Morning Update for 5 January 2022

Indices at previous closing

Nifty50: 17,805 ▲+179 (+1.0%)
Sensex: 59,855 ▲+672 (+1.1%)
Nifty Bank: 36,840 ▲+418 (+1.1%)

For more updates on F&O, click here.

Adani Ports’ cargo volumes jump 

In the first nine months of the current financial year, the port operator said that the cargo volumes handled by its ports rose 35% year-on-year to 234 million tonnes. 

This growth was mainly driven by its non-Mundra ports where volumes spiked 74% year-on-year between April and December 2021. This comes at a time when India’s exports have hit a record high as the global economy continues to rebound. Meanwhile, shares of Adani Ports rose 0.3% yesterday.

Sugar stocks in a sweet spot

Shares of Triveni, Dhampur Sugar Mills and Dwarikesh Sugar Industries were up in the range of 10% to 20% yesterday. According to a CRISIL report, sugar mills’ revenue and profit are likely to go up in this sugar season (Oct-Sep). 

The rating agency expects sugar prices to rise by about 16%-17% this year, driven by the pick-up in demand and exports. This could also lead to a revenue growth of 18%-19% for the companies.

New virus variant dents tourism industry   

According to the reports, travel agencies are saying that around 30%-50% of their customers are either cancelling or rescheduling their bookings for January. This comes at a time when the new virus variant is triggering a fresh set of restrictions on movement in many parts of India. 

Travel and hospitality industry is once again staring at uncertain times as the number of cases continues to rise in the country. Meanwhile, shares of IRCTC (0.2%), Indian Hotels (0.4%) and Easy Trip (0.7%) rose on Tuesday in a strong market.

Sectoral indices (January 4)

Global markets (at 8:00 am today)

Fact of the day

The classic BlackBerry phones have stopped working. The company said that it will stop running support for the devices from 4 January 2022.

Source: CNN

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