Sensex Trades Marginally Lower; Dow Futures Up By 69 Points

Wed, 30 Dec 12:30 pm

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Share markets in India are presently trading marginally lower.

The BSE Sensex is trading down by 66 points, down 0.1% at 47,547 levels.

Meanwhile, the NSE Nifty is trading down by 15 points.

UPL and Eicher Motors are among the top gainers today. Axis Bank and IndusInd Bank are among the top losers today.

The BSE Mid Cap index is trading down by 0.1%

The BSE Small Cap index is trading up by 0.1%

On the sectoral front, stocks from the automobile sector are witnessing most of the buying interest.

On the other hand, stocks from the telecom sector are witnessing most of the selling pressure.

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

Nasdaq Futures are trading up by 46 points (up 0.4%) while Dow Futures are trading up by 69 points (up 0.2%).

The rupee is trading at 73.28 against the US$.

Gold prices are trading down by 0.1% at Rs 50,006 per 10 grams.

In global markets, gold prices rose 0.3%, supported by a slide in the US dollar against its peers. The US dollar hovered at a two-year low against rival currencies.

In domestic markers, gold prices in India continued to trade in a narrow range as investors assessed the impact of the pandemic and the pace of vaccine distribution. On MCX, February futures were up 0.2% to Rs 50,140 per 10 grams. In the previous session, gold had ended flat, settling Rs 22 higher per 10 grams.

Note that gold futures on MCX have remained in the Rs 50,500 to Rs 50,000 for the past two weeks.

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

Moving on to stock specific news...

Among the buzzing stocks today is UPL.

United Phosphorous (UPL) said it has completed the pre-payment of US$ 410 million of 3.2% senior notes due October 2021. This was done using the cash on its balance sheet and is in line with its commitment to reduce debt.

"UPL is committed towards deleveraging its balance sheet at the back of strong business prospects and agriculture commodity prices and favorable agronomic conditions," the company said.

According to an earlier filing on the bourses, the company had announced redemption of these notes on December 1, in light of the "strong performance in the first half and business prospects of the second half" of the fiscal year.

An investor presentation, released as a part of the company's latest quarterly results, showed that the company had a gross debt of Rs US$ 4.3 billion (Rs 318 billion).

The stock is up for the third straight day.

UPL manufactures and markets agrochemicals, industrial chemicals, and specialty chemicals, and also offers crop protection solutions.At the time of writing, UPL share price was trading up by 2.6% on the BSE.

Speaking of the stock market, Rahul Shah, Co-Head of Research at Equitymaster, talks about his preferred portfolio for 2021 and beyond, in his latest video.

In the video below, Rahul shares his portfolio strategy and the important principles one needs to keep in mind in order to build a market beating portfolio.

Tune in here to find out more:

Moving on to news from the metals and mining sector...

Promoters Of Vedanta Raise US$ 1.4 Billion To Retire Debt

Promoters of Vedanta have pledged their holding in the company to raise US$1.4 billion for repaying the debt that was coming up for maturity.

In a stock exchange filing, Vedanta said its promoters raised US$ 1 billion debt by issuing equivalent notes to Citicorp International.

Separately, a unit of Vedanta Resources will issue US$ 400 million in notes to an entity under Oaktree Capital Group.

The notes in both cases will be partly secured by shares in Mumbai-listed unit Vedanta.

The funds raised from Citicorp "will be used to fund the tender offer for any and all of Vedanta Resources Limited's (VRL) outstanding US$ 900 million 8.3% bonds due 2021," the company said in the filing.

The remaining proceeds of the US$ 1 billion fundraise shall be used to service the debt of promoter group firms, "VRL, Twinstar or Welter and/or for the acquisition of equity shares of Indian subsidiary/(ies) of VRL by Twinstar/Welter if decided and in accordance with applicable law," it said.

The US$ 400 million raised from OCM Verde XI Investment, the entity under Oaktree Capital, will be used for the acquisition of up to 11.5% shares in Vedanta by Vedanta Holdings Mauritius II and payment of any fees, costs and expenses in connection with the transactions contemplated.

London-based Vedanta Resources (VRL) last week raised its stake in Vedanta to 55.1% from 50.1% by buying from open market shares worth Rs 29.5 billion at a price of Rs 159.9 per share. It made the purchase through block deals.

The move came weeks after the firm's failed attempt to delist Vedanta from Indian stock exchanges. The delisting failed due to an insufficient number of shares being offered in the buyback proposal of VRL.

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

Speaking of the metal sector, note that metal stocks have rebounded sharply from their March lows, with revival in both domestic and global demand.

Have a look at the chart below which shows returns of the major sectoral indices since 23 March 2020.

The secret behind the rally in metals is nothing else but its greed and fear cycle and the sector is expected to have a lot more ground left to cover up.

How metal stocks perform in the coming months 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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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