Sensex Trades Marginally Higher; Dow Futures Up By 20 Points

Mon, 4 Jan 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up 107 points, up 0.2% at 47,976 levels.

Meanwhile, the NSE Nifty is trading up by 37 points.

Hindalco and Tata Steel are among the top gainers today. Hero MotoCorp and Kotak Bank are among the top losers today.

The BSE Mid Cap index is trading up by 0.7%.

The BSE Small Cap index is trading up by 0.8%.

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

On the other hand, stocks from the real estate 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 7 points (up 0.1%) while Dow Futures are trading up by 20 points (up 0.1%).

The rupee is trading at 73.01 against the US$.

Gold prices are trading up by 1.3% at Rs 50,900 per 10 grams.

In global markets, gold prices rose to near two-month highs, supported by a weak dollar and concerns about a surge in new coronavirus cases around the world.

Tracking similar global trends, gold prices surged today in Indian markets. On MCX, February gold futures jumped Rs 600 to Rs 50,826 per 10 grams.

Note that gold prices have been trading in a very narrow range over the past two weeks. Concerns over a surge in coronavirus cases in some parts of the world were offset by rollout of coronavirus vaccines. In the previous session, gold had risen 0.2%.

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?

Moving on to stock specific news...

Among the buzzing stocks today is Coal India.

Despite its cash-flow issues, Coal India has spent over Rs 80 billion as capital expenditure (capex) till December 2020, and is looking to meet a revised target of Rs 130 billion of such expense by the end of FY'21, an official said on Sunday.

The capital expenditure target for the financial year F21 was initially set at Rs 100 billion.

However, the government has instructed public sector companies to increase their capital expenses to boost the economy which was hit by the Covid-19 pandemic.

The company had spent Rs 50.2 billion till September this fiscal, which was 118% utilisation of its half-yearly target. The spending was made for procuring heavy earth-moving machinery, setting up railway lines, development of sidings, exploration works and investments in joint ventures.

The major challenge for Coal India for accelerating capital expenditure has been the cash-flow, the official said. Moreover, there has been a sluggish coal demand with over 50 million tonne stock at pit heads and 37 million tonnes at thermal power stations, according to industry sources.

In order to push its sales, the miner may have to rationalise prices of coal meant to substitute imported dry fuel.

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

At the time of writing, Coal India share price was trading up by 1% on the BSE.

Speaking of stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, talks about the best sector for 2021, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the chemicals sector...

Government of India Seeks Bids to Divest Stake in Rashtriya Chemicals And Fertilizers

The Government of India plans to sell 10% stake in Rashtriya Chemicals and Fertilisers (RCFL) through an offer for sale (OFS).

Bottom of Form

The Department of Investment and Public Asset Management (DIPAM) has sought bids from law firms to act as legal advisers and assist the government in the process.

A domestic law firm will act as the legal adviser to the transaction and submit proposals in a consortium with an international law firm of repute, with similar experience and expertise in public offerings or OFS in capital markets, DIPAM said in a notice.

The centre currently holds 75% stake in the public sector undertaking (PSU).

The government is also considering allotting shares to eligible and willing employees of the RCFL at a discount on the issue or discovered price up to a maximum of certain percentage of the OFS size subsequent to completion of the transaction under OFS.

The percentage and extent shall be decided in due course. The notice also said that merchant bankers or selling brokers will be required to render such assistance.

Rashtriya Chemicals & Fertilisers is a Mini-Ratna fertilizer and chemicals manufacturing company under the administrative control of Ministry of Chemicals and Fertilisers.

It has two operating units, one at Trombay in Mumbai and the other at Thal in Maharashtra's Raigad district, about 100 km from Mumbai.

How this offer for sale 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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