Sensex Opens Marginally Lower; Bharti Airtel Jumps 4%

Fri, 15 Jan 09:30 am

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Asian stock markets are trading on a mixed note today as expectations of large US stimulus under President-elect Joe Biden shored up sentiment.

The Hang Seng is trading up by 0.2% while the Shanghai Composite is down 0.2%. The Nikkei is down 0.1%.

In US, Wall Street indices pared gains to end slightly lower on Thursday, with tech shares declining, as traders awaited the unveiling of a potentially big economic stimulus package.

The three major indexes were little changed even after the Labor Department's weekly jobless claims report showed that initial claims spiked to the highest level since August last week.

The Dow Jones Industrial Average ended down by 0.2% while the tech heavy Nasdaq ended down by 0.1% after hitting an all-time high earlier in the session.

President-elect Joe Biden unveiled a US$ 1.9 trillion stimulus package proposal on Thursday, saying in prime-time remarks that bold investment was needed to jump-start the economy and speed up the US response to the coronavirus pandemic.

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

Market participants are tracking L&T Finance share price and PVR share price as these companies are set to announce their December quarter results later today.

The BSE Sensex is trading down by 77 points. Meanwhile, the NSE Nifty is trading lower by 29 points.

Bharti Airtel and Titan are among the top gainers today. Asian Paints is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened up by 0.2%.

Sectoral indices are trading mixed with stocks in the telecom sector and metal sector witnessing buying interest.

Auto stocks and IT stocks, on the other hand, are trading in red.

The rupee is trading at 73.06 against the US$.

Gold prices are trading down by 0.1% at Rs 49,181 per 10 grams.

Speaking of stock markets, in his latest video for Fast Profits Daily, Vijay Bhambwani shares his top 3 Nifty and Sensex ETFs as well as the number one Bank Nifty ETF.

In of his prior videos, Vijay had also discussed about his top 5 gold ETFs. That video has been quite popular.

Tune in to the below video to find out which ETFs are best.

In latest developments from the electric vehicles (EV) space, MG Motor India said on Thursday it has set up a 60-kilowatt superfast public electric vehicle (EV) charging station in Mangaluru in collaboration with Tata Power, which takes the total number of such charging stations to 15 across 10 cities.

The latest public EV charging station is available to all vehicles compatible with CCS fast-charging standard and in line with MG's commitment to provide a five-way charging ecosystem to its customers, the car maker said in a statement.

The setting up of the facility in Bengaluru, which comes close on the heels of the launch in Coimbatore, is part of MG Motor India's initiative to enhance the national EV charging ecosystem with 50 kW and 60 kW DC superfast charging stations.

MG Motor India Chief Commercial Officer Gaurav Gupta said, "Mangaluru is one of the fastest-growing cities in India. As technology is playing a key role in this development, it is natural for this technological integration to also reflect in people's lifestyle."

Starting with Delhi-NCR, MG has now installed 15 superfast charging stations across 10 cities in India. Its charging infrastructure covers major metropolitans, including Mumbai, Bengaluru and Delhi-NCR, and tier-2 cities such as Ahmedabad, Lucknow, Agra, Coimbatore and Nagpur.

Note that earlier this week, billionaire Elon Musk-led Tesla registered a subsidiary company in India.

According to a Registrar of Companies (RoC) filing, the new entity Tesla India Motors and Energy Private is registered in Bengaluru, Karnataka and is classified as a subsidiary of a foreign company.

Note that Tesla's likely entry into India comes at a time when the union and state governments have been encouraging higher adoption of green vehicle technologies to help bring down the carbon footprint.

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.

In news from the IT sector, India's third-largest software services provider, HCL Technologies, today reported a 26.7% jump in consolidated profit at Rs 39.8 billion for the quarter ended December 2020, versus Rs 31.4 billion in the previous quarter.

Consolidated revenue for the quarter increased to Rs 193 billion, driven by broad-based growth in segments and geographies. Revenue stood at Rs 185.9 billion in the September quarter.

Dollar revenue during December quarter stood at US$ 2,617 million, up from US$ 2,507 million in the second quarter of FY21.

HCL Technologies share price has opened the day up by 0.2%.

Moving on to news from the oil & gas sector, BPCL is among the top buzzing stocks today.

As per a leading financial daily, the Centre is suspecting that Bharat Petroleum Corporation's (BPCL's) share price is being manipulated as it prepares to divest its controlling stake in the state-run firm.

The concerns over stock price manipulation of India's second-largest fuel retailer have been discussed within the government, considering that its privatization is a key milestone in the Centre's Rs 2.1 trillion divestment target for 2020-21.

"Someone is playing the market to keep BPCL's share price down. This concern has been discussed within the government," said one of the officials, requesting anonymity.

In the past one year, BPCL share price has lost 9.9% against a rise of 3.92% in the BSE Oil & Gas Index. Meanwhile, Reliance Industries has gained as much as 30% while its peers, HPCL and IOC lost 8.3% and 18.7%, respectively.

The government is looking to raise around Rs 900 billion from divesting its stake in BPCL. The government's target price for its 52.98% stake in BPCL is also based on the value of the firm's assets.

Vedanta Group and two American funds - Apollo Global and I Squared Capital have reportedly submitted expressions of interest for BPCL.

How BPCL's divestment pans out remains to be seen. Stay tuned for more updates from this space.

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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