Sensex Today Trades Flat; Bikaji Foods Lists At 7% Premium; Maruti, TCS Among Top Gainers

Asian share markets fell today and the dollar gained following blasts in Poland that Ukraine and Polish authorities said were caused by Russian-made missiles.

The Nikkei is up 0.2% while the Shanghai Composite is down 0.2%. The Hang Seng is the biggest loser, down 1.1%

Wall Street indices gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the US Federal Reserve.

The Dow Jones rose 0.2% while the tech-heavy Nasdaq gained 1.5%.

Here's a table showing how the top US tech stocks ended on Friday.

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 98.7 2.7 2.80% 100.4 97.0 152.1 83.5
Apple 150 1.8 1.19% 153.6 148.6 182.9 129.0
Meta 117.1 2.9 2.50% 118.7 114.4 353.8 88.1
Tesla 194.4 3.5 1.82% 200.8 192.1 402.7 177.1
Netflix 310.2 10.9 3.65% 312.7 302.6 701.0 162.7
Amazon 98.9 0.5 0.46% 103.8 97.3 188.1 85.9
Microsoft 242 0.4 0.17% 247.0 240.0 349.7 213.4
Dow Jones 33,592.9 56.2 0.17% 33,987.1 33,320.2 36,952.7 28,660.9
Nasdaq 11,358.4 162.2 1.45% 11,492.6 11,241.2 16,212.2 10,088.8

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

Benchmark indices are trading on a lackluster note today tracking muted global cues.

Packaging food company Bikaji Foods made a decent debut today, listing at a 7% premium to issue price. The listing was in line with GMP expectations.

The BSE Sensex is trading down by 21 points. Meanwhile, the NSE Nifty is trading lower by 14 points.

TCS and Dr. Reddy's Labs are among the top gainers today. Tata Steel and Baja twins, on the other hand, are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is down 0.1% and the BSE Small Cap is trading higher by 0.2%.

Sectoral indices are trading on a negative note with the exception of the IT sector and the bank sector. Stocks in the realty sector, metal sector, and telecom sector witnessed most of the selling.

Shares of Cummins India and Adani Enterprises hit their 52-week highs today.

The rupee is trading at 81.5 against the US$.

The rupee has sharply appreciated against the US dollar in recent sessions amid a fall in crude oil prices, dollar weakness, and sustained foreign fund inflows.

Gold prices are trading up by Rs 245 at Rs 52,990 per 10 grams. Meanwhile, silver prices are trading up by 0.3% at Rs 61,744 per kg.

Speaking of stock markets, earlier this week, Nifty hit a new 52-week high but the gap-up opening and the lackluster momentum is the saga for the past few sessions on Nifty.

Chemcon Specialty Chemicals Share Price Under Pressure

The Indian chemical sector has been through a lot of ups and downs recently.

In 2021, the chemical sector was rallying like there was no tomorrow. Lockdowns in China along with high logistic costs helped the Indian chemical sector flourish.

However, the growth was spoiled in early 2022 because of the Russia-Ukraine war. Globally, chemical companies came under pressure because of shrinking margins. Even the best chemical stocks saw a sharp fall.

Cut to mid-2022, and the sector was back on the rise. The focus on China plus one megatrend and increasing demand helped the chemical sector grow.

However, not all companies are following the trend.

For instance, the share price of Chemcon Speciality Chemicals witnessed a sharp fall earlier this week after it declared results. This sent its stock price somewhat close to its 52-week low levels.

Chemcon Specialty Chemicals has now fallen 17% on a YTD basis with most of the losses coming in recent sessions.


Good News for TCS

Tata Consultancy Services has been selected as a strategic partner by TAP Air Portugal, the flag carrier airline of Portugal and a member of Star Alliance, to accelerate its digital transformation and drive innovation.

TAP has embarked on a new business strategy focused on becoming a sustainable airline and strengthening its leadership position in the industry.

The company selected TCS as its partner for its proven experience in delivering successful digital transformation programs in the airline industry and its extensive portfolio of intellectual property.

TCS will establish an Airline Digital Centre (ADC) in Portugal, staffed with consultants with deep domain knowledge of the airline industry, solution architects, and technology experts.

The center will leverage the local talent pool as well as TCS' global teams to build new systems that innovatively use digital technologies to reimagine customer experience and help TAP establish competitive differentiation.

In the future, this ADC will be used as a nearshore center to service other global airline customers of TCS, creating more technology jobs in Portugal.

TCS will also help TAP adopt a new operating model to manage its application estate to drive greater agility and enhance operational resilience. It will also assist in rationalizing and modernizing the estate using cloud native technologies to improve time to market.

Further, TCS will maintain TAP's data estate and help build new analytics to enable superior decision-making, enrich customer experience, and improve operational performance.

Speaking of TCS, the Tata group company is one of the 5 Indian companies with insane cash reserves.

Bumper Sales for Godrej Properties

On Monday Godrej Properties announced that it has achieved sales of Rs 5 bn (about Rs 500 crore) in a Pune, Hinjewadi, project launch in just two months.

Its Godrej Woodsville project in Hinjewadi, Pune, recorded sales of over 675 homes with an area of over 6.9 lakh square feet for the project launched in September 2022.

Godrej Woodsville is a residential project, located at Hinjewadi and is in close proximity to the Mula Mutha River. The project offers a range of luxurious 2 and 3-BHK apartments.

Godrej Properties says the project is located to provide easy connectivity to the IT and lifestyle hubs in Hinjewadi along with access to schools, hospitals, malls, restaurants, and premium hotels.

The realty firm had reported a 54% jump in its consolidated net profit to Rs 549.6 m for the quarter that ended September on higher income. Its net profit stood at Rs 357.3 m in the year-ago period. The total income also rose to Rs 3,692 m in the second quarter of this financial year from Rs 3,342.2 crore a year ago.

Last week, Godrej Properties informed stock exchanges that it has been declared the highest bidder for land parcels in Sector 146, Noida for a total bid value of Rs 3,770 m.

The 12.4-acre land, comprised of two adjacent land parcels, will have an estimated developable potential of approximately 3.2 m square feet, the company said.

Godrej Properties - one of the top 4 real estate stocks will develop residential group housing on the land parcels located in Sector 146, Noida.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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