Japanese stocks edged higher, along with tech stocks, as investors bought into the domestic market, which has lagged behind a global rally on concerns about the impact of rising costs on corporate earnings.
The Hang Seng is trading up 0.2%, while the Shanghai Composite is trading on a flat note. Nikkei is trading with a gain of 1.1%.
In US stock markets, Wall Street indices rebounded from two days of inflation-driven selloff on Thursday.
The Dow Jones Industrial Average slid 0.4%, while the Nasdaq Composite rose 0.5% and the S&P 500 rose 0.1%.
A record-breaking rally in Wall Street’s key indices ended earlier this week as recent inflation reports suggested the current spike in prices would take longer to cool off.
Back home, Indian stock markets opened on a positive note after the SGX Nifty trend.
Market participants are tracking the stocks of ONGC, Grasim Industries, Coal India and Hindalco Industries as these companies announce their September quarter results today.
Meanwhile, Fino Payments Bank today launched Dalal Street. It is listed at 6% discount on the issue price.
The bank’s IPO was open for subscription from October 29 to November 2 and received a good response.
BSE Sensex is trading up 320 points. Meanwhile, NSE Nifty is trading with a gain of 102 points.
Tech Mahindra and Asian Paints are on top today. On the other hand, Bajaj Auto is the biggest loser today.
BSE Mid Cap Index and BSE Small Cap Index both gained 0.3%.
Barring realty, all sectoral indices are trading in the green with IT sector and power sector buying the most.
Shares of Adani Transmission and Torrent Power hit a 52-week high today.
The rupee is trading at 74.39 against the US greenback.
Gold prices are trading lower by 0.2% 49,123 per 10 grams.
Meanwhile, silver prices are trading with a fall of 0.1%. 66,879 per kg.
Gold is flat today but is poised for its biggest weekly jump in six months, as higher US consumer prices fueled increased interest in the metal as a hedge against inflation.
yesterday gold price crossed 49,000 figure amid rising inflation. The gains came despite the dollar being close to its highest level in more than a year.
Gold is often seen as a hedge against rising price levels.
US consumer prices rose in October as Americans paid more for gasoline and food, leading to the biggest annual gain in 31 years, more signs that inflation could remain uncomfortably high in 2022 amid global supply chains Is.
Coming to the precious yellow metal, how attractive has gold been as a long-term investment in India?
The chart below shows the annualized returns on gold over the past 15 years.
see full image
As you can see, gold has given positive returns in 13 of the last 15 years, barring just two years – 2013 and 2015.
The recent price volatility in the bullion market has troubled many traders. Despite the recent volatility in prices, gold is one of the best performing commodities this year to tide over the fallout from the coronavirus pandemic.
In media sector news, Zee Entertainment Enterprises (ZEE) is one of the top trending stocks today.
Zee Entertainment on Thursday reported 187% year-on-year (YoY) growth in its consolidated net profit 2.7 billion This was less than the market estimate.
However, the company’s revenue remained largely in line with expectations. Broadcasting company registers 15% year-on-year growth in consolidated revenue from operations 19.8 billion for the reported quarter.
The company’s revenue from membership declined 1.5% year-on-year 7.9 billion while advertising sales increased 20.7% 10.9 billion
ZEE’s operating performance up 31.4% in the quarter 4.1 billion
The company said its market share increased from 17% in the previous quarter to 17.7% in the reported quarter. However, the market share was still below the 19% that the company saw in the year-ago quarter.
Sequentially, it added 13m monthly average users, totaling 93.2m.
Zee Entertainment Enterprises shares are currently trading with a decline of 0.6%.
Moving to news from the energy sector, Gautam Adani on Thursday said that his logistics-to-energy group will commit US$70 billion over the next decade to become the world’s largest renewable energy company and produce the cheapest hydrogen on earth. will invest.
Adani Green Energy 45 GW r . aiming forrenewable energy Will invest US$20 billion to develop solar manufacturing capacity by 2030 and 2 GW per year by 2022-23.
Meanwhile, India’s largest private sector power transmission and retail distribution company, Adani Transmission is looking to increase the share of renewable energy purchases from the current 3% to 30% by FY2023 and to 70% by FY2030.
Speaking at the Bloomberg India Economic Forum, Gautam Adani said,
By 2030, we expect to become the world’s largest renewable energy company without warning – and we have committed $70 billion over the next decade to do so.
There is no other company that has made such a big bet on the development of its sustainability infrastructure so far.
stating that green hydrogen A miracle fuel and a miraculous feedstock, Adani said India’s exponential growth in renewable energy, cheaply producing green hydrogen could turn the country into a net exporter of green energy.
Note that Prime Minister Narendra Modi had announced 2070 as India’s target year to reach net-zero carbon emissions.
India is also targeting several other climate goals for 2030: increasing the share of renewable energy in the country’s energy mix to 50%; Increasing the installed capacity of non-fossil energy from 450 to 500 GW; and reduce the carbon intensity of the economy by 45%.
Adani said that over the years, his group has focused on turning all businesses, be it power, ports and logistics, airports and transport, and data-centres green.
All the shares of Adani Group opened in green during the day. Adani Transmission is up 4% while Adani Total Gas is trading 3% higher.
(This article is syndicated from) Equitymaster.com,
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