Indian Share Markets Open at Fresh Record High; Hindalco & ONGC Surge 5%

Tue, 16 Feb 09:30 am

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Asian share markets advanced today as optimism about the global economic recovery and expectations of low interest rates drove investments into riskier assets.

Japan's Nikkei rose 1.7% while Hong Kong's Hang Seng advanced 1.8%. Financial markets in China and Taiwan are closed today for public holidays.

US stock markets were closed on Monday on account of President's Day. Last week on Friday, the Dow Jones Industrial Average rose 0.1% while the Nasdaq added 0.5%.

Back home, Indian share markets have opened the day on a strong note, tracking gains in Asian peers.

Market participants are tracking Nestle share price and Varun Beverages share price as these companies are scheduled to announce their December quarter results today.

Finance minister Nirmala Sitharaman will today hold the post-Budget meeting of the Reserve Bank of India's central board where she will outline the main points of the Union Budget 2021-22 and also discuss the roadmap to fiscal consolidation.

The BSE Sensex is trading up by 311 points. Meanwhile, the NSE Nifty is trading higher by 105 points.

ONGC is among the top gainers today. Axis Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4%. The BSE Small Cap index is trading higher by 0.7%.

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

Shares of Kotak Mahindra Bank and Adani Gas hit their 52-week highs today.

The rupee is trading at 72.60 against the US$.

Gold prices are trading up by 0.4% at Rs 47,405 per 10 grams.

Crude oil prices rose to their highest in about 13 months as a cold front shut wells and refineries in Texas, the biggest crude producing state in the United States, the world's biggest oil producer.

Prices also gained as Yemen's Iran-aligned Houthi group said it struck airports in Saudi Arabia with drones, raising supply concerns in the world's biggest oil exporter, and on optimism for a global economic recovery amid accelerated Covid-19 vaccine rollouts.

Speaking of stock markets, in his latest video for Fast Profits Daily, Vijay Bhambwani answers queries on intraday trading and also shares his views on how to decide stop losses and target prices.

Tune in to the video below to find out more:

In news from the IPO space...

State-owned RailTel Corporation of India's initial public offer (IPO) will open today.

The mini-ratna PSU is one of the largest neutral telecom infrastructure providers in the country owning an optic fiber network on exclusive Right of Way (RoW) along railway track. The company provides broadband telecom and multimedia network across the country.

The company has fixed a price band of Rs 93-94 a share for its initial share-sale.

The IPO is entirely an offer-for-sale (OFS) through which government will offload 87,153,369 equity shares, or 27.16% stake.

At the upper end of the price band, the government would raise a little over Rs 8.2 billion.

Half of the issue is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional bidders.

In December 2018, the cabinet had approved IPO of RailTel Corporation by diluting up to 25% government stake.

In other news, the Rs 1-billion Nureca IPO, which opened for subscription yesterday, was subscribed 5.7 times on first day of the bidding process.

The IPO, shares under which are being offered in the price band of Rs 396-400, received bids for 80,33,305 shares, marking a 5.7 subscription compared with the issue size of 14,01,595 shares.

The company has allotted 11,13,750 shares worth Rs 445.5 million to two anchor investors at the upper price band of Rs 400 apiece.

Incorporated in November 2016, Nureca is a B2C company engaged in the business of home healthcare and wellness products.

A digital-first company, Nureca sells products through online channel partners such as e-commerce players, distributors and retailers. It also sells products through its own website drtrust.in.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on to stock specific news...

Tata Motors is among the top buzzing stocks today.

Tata Motors said on Monday its British luxury unit Jaguar Land Rover (JLR) aims to be net zero on carbon emissions by 2039 as carmakers across the world race to roll out clean-energy vehicles.

The Tata Motors-owned group's strategy comes as car groups worldwide accelerate moves towards fleets powered by electric and other green technologies.

Land Rover will add six pure electric variants in the next five years and future Jaguar models will be built exclusively on a pure electric architecture, JLR said, adding, that the first all-electric variant of Land Rover will debut in 2024.

Last month, General Motors had said it aimed for all new cars, SUVs and light pickup trucks to have zero-tailpipe emissions by 2035, a dramatic shift by the largest US automaker away from gasoline and diesel engines.

By 2030, it is anticipated that 100% of Jaguar cars, and 60% of Land Rovers, will be equipped with zero-tailpipe powertrains.

Tata Motors share price has opened the day up by 1.4%.

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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