Asian share markets climbed today following gains on Wall Street amid strength in technology stocks and bets for less-aggressive rate hikes from the Federal Reserve.

The Nikkei is trading up by 1.7% while the Hang Seng is trading higher by 1.8%. The Shanghai Composite is up 0.8%.

Wall Street indices closed sharply higher on Monday, fuelled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.

The Dow Jones ended higher by 0.8% while the tech-heavy Nasdaq Composite ended higher by 2%

Here's a table showing the performance of US stocks yesterday:

Source: Equitymaster

Back home, Indian share markets are trading on a positive note, following the trend on SGX Nifty and tracking firm global cues.

Benchmark indices opened on a strong note today. The Sensex crossed the 61,000 mark. However, as the session progressed some of the gains were erased.

At present, the BSE Sensex is trading higher by 127 points. Meanwhile, the NSE Nifty is trading higher by 26 points.

Power Grid, M&M, and Tata Motors are among the top gainers today.

UltraTech Cement, NTPC, and Asian Paints are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading lower by 0.2% and the BSE Small Cap index is trading flat%.

Sectoral indices are trading on a mixed note. Stocks in the metal sector, energy sector, and telecom sector witness selling.

Meanwhile stocks in the IT sector and auto sector witness buying.

Among the best IT stocks, HCL Technologies, and Infosys are up around 0.8%.

Shares of IIFL Wealth Management and PTC India hit their 52-week high today.

The rupee is trading at Rs 81.66 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 235 at Rs 57,035 per 10 grams.

Meanwhile, silver prices are trading lower by 0.5% at Rs 68,290 per 1 kg.

Speaking of stock markets, we believe that the next 10 years belong to the defense sector.

And within that, hypersonic missiles are a big opportunity. As per our research, this could be one of the fastest-growing sectors of the stock market by 2030... and possibly even beyond.

If you're an investor, then you simply cannot ignore this sector today. Otherwise, you could be leaving a lot of money on the table.
 

Poonawalla Fincorp Q3 results

In news from the NBFC sector, Poonawalla Fincorp on Monday announced its Q3 results.

The company's net profit climbed to its highest-ever of Rs 1,500 million (m) in the quarter under review.

At Rs 1,500 m, the net profit of Poonawalla Fincorp jumped 88% as compared to the year-ago period, when it stood at Rs 802.2 m. Sequentially, this quarter's profit is 15% higher.

The company's return on assets (RoA) also surged to the highest ever, at 4.5%, in Q3. This marked a surge of 158 basis points year-on-year and 46 basis points as compared to the last quarter.

The company has consistently grown its asset under management (AUM) YoY for the quarters of June and September 2022 at 22% each. For December 2022, the growth has improved to 28% YoY.

Hence, the company has grown much when compared to one of its biggest competitors Bajaj Finance.

In fact, not only Poonawalla Fincorp, even Cholamandalam Investment & Finance, Mahindra & Mahindra Finance, have seen better AUM growth compared to Bajaj Finance.

This is the first time that the company finds itself in such a precarious position ever since it began its accession to the top over 15 years ago. This is one of the many reasons why Bajaj Finance's share price is falling in 2023.

Dilip Buildcon declared as the lowest bidder

Dilip Buildcon announced on 23 January that its joint venture (JV) company with Skyway Infraprojects has been declared the lowest bidder for a Rs 19.5 bn project in Madhya Pradesh.

As per the filing, the project involves engineering, procurement, construction, testing commissioning, trial run, and operation and maintenance of various components of Rewa Bansagar MVS district Rewa in a single package on a turnkey job basis.

Dilip Buildcon is a full-service infrastructure company with construction capabilities in roads & bridges, mining, water sanitation, sewage and dams with a presence in over 19 states.
 

Gati growing at a fast speed

AllCargo Logistics-owned Gati has launched state-of-the-art and tech-enabled surface transshipment centers (STCs) in Nagpur, Maharashtra, and Guwahati, Assam.

The launch is in line with Gati's plan to set up 12 modern, automated, and environmentally friendly STCs.

The company has plans to launch more STCs in Mumbai, Bengaluru, and Hyderabad, as it aims to strengthen its supply chain and warehousing competencies and networks.
 

Welspun Corp bags a new contract

Welspun Corp's associate has signed contracts for the supply of steel pipes for water transmission with a total value of Rs 12,370 m.

The pipes have to be supplied within 12 months and the financial impact of this will be starting in Quarter 1 of the next financial year.

The company also sign off a contract with Petrojet with a total value of around Rs 4,261 m inclusive value added tax. The financial impact of this will be in the first and the second quarter of the financial year 2023-24.

EPIC is Saudi Arabia's leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Its fully integrated manufacturing facilities, track record of effective execution, and technological know-how enable it to remain well-placed to secure further projects both in the water and oil and gas sector.

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