Indian share markets traded firm on Monday, with the Sensex up 501 points, and Nifty 148 points higher
Asian stock markets are trading mixed today as investors countdown to another US inflation reading that could well set the seal on an early rate hike from the Federal Reserve.
The Hang Seng is up 0.9%, while the Shanghai Composite is trading higher by 0.3%. The Nikkei is trading on a flat note.
In US stock markets, Wall Street indices wrapped up the first week of the new year with daily and weekly losses on Friday as investors worried about looming US interest-rate hikes and unfolding Omicron news.
The Nasdaq posted its biggest weekly percentage fall since February 2021 and led declines for the day in the major indexes. Stocks fell after the December US jobs report missed expectations but was still seen as strong enough to keep the Federal Reserve's tightening path in place.
The Dow Jones Industrial Average fell 0.1% while the S&P 500 lost 0.4%. The Nasdaq Composite plunged 145 points, or 1%.
Back home, Indian share markets opened on a positive note, following the trend on SGX Nifty. Benchmark indices extended gains, mirroring global trends and rallied up to 1% today.
Market participants will track shares of GNA Axles, 5Paisa Capital, and Excel Realty as these companies will announce their December quarter results today.
Other big companies such as TCS and HDFC Bank will also declare their earnings later this week while India's inflation numbers will also be in limelight.
The BSE Sensex is trading up by 501 points. Meanwhile, the NSE Nifty is trading higher by 148 points.
Maruti Suzuki and Hero MotoCorp are among the top gainers today. Wipro, on the other hand, is among the top losers today.
The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.6% and 0.9%, respectively.
Barring IT, all sectoral indices are trading in green with stocks in the automobile sector and realty sector witnessing most of the buying.
Shares of Kajaria Ceramics and KPIT Technologies hit their 52-week highs today.
The rupee is trading at 74.15 against the US$.
Gold prices are trading down by 0.2% at ?47,356 per 10 grams.
Meanwhile, silver prices are trading down by 0.3% at ?60,400 per kg.
Gold is flat today, hovering near a three-week low, as traders awaited December US inflation data.
Crude oil prices lost more ground as rapidly climbing cases of the Omicron Covid-19 variant hit economic activity, although losses were curbed by supply disruptions in Kazakhstan and Libya.
In news from the energy space, Adani Enterprises has formed a new wholly-owned subsidiary named Adani New Industries (ANIL) which will undertake green hydrogen projects, manufacturing of wind turbines and solar modules batteries among other components.
The move is aimed at producing cheapest hydrogen. It also comes in the light of billionaire Mukesh Ambani announcing his foray into the green energy business.
Adani had in November 2021 announced that his conglomerate will invest US$70 bn in the new energy segment during the next 10 years as it wants to become the world's largest renewable energy company and produce the cheapest hydrogen on earth.
ANIL will also manufacture solar modules, batteries, electrolyzers, associated upstream manufacturing as well as ancillary industries and undertake all such activities associated therewith in this regard.
Note that Adani group companies have already charted out ambitious plans. Adani Green Energy, which is the world's largest solar power developer, is targeting 45 gigawatts of renewable energy capacity by 2030 and will invest US$20 bn to develop a 2 GW per year solar manufacturing capacity by 2022-23.
Meanwhile, Adani Transmission, India's largest private sector power transmission and retail distribution company, is looking to increase the share of renewable power procurement from the current 3% to 30% by 2022-23 and to 70% by 2029-30.
Shares of Adani group companies are trading on a positive note today with Adani Total Gas leading gains.
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