Sensex Trades Marginally Higher; Dow Futures Up By 169 Points

Fri, 1 Jan 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up 128 points, up 0.3% at 47,879 levels.

Meanwhile, the NSE Nifty is trading up by 40 points.

Mahindra & Mahindra and Tata Consultancy Services are among the top gainers today. ICICI Bank and SBI Life are among the top losers today.

The BSE Mid Cap index is trading up by 0.9%.

The BSE Small Cap index is trading up by 0.8%.

On the sectoral front, barring the banking sector, stocks from all sectors are trading in green with stocks from the automobile sector witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up by 44 points (up 0.3%) while Dow Futures are trading up by 169 points (up 0.6%).

The rupee is trading at 73.04 against the US$.

Gold prices are trading up by 0.1% at Rs 50,179 per 10 grams.

Gold prices edged higher on the first day of the New Year though gains were moderate. On MCX, gold futures were up 0.1% to Rs 50,198 per 10 grams.

Note that in Indian markets, gold has logged strong annual gains for the year 2020, rising 27%, in tandem with the rally in global prices.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Mahindra & Mahindra.

Ford Motor is reversing plans to cede most of its Indian operations to Mahindra & Mahindra, and has decided to pull out of a proposed joint venture with the company.

The two companies agreed to terminate the venture after reassessing, in part due to the global coronavirus pandemic. The decision ends a deal reached more than a year ago under which Ford was expected to fold its local operations, including two factories, into a joint venture (JV) majority controlled by Mahindra, the country's leading manufacturer of sport utility vehicles.

Jim Farley, who became the US automaker's Chief Executive Officer in October, said last year that the JV with Mahindra would allow Ford to double its revenue from India.

However, after reassessment, the company has found that the future of Ford's business in India is unclear as it has struggled for more than two decades to grow in India, the world's fourth-largest auto market.

"The company is actively evaluating its businesses around the world, including in India," Ford said a statement.

Mahindra & Mahindra in its own statement said that the venture's termination wouldn't affect its product plans and the decision came as a December 31 deadline loomed for formalising the planned partnership.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Mahindra & Mahindra share price was trading up by 2.4% on the BSE.

Speaking of stock markets, in his latest video, Co-Head of Research at Equitymaster, Rahul Shah talks about his preferred portfolio for 2021 and beyond.

In the video below, Rahul shares his portfolio strategy and the important principles one need to keep in mind in order to build a market beating portfolio.

Tune in here to find out more:

Moving on to news from the banking sector...

IDBI Federal Life Insurance Renamed as Ageas Federal Life Insurance

IDBI Federal Life Insurance (IFLI) has been renamed as Ageas Federal Life Insurance Company after Belgian multinational insurer Ageas Insurance International (Ageas) bought 23% holding representing 1.8 billion shares for a consideration of Rs 5.1 billion.

The announcement comes a day after IDBI Bank's joint venture arm IDBI Federal Life Insurance Company Limited (IFLI) confirmed selling its stake to Ageas.

Post the transaction, IDBI Bank will hold 25% stake in the life insurer, while Ageas will hold 49% in the insurance arm of IDBI Bank. Earlier, IDBI Bank's shareholding in IFLI was 48%.

Owned by Life Insurance Corporation of India (LIC), IDBI Bank was in talks to divest its stake in the life insurer for close to two years.

Earlier on August 6, 2020, IDBI Bank had informed that it has entered into a Share Purchase Agreement (SPA) to sell 27% of its stake in its joint venture arm IDBI Federal Life Insurance Company Limited (IFLI) to other joint venture partners - Aeges and Federal Bank.

Currently, IDBI Bank sells LIC policies too in its bank branches, which affects the sales of IDBI Federal Life policies.

Speaking of the banking sector, check out the monthly returns of major sectors for the month of March and October 2020 in the chart below.

In the chart above, you can see that banks were among the major losers with a cut of 34% in the month of March.

Cut to October they are the biggest gainers for the month with 11% returns!

If you're interested in knowing what could be the reason behind such a change in sentiment, you can read about it in one of the editions of Profit Hunter: Banks are booming in a Covid World

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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