Sensex Opens above 48,000 Mark; Tata Motors & BPCL Among Top Nifty Gainers

Mon, 4 Jan 09:30 am

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Asian stock markets are trading on a mixed note today as reports of a possible tightening in coronavirus emergency rules for Tokyo pulled Japanese stocks off 30-year highs.

Japan's Nikkei erased early gains to fall 1.1% when it was reported the government was considering a state of emergency for capital Tokyo and three surrounding prefectures.

The Hang Seng is trading up by 0.8% while the Shanghai Composite is up 0.5%.

US stock markets were closed last week on Friday. Stocks finished higher on Thursday, the last trading day of 2020, with the Dow and S&P 500 setting new records as investors rung out a wild year that saw equities collapse into a bear market before rebounding to all-time highs.

As of Thursday's closing prices, the Dow Jones Industrial Average ended up by 0.7% while the Nasdaq ended up by 0.1%.

Back home, Indian share markets have opened on a strong note, following the trend on SGX Nifty.

Benchmark indices staged a gap-up opening, cheered by the approval of Covid vaccines produced by AstraZeneca and Bharat Biotech for emergency use in the country. India is expected to start a massive immunisation programme within about a week.

Besides this, DGCI also approved phase 3 clinical trials of Ahmedabad-based Cadila Healthcare's ZyCov-D, paving the way for a timely roll-out of another indigenous Covid-19 vaccine.

The BSE Sensex is trading up by 248 points. Meanwhile, the NSE Nifty is trading higher by 78 points.

ONGC is among the top gainers today. Reliance Industries, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.8%. The BSE Small Cap index is trading up by 0.9%.

All sectoral indices are trading on a positive note with stocks in the metal sector and telecom sector witnessing most of the buying interest.

The rupee is trading at 72.86 against the US$.

Gold prices are trading up by 1.14% at Rs 50,818 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 energy sector, Reliance Industries is among the top buzzing stocks today.

Reliance Industries and its partner BP Plc of UK have committed to pay in cash for any natural gas volumes they are unable to deliver to customers from the next wave of discoveries in the eastern offshore KG-D6 block.

According to draft gas sales and purchase agreement (GSPA) Reliance and BP have shared along with price discovery bids for incremental gas from the R-Cluster fields in KG-D6 block, the sellers will reimburse buyer money equivalent to gas sourced from alternate source to make up for any volumes they are unable to deliver.

The buyer on his part will be obliged to offtake the committed gas volumes or pay for it. The volumes not taken but paid for can be taken in subsequent quarters, the GSPA said.

Reliance Industries share price has opened the day down by 0.2%.

In other news, market participants are also tracking Adani Green Energy share price.

The company said its wholly-owned subsidiary Adani Renewable Energy Holding Eight (AREHEightL) has been awarded a 600-megawatt wind-solar hybrid power project by Solar Energy Corporation of India.

Last week on Wednesday, Adani Green Energy had said it has commissioned a 100 megawatt (MW) solar power project at Khirsara in Gujarat.

"Adani Solar Energy Kutchh Two Private Limited, a wholly-owned subsidiary of Adani Green Energy Limited (AGEL), has commissioned a 100 MW solar power project at Khirsara, Gujarat, ahead of its scheduled commercial operation date (COD) as per its 25-year power purchase agreement (PPA ) with the Gujarat Urja Vikas Nigam India (GUVNL)," the company said in a statement.

The PPA is priced at Rs 2.44 per kilowatt-hour.

With this commissioning, Adani Green's total operational renewable power capacity grows to 2,950 MW, showing a compound average growth rate of 55% since March 2016.

Adani Green Energy share price has opened the day up by 1.2%.

Moving on to news from the defence sector, the central government has announced its decision to disinvest 26% out of its total 54.03% stake in the state-owned defense and engineering company BEML.

As part of Prime Minister Narendra Modi's privatisation drive, the government is seeking expressions of interest to cut its stake in the company, which will also see management control shift to the successful bidder.

SBI Capital Markets will be the transaction advisor to advise and manage the strategic disinvestment process.

According to the press release, the sale will be done through an open competitive bidding route where interested bidders will be required to submit an expression of interest by March 1.

The department of investment and public asset management (DIPAM) has set the minimum net worth requirement for bidders at Rs 14 billion, and has kept the last date for submitting bids at March 1, 2021.

Companies, limited liability partnerships (LLPs) and funds eligible to invest in India can participate in the bidding process, however government companies have been barred from participating.

Consortium bidding has also been permitted where lead member must have a minimum 51% stake in the consortium. The lead member should have profit after tax in at least three years out of immediately five preceding years.

BEML share price has opened up by 7% today on the back of above news.

Note that the government is also going ahead with privatisation of state-run companies such as BPCL, Container Corporation of India, Shipping Corporation of India and Air India.

The government had set a disinvestment target of Rs 2.1 lakh crore for the ongoing fiscal year, of which over Rs 900 billion is expected from the sale of stake in financial institutions including LIC and IDBI Bank, while the larger chunk is expected from the divestment of public sector enterprises.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of the defence sector, have a look at the chart below which shows the top 5 military spending countries in the world as of 2019:

According to a SIPRI (Stockholm International Peace Research Institute) report, India was the third largest military spending country in the world in 2019.

Here's what Girish Shetty wrote about it in one of the editions of Profit Hunter:

• If you look at the chart closely, you will realise it is likely to remain among the top spenders in the coming years.
  
  It's because of the second largest spender shown in the chart, China.
  
  With rising tensions between the two countries, the incentive is strong for India to keep up with China.
  
  It all makes sense for the government to focus on this sector in a big way in the near future.
  
  The government's 'Atmanirbhar' push will get a massive boost through local defence manufacturing. This will create profitable opportunities in defence stocks for astute investors.

Co-head of Research at Equitymaster, Tanushree Banerjee keeps a close watch on stocks in the defence space. As per Tanushree, defence will be a big wealth-creating opportunity.

Back in June, she recorded a video about India's best defence stocks.

Tune in to the video here:

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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