Sensex Ends 117 Points Higher; Nifty Ends Above 14,000-Mark for the First Time

Fri, 1 Jan Closing

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Indian share markets ended the first trading day of the year 2021 on a positive note.

Benchmark indices witnessed positive trading during the day and the Nifty ended above the 14,000 level for the first time.

At the closing bell, the BSE Sensex stood higher by 117 points (up 0.3%).

The NSE Nifty stood higher by 36 points (up 0.3%).

Adani Ports & SEZ and TCS were among the top gainers today.

ICICI Bank, on the other hand, was among the top losers today.

SGX Nifty was trading at 14,055, up by 39 points, at the time of writing.

The BSE Mid Cap index ended up by 1.2%. The BSE Small Cap index ended higher by 0.9%.

Except banking, all the sectoral indices ended on a positive note with stocks in the and capital goods sector witnessing maximum buying interest.

Asian share markets ended mixed today.

As of the most recent closing prices, the Hang Seng stood higher by 0.3% and the Nikkei fell 0.4%.

The rupee is trading at 73.08 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 50,229 per 10 grams.

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Speaking of stock markets, Vijay Bhambwani talks about a topic that is basically at the top of the minds of every trader out there in his latest video for Fast Profits Daily.

Can we expect a correction in January 2021?

In a previous video, he said December is likely to be a bullish month and that turned out to be true.

But what about next month? Can the market fall at the start of the new year?

Find out in this video...

In news from the finance space...

The Indian government notified that it is continuing with the current interest rates on Public Provident Funds (PPFs) and National Savings Certificate (NSCs), keeping it unchanged for the last quarter of the current fiscal year.

Small savings schemes including the PPF and NSC will continue to offer annual interest rates of 7.1% and 6.8%, respectively, from January to March 2021.

"The rates of interest on various small savings schemes for the fourth quarter of 2020-21 ending on March 31 shall remain unchanged from those notified for the third quarter (October 1-December 31, 2020)", the Ministry of Finance said in a notification.

The Finance Ministry announces the interest rates for small saving schemes on a quarterly basis.

The five-year Senior Citizens Savings Scheme will offer the same 7.4% interest rate. The interest rate on savings deposits has been retained at 4%, while the rate on Kisan Vikas Patra (KVP) is to stand at 7.6% until the completion of the first quarter of 2021.

While the interest rate on the five-year recurring deposit will remain at 5.8%, the term deposits of 1-5 years will carry an annual interest rate in the range of 5.5-6.7%, which is to be paid quarterly.

Moving on to stock specific news...

Canara Bank was among the top buzzing stocks today.

State-owned Canara Bank said it has raised Rs 16.3 billion through issuance of additional tier-I bonds.

"Canara Bank has raised capital by issuing additional tier-1 (AT-1) bonds to the tune of Rs 16.3 billion at 8.5% coupon on December 31, 2020," a release said.

The above development will help the lender increase its capital adequacy ratio.

As at September-end 2020, the bank's capital to risk-weighted assets ratio (CRAR) stood at 12.77%. Out of this, tier-I was 9.54% and tier-II was 3.23%.

In the second quarter ended September 2020, the bank reported 28% dip in profit after tax at Rs 4.4 billion compared to Rs 6.1 billion in the same quarter of the previous fiscal.

In news from the auto sector...

Tata Motors share price was in focus today as the auto major garnered a total of 23,546 units last month as against 21,640 during the previous month with a month-on-month (MoM) growth of 9%.

On a year-on-year (YoY) basis, Tata Motors registered a massive 84% YoY growth in sales as only 12,785 units were sold in December 2019.

The brand held on to the third position comfortably ahead of Mahindra, Kia, Renault, Honda and Toyota.

It had a market share of 8.5% as against just 5.4% during the corresponding month in 2019.

The company is also looking forward to launching a host of new models in the coming year. On January 13, the turbocharged version of the Altroz competing against Hyundai i20 Turbo will be introduced in the market ahead of the arrival of the seven-seater Harrier known as the Gravitas on January 26.

By the middle of this year, Tata will also launch the production version of the HBX concept and it is expected to make a big impact in the micro SUV segment. In addition, the electric version of the Altroz could also be in the works for debut in the later stages of 2021.

In other news from the electric vehicles space, MG Motor and Tata Power yesterday installed a 60 kW superfast public EV charging station in Coimbatore, the first in the city and also Tamil Nadu.

The latest public EV charging station is available to all vehicles compatible with CCS (Combined Charging System) fast-charging standard and is in line with MG's commitment to provide a 5-way charging ecosystem to its customers.

The initiative is part of MG's recent partnership with Tata Power for the deployment of 50 kW and 60 kW DC Superfast Charging Stations across India.

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

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India.

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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