Sensex Trades 600 Points Higher; Dow Futures Up by 64 Points

Wed, 3 Feb 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 600 points, up 1.2% at 50,398 levels.

Meanwhile, the NSE Nifty is trading up by 182 points.

IndusInd Bank and Power Grid Corporation are among the top gainers today. Maruti Suzuki and Shree Cement are among the top losers today.

The BSE Mid Cap index is trading up by 1.5%.

The BSE Small Cap index is trading up by 1.6%.

On the sectoral front, all sectors are trading in green with stocks from the healthcare sector and telecom sector, witnessing most of the buying interest.

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

Nasdaq Futures are trading up by 96 points (up 0.7%) while Dow Futures are trading up by 64 points (up 0.2%)

The rupee is trading at 72.94 against the US$.

Gold prices are trading up by 0.4% at Rs 47,955 per 10 grams.

Gold prices edged higher in Indian markets today after a big fall over the previous two sessions. On MCX, gold futures rose 0.2% to Rs 47,947 per 10 grams after slumping Rs 1,800 in previous two sessions as the government cut import duty on the precious metal.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

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

Speaking of the stock markets and Union Budget 2021, which stocks and commodities should you trade after the Budget?

India's #1 trader, Vijay Bhambwani answers this question in his recent video for Fast Profits Daily.

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is Tata Consumer Products.

Tata Consumer Products (TCPL), earlier known as Tata Global Beverages, on February 3 reported a 25.3% year-on-year (YoY) rise in consolidated net profit to Rs 2.4 billion for the quarter ended December, helped by higher sales in branded business.The company's revenue from operations rose 23.1%to Rs 30.7 billion during the quarter under review as against Rs 25 billion in the corresponding period last fiscal.In a post earnings call, TCPL Group, Chief Financial Officer, L Krishnakumar said that the results were driven by the performance of the branded business across markets, both India as well as international.

The company's revenue from its 'India - Beverages' segment surged 46.1% to Rs 12.7 billion as against Rs 8.7 billion whereas revenue from its India - Foods business rose 18.7% to Rs 6.3 billion as against Rs 5.3 billion in the corresponding period previous fiscal.Revenue from International - Beverages climbed 8.7% to Rs 9.2 billion during the quarter compared to Rs 8.5 billion in the corresponding period last year and saw steady growth across key markets such as UK, USA and Canada.Tata Starbucks has seen a strong sequential recovery with 92% of the stores now re-opened for business.

Tata Starbucks, a 50:50 joint venture between TCPL and Starbucks Corporation, opened 13 new stores and entered 3 new cities during the quarter."Despite unprecedented inflation in our tea costs in the India business, we managed to deliver strong growth in earnings by leveraging all lines of the P&L. The integration of our food and beverage business in India is progressing ahead of plan and several initiatives on end-to-end digitisation are underway", TCPL Managing Director & CEO Sunil D'Souza said.

At the time of writing, Tata Consumer Products share price was trading up by 2.5% on the BSE.

Moving on to news from the energy sector...

Indian Oil to Form Subsidiary for Retail Assets

Sate-owned Indian Oil Corporation's (IOCL) board has agreed to form a subsidiary to set up a refinery for more than Rs 293 billion in Tamil Nadu with Chennai Petroleum Corporation (CPCL). The two companies will hold 25% stake each, while the balance will be with other investors.

The 9 million metric tonne per annum (MMTPA) refinery will be built at Nagappattinam, with a Polypropylene unit to start with and facility to process crude oil. The process packages have been finalised and a feasibility report completed.

Earlier CPCL said the project would benefit from the land already in possession by CPCL. The proximity to highways and coastal location of the refinery are added advantages for the project. The project location is also apt for crude oil receipt by installation of a facility and product evacuation through the nearby port and also by connectivity to IOCL's pipeline network.

The project is in line with the expected growth in demand for petroleum products in the southern region. Environmental Clearance for the project is also in an advanced stage of review and approval by the Ministry of Environment, Forest and Climate Change.

The project would also stand as an anchor for feedstock generation for downstream industries. The refinery complex will provide impetus for economic development and growth of the region.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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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