Asian share markets are higher today as investors bargain-hunted shares that dipped after modest falls on Wall Street.
The Nikkei is up 0.6% while the Shanghai Composite added 0.2%. The Hang Seng plunged 2%.
In US stock markets, Wall Street indices closed lower on Monday after a session that saw all three benchmarks slip between positive and negative territory, as investors contrasted Bank of America's positive earnings with surging bond yields ahead of further earnings cues this week.
The Dow Jones fell 0.1% while the Nasdaq declined 0.2%.
Back home, Indian share markets are trading on a flat note.
Benchmark indices started today’s session with marginal gains after a day of huge sell-off, as global cues remained mixed.
Indices quickly gave up gains and are presently trading in the negative territory.
Market participants are tracking share of L&T Infotech, ACC, Mastek, and Tata Steel Long Products as these companies will announce their March quarter results today.
The BSE Sensex is trading up by 33 points. Meanwhile, the NSE Nifty is trading higher by 22 points.
Tata Steel and Reliance are among the top gainers today. HDFC, on the other hand, is among the top losers today.
The BSE Mid Cap index is up 0.6%. The BSE Small Cap index is trading higher by 0.8%.
Sectoral indices are trading mixed with stocks in the metal sector, energy sector and healthcare sector witnessing most of the buying.
Realty stocks and IT stocks, on the other hand, are trading in green.
Shares of Bharat Dynamics and AU Small Finance Bank hit their 52-week highs today.
Gold prices are trading down by 0.1% at ₹53,252 per 10 grams.
Meanwhile, silver prices are trading up by 0.1% at ₹70,029 per kg.
Crude oil prices are flat today after rising 1% in the previous session, as Libya was forced to halt some exports and as manufacturers in China prepared to reopen factories after a nearly three-week Covid-19 shutdown in Shanghai.
In news from the steel sector, Jindal Steel & Power is among the top buzzing stocks today.
Jindal Steel & Power (JSPL) on Monday posted a 2% rise in steel production at 2.11 million tonnes in the quarter ended March 2022.
Its sales also registered a growth of 8% at 2.07 million tonnes (MT) in the January-March period, according to a statement.
In financial year 2021-22, the company produced a record 8.1 MT of steel while sales were at a record 7.63 MT.
Despite several challenges throughout fiscal 2022, JSPL managed to meet its production guidance breaching the 8 MT mark for the first time.
For the fifth consecutive year, the company also posted spectacular growth in annual steel sales on a year-on-year basis.
The company’s md V R Sharma said,
we aim to produce more than 9 MT in FY23. Our Angul plant expansion is on track and we expect to reach more than 15 MT capacity by FY25. The company has significantly enhanced its raw material supply after winning four new coal blocks recently.
As part of its expansion, the company has plans to set up a coal gasification plant to manufacture steel through gasification technology.
JSPL share price is currently trading up by 3%.
Moving on to news from the automobile sector, Ashok Leyland has joined hands with Mahindra First Choice Wheels to enter the used commercial vehicles business. The company has inked a MoU in this regard.
The Hinduja Group’s flagship company aims to streamline the used vehicles market by leveraging its digital ecosystem, its existing and potential channel partners for physical interactions in over 700 parking yards spread across the country, and other advanced technologies.
Pre-owned or re-purposed vehicles sector is experiencing exponential and consistent growth since the beginning of the pandemic due to the increase in the waiting period for vehicles and financial challenges.
Through facilities like exchange, disposal, hybrid, and special vehicle inspection, the platform aims to become the first choice amongst the customers considering an exchange of their vehicles, Ashok Leyland said.
Ashok Leyland share price is currently trading up by 0.5%.
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