Traders, however, remained on edge on the prospect of the end of huge monetary support from central banks.
The Nikkei rose 0.5% and the Shanghai Composite 0.9%. On the other hand, the Hang Seng fell 0.2%.
US stock markets remained closed on Monday as the nation celebrated Martin Luther King Day, a federal holiday.
Back home, Indian stock markets opened on a flat note following the trend on SGX Nifty. Benchmark indices opened on a positive note after being range-bound in the last two sessions.
However, as the session progressed, the markets erased the gains and are currently trading with a slight downside.
The RBI on Monday said the Omicron-led third wave of COVID-19 could be “a flash flood compared to a wave”, and the Indian economy could rebound to pre-pandemic levels.
Market participants are tracking the stocks of Bajaj Finance, ICICI Prudential Life Insurance, L&T Technology, Tata Alexi and Trident as these companies announce their December quarter results today.
BSE Sensex is trading with a fall of 230 points. Meanwhile, NSE Nifty is trading with a decline of 65 points.
Axis Bank and HDFC Bank are among the top gainers today. On the other hand, Maruti Suzuki is the biggest loser today.
The BSE Mid Cap Index is down 0.4%. BSE Small Cap Index is trading 0.3% lower.
Sectoral indices are trading mixed with realty sector stocks and banking sector is witnessing buying interest.
On the other hand, automobile stocks and telecom stocks are trading in the red.
Shares of Lakshmi Machine and Adani Green Energy hit a 52-week high today.
Rupee is trading at 74.37 against US Dollar.
Gold prices are trading with a fall of 0.1% 47,893 per 10 grams.
Meanwhile, silver prices are trading lower by 0.3%. 61,716 per kg.
Brent crude prices rose to their highest level in more than seven years on rising demand optimism, easing concerns about the Omicron Covid variant and geopolitical tensions. The contract reached USD 86.84, a level not seen since October 2014.
In IT sector news, HCL Technologies is one of the top buzzing stocks today.
IT major HCL Technologies is revamping its internal technology interface to better measure employee sentiment and provide an advanced tool for onboarding or training. rising accident rate,
India’s third largest IT firm by revenue is using technologies such as gamification as well as AI/ML tools to track and address work-related dissatisfaction levels. It is also set to enhance the overall employee experience with respect to training and onboarding.
The new interface will be implemented by consulting firm EY. Last year, the company spent US$20 million on employee welfare services such as vaccinations and hospital tie-ups.
HCL Technologies’ attrition rate reached 20% in the October-December 2021 quarter, up from 15.7% in the previous three-month period, owing to the huge demand for technical resources.
The “Hire to Retire” platform aims to improve the entire employee lifecycle from recruitment, onboarding and training to retirement.
In order to prevent further layoffs, HCL is also planning to double the recruitment of freshers for the next financial year. It will hire around 20,000 freshers by the end of the current financial year. By the second quarter of the financial year, the company had engaged 15,787 freshers out of the planned number.
Note that Indian IT firms are reporting their highest attrition rates in three years as they see employees being sacked by rivals as well as global companies and startups that are benefiting from increased technology spending around the world.
While Infosys’ attrition rate increased to 25.5% in the December quarter, Wipro reported a 22.7% increase in attrition. As always, the number was relatively low for TCS at 15.3%.
It remains to be seen whether HCL is able to maintain the job loss rate with this new initiative. We will keep you informed about the latest developments in this field. stay tuned.
Moving from the power sector to the news, Tata Power Renewable Energy (TPREL), a 100% subsidiary of Tata Power, announced the commissioning of two 50 MW solar power projects in Prayagraj and Banda in Uttar Pradesh.
The landmark projects have been completed by TPREL within the agreed time frame despite the COVID challenges.
With the addition of this 100 MW capacity, the renewable capacity in operation for Tata Power has increased to 3,055 MW, of which 2,123 MW is solar and 932 MW is wind.
The company has 1,854 MW of renewable projects under various stages of implementation.
Note that the company’s target . to increase the share of green energy Up to 80% of its electricity generation portfolio by FY2030, up from the current level of 31%.
In August, the company launched . quoted the lowest tariff of 2.14/unit in the auction conducted by state-run Rewa Ultra Mega Solar for creation of 330 MW solar capacity in Madhya Pradesh. It has also received a letter of intent for creation of 250 MW solar capacity at Dondaicha Solar Park in Dhule district of Maharashtra.
The share price of Tata Power is currently trading with a decline of 0.3%.
Coming to Tata Power, take a look at the chart below, which shows how well it has performed on the stock markets.
This article is syndicated from Equitymaster.com
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