Asian share markets slipped in early trade today and US stock futures edged higher as traders awaited a Federal Reserve meeting that is expected to leave policy exceptionally loose despite robust growth.

The Nikkei is trading lower by 0.2% while the Hang Seng is trading down by 0.3%. The Shanghai Composite is down 0.5%.

In US stock markets, fueled by a rally in Tesla Inc and other heavyweight growth stocks ahead of a deluge of earnings reports this week, the Nasdaq clinched record closing highs in the overnight session, gaining 0.9%. The Dow Jones Industrial Average, however, slipped 0.2%.

Back home, Indian share markets have opened on a positive note.

A total of 28 companies are set to report their March quarter results today including large cap names such as Axis Bank, Maruti Suzuki, Bajaj Finance, Britannia, and HDFC AMC.

The BSE Sensex is trading up by 141 points. Meanwhile, the NSE Nifty is trading higher by 35 points.

Reliance Industries is among the top gainers today. Axis Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened up by 0.3% and 0.6%, respectively.

Sectoral indices are trading on a mixed note with stocks in the metal sector and energy sector witnessing buying interest.

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

Shares of Rain Industries and JSW Steel hit their 52-week highs today.

The rupee is trading at 74.70 against the US$.

Gold prices are trading down by 0.1% at Rs 47,468 per 10 grams. Meanwhile, silver prices are trading up by 0.1% at Rs 68,695 per kg.

In news from the cement sector, Shree Cement, one of India's top cement manufacturers, is running its oxygen plants at 100% capacity to cater to the shortage of oxygen in the country.

The company has already supplied over 12,500 oxygen cylinders and is continuing to supply to the hospitals across India from its production units in Rajasthan, Karnataka, Bihar, Odisha, and Chhattisgarh. The plants are also providing free oxygen refills at all its units.

While India's massive vaccination program against Covid-19 to restore normalcy is currently on, the country has been hit by a second wave of more transmissible mutant variants causing a sudden spike in the numbers of those affected. This has led to a shortage of oxygen in the hospitals.

The Shree Cement Management team has pledged to maintain a steady supply of oxygen from all its units. Last year, the company constructed a dedicated ward for Covid patients in the Government Hospital of Pali district in Rajasthan. This center is now operating as a critical care unit.

Shree Cement's share price has opened the day down by 0.1%.

Moving on to news from the capital goods sector, Schaeffler India is among the top buzzing stocks today.

Schaeffler India has reported a 41.8% year-on-year (YoY) growth in its consolidated revenues for the March 21 quarter at Rs 13.2 billion.

There was a sharp growth in domestic sales and in export sales, although exports only constitute around 10% of total revenues.

On the domestic front, the company witnessed 55% growth in its largest business segment of automotive technologies.

The company also witnessed strong growth in its other two verticals of automotive aftermarket products as well as of industrial bearing products.

Consolidated profit after tax (PAT) for the quarter under review was up by 78.1% at Rs 1.4 billion. This was essentially on account of a sharp spike in the top-line on the strength of a sharp revival in automobiles demand kindling a derivative demand for auto components.

This resulted in much better absorption of fixed costs leading to better profit performance in the March quarter.

However, net profits and net profit margins were marginally lower on a sequential basis. On a YoY basis, the net margins for the quarter expanded to 10.6% compared to 8.44% in the March 2020 quarter.

Schaeffler India's share price has opened the day up by 4.1%.

Speaking of the capital goods sector, here's an interesting data:

Had you instead invested in the BSE Capital Goods index in 2002, you would have made a return of over 3,000% - a whopping 83% CAGR (compound annual growth rate) - over the next six years.

A Cycle of Great Returns