamentally strong small cap stocks.
These three companies are declaring bonus shares and stock split this month.
In the commodity markets, gold prices remain fall. Today, gold prices fell by Rs 144. Currently, gold prices are trading at Rs 51,550 per 10 grams.
Note that gold prices have fallen and have taken quite a knock in recent weeks.
Meanwhile, silver prices are trading higher at Rs 57,779 per kg. Silver price too have fallen a lot in recent days.
The rupee is trading at 79.4 against the US dollar.
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In news from the power sector, Adani Power posted its Q1 results yesterday.
On 3 August, Adani Power reported a 16-fold YoY increase in consolidated profit at Rs 47.8 bn for the June quarter, backed by a healthy top line, other income, and operating performance. The growth on sequential basis was 2.9%.
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The profit in the year-ago quarter was Rs 2,782.2 m and at Rs 46.5 bn in Q4 of financial year 2022.
Consolidated revenue from operations for the Q1 of financial year 2023 grew by 109% YoY to Rs 137.2 bn and sequentially 29.5%.
The revenue for the June quarter included recognition of prior period revenue from operations of Rs 25.6 bn, and prior period other income of Rs 16.5 bn, primarily on account of various regulatory orders.
The corresponding amounts of prior period revenue recognition for Q1 financial year 2021-22 were Rs 1250 m and Rs 5320 m, respectively.
On the operating front, the company registered a 247% year-on-year growth in EBITDA at Rs 57.20 bn and sequential growth of 9.3%.
Adani Power has been in focus ever since there has been an increasing demand of renewable energy stocks. Adani power is one of the top renewal energy stocks in India.
All Adani group stocks have hit the stocks markets like a growth storm. The group has performed tremendously well on the bourses in the past one year.
For instance, take a look at the chart below:
If you would have invested Rs 100 in Adani Enterprises at the start of 2021, you would be sitting on multibagger gains towards the end of 2021.
In news from the telecom sector, Airtel makes a move to get on top of the 5G race.
Airtel has finally announced that it would start deploying a 5G network in India by the end of August. The telecom giant announced that it has signed 5G network agreements with Ericsson, Nokia and Samsung to commence 5G deployment in August 2022.
Airtel will be the first telecom giant to rollout 5G services in India. The company had a long-standing relationship with Ericsson and Nokia. but Samsung has been added to the list pretty recently.
Airtel was a part of the spectrum auctions conducted by the Department of Telecom, in which the telecom giant bid for and acquired 19867.8 MHZ spectrum in 900 MHz, 1800 MHz, 2100 MHz, 3300 MHz, and 26 GHz frequency.
You know about all about the 5G spectrum auctions in our editorial: 10 things to know about the 5G spectrum auctions.
Airtel was the first amongst the three telecom companies in India to test 5G network. The telecom company tested several use cases with multiple partners at many locations.
It also demonstrated India’s first 5G experience over a live 4G network in Hyderabad. Post which, Airtel also conducted India’s first rural 5G trial and also tested first cloud gaming experience on 5G to the successful deployment of India’s first captive private network on the trial spectrum.
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,
Indian Share Market Update: Top Gainers and Losers
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( With inputs from equitymaster)