Asian share markets edged up today following US stocks as investors awaited inflation data for clues on the Federal Reserve's rate-hike campaign.

The Nikkei is up 1.1% while the Hang Seng is trading down by 1.4%. The Shanghai Composite is trading lower by 0.7%.

Wall Street indices ended a topsy-turvy Thursday in positive territory, with the S&P 500 snapping a four-session losing streak, as investors grappled with how interest rate policy might affect the US economy.

The Dow Jones Industrial Average ended 0.3% higher while the tech-heavy Nasdaq Composite edged up 0.7%.

Here's a table showing how US stocks performed on Thursday:

Data source: Equitymaster

Back home, Indian share markets are trading on a positive note taking cues from SGX Nifty.

At present, the BSE Sensex is trading higher by 202 points. Meanwhile, the NSE Nifty is trading up by 45 points.

Axis Bank and Maruti Suzuki are among the top gainers today.

M&M and Tata Steel are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading higher by 0.1%.

Sectoral indices are trading on a mixed note with stocks in the metal sector, utilities sector and power sector witnessing selling.

While stocks in the healthcare sector, consumer durables sector and realty sector witnessing buying.

Shares of Blue Star and Cyient hit their 52-week high today.

The rupee is trading at Rs 82.73 against the US dollar.

In the commodity markets, gold prices are trading up by Rs 143 at Rs 55,730 per 10 grams.

Meanwhile, silver prices are trading lower by 0.1% at Rs 64,290 per 1 kg.
 

The positive effect of the Adani Hindenburg saga

For truckers transporting cement from Adani's factories in a hilly north Indian state Hindenburg - a US short-sellers critical research report on the giant Adani group was a godsend they say helped them save their livelihoods.

For weeks, around 7,000 truck owners and drivers in India's Himachal Pradesh resorted to protest rallies against Adani's 15 December decision to shut two cement plants over a dispute on freight rates. Adani argued the plants were unviable at the trucking rates it wanted to slash by around half.

However earlier this week, the Adani group said it had amicably resolved the issue with a 10-12% reduction in rates. Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani.

The settlement comes four weeks after the whole Adani Hindenburg saga. The US-based short seller accused Adani of stock manipulation and improper use of tax havens, allegations the group called baseless.
 

Zee Entertainment Enterprises excluded from NSE F&O

The National Stock Exchange (NSE) on Thursday said it has removed Zee Entertainment Enterprises (ZEEL) from the futures and options (F&O) segment. This comes after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted ZEEL for insolvency proceedings.

ZEEL investors are on a selling spree after the bankruptcy court admitted the company under the insolvency resolution process and as a result, Zee Entertainment Enterprises' share price is falling.

Let's take a look at the company's technical charts to examine whether ZEE is headed for more pain or if it's the other way around.

Since its breakdown from 200WEMA (Weekly Exponential Moving Average), ZEE's share price has failed to sustain above the long-term average.

ZEE Technical Chart

(Click on image to enlarge)

With a stellar rally from Rs 165 to Rs 359 in Q42021, the short-term average of 50WEMA witnessed a positive slope but failed to cross above the long-term moving average of 200WEMA.

The weekly chart's death cross in May 2019 indicated a bearish trend.
 

Bharat Forge to house all its defence-related investment in one entity

Kalyani Group-backed forging company, Bharat Forge on Thursday received approval for housing all its defense-related investments under one entity. To do so, the company will transfer the stake in Aeron Systems (Aeron) to Kalyani Strategic Systems (KSSL). Both are wholly-owned subsidiaries of Bharat Forge.

Currently, Bharat Forge - one of the top Indian drone companies, holds 1,36,500 equity shares having a face value of Rs 10 each, aggregating to around 37.1% of the total paid-up capital in Aeron.

These equity shares will be transferred to KSSL.

Bharat Forge said, there is no benefit to the promoter/promoter group/group companies from the proposed internal restructuring. That is because, both KSSL and Aeron are wholly-owned subsidiaries and associates of the company respectively.

Subsequently, post the transfer of equity shares, Aeron will become an associate of the KSSL.

Did you know that Bharat Forge is one of the top 5 defense companies in India by growth?
 

Olectra Greentech's big news

Olectra Greentech in technical partnership with Reliance on Thursday unveiled a hydrogen bus, which is a carbon-free alternative to traditional public transportation.

Olectra Greentech, a subsidiary of Megha Engineering and Infrastructures, is set to offer the next-generation transport system to the Indian market.

The 12-meter low-floor bus can carry 32 to 49 passengers and one driver seat, depending on the configuration. The bus can drive up to 400 kilometers on a single hydrogen fill. It just takes roughly 15 minutes to cover this distance with hydrogen.

These buses only emit water via their tailpipes when it comes to emissions which is the primary selling point for gradually replacing outdated petrol and diesel systems with new environmentally friendly buses.

Olectra aims at commercially launching these buses within a year.

Olectra Greentech is a small-cap company with operations in the consumer discretionary industry. In India, it's a pioneer in the production of electric buses and insulators.

More By This Author: