Sensex Rallies 600 Points in Opening Trade; Power Grid & Tech Mahindra Top Gainers

Mon, 1 Mar 09:30 am

   Momentum Moves   

   Pre-Open   

   SGX Nifty   

   12:30 pm   

   Closing   

Asian stock markets firmed today as bond markets calmed down, while progress in the huge US stimulus package underpinned optimism about the global economy.

The Nikkei is trading up by 2.3% while the Hang Seng is up 1.8%.

In US stock markets, Wall Street's main indexes extended losses on Friday as fears of a potential rise in inflation kept US bond yields around one-year high, while tech stocks clawed back some losses.

The benchmark 10-year US treasury yield eased 10 basis points to around 1.42% on Friday, after surging above 1.6% at one point on Thursday.

The Dow Jones Industrial Average ended lower by 1.5%, while the tech heavy Nasdaq ended higher by 0.6% as big tech names rebounded after a large sell-off in the previous session amid surging bond yields.

All three major averages posted weekly losses as fears of higher interest rates and inflation deepened. The Dow fell 1.8%, and the Nasdaq was the relative underperformer this week, losing 4.9%.

Back home, Indian share markets have opened on a strong note, following the trend on SGX Nifty and tracking gains in Asian peers.

Market participants will track the Markit Manufacturing PMI data, which is scheduled to be released later today.

The BSE Sensex is trading up by 620 points. Meanwhile, the NSE Nifty is trading higher by 165 points.

Power Grid is among the top gainers today. Bharti Airtel, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.7%. The BSE Small Cap index is trading higher by 0.8%.

Barring telecom and metal stocks, all sectoral indices are trading on a positive note with stocks in the auto sector and oil & gas sector witnessing most of the buying interest.

The rupee is trading at 73.61 against the US$.

Gold prices are trading up by 0.8% at Rs 46,091 per 10 grams.

Gold edged higher today, recovering from an eight-month low touched in the previous session, as a weaker dollar lifted bullion's appeal.

Bullion, however, posted its worst monthly fall since November 2016 in February due to rising US Treasury Yields, which increase the opportunity cost of holding non-yielding gold.

Physical gold demand in India gained momentum last week as retail buyers and jewellers lapped up bullion at near eight-month low prices, while Singapore continued to see steady interest for both gold and silver.

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.

Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

In the latest episode of Investor Hour, India's #1 trader Vijay Bhambwani discusses stock markets, the best sectors, ETFs, gold, silver, inflation, cryptos, oil and gas prices, the best investment for the long term, and a lot more.

In the video, Vijay also talks about his new targets for gold and silver and the best long-term investment opportunity.

Tune in to the below video to find out more:

In news from the financial markets, as Indian stock markets continued to scale new highs post the Union Budget, the net foreign portfolio investments (FPI) into the Indian equities in February was Rs 257.9 billion.

The total net FPIs in 2020 now stand at Rs 452.6 billion, as per NSDL data.

Foreign investments have continued to flow in post the Union Budget which announced further liberalisation measures including privatisation of banks and also did not come up with a new tax levy.

So far, in the financial year 2021-22, net FPIs into equities stood at Rs 2.63 lakh crore, the highest ever FPI inflow into the country.

Further, the net foreign institutional investment (FII) during the month was Rs 420.4 billion.

However, the recent bond yield surge both in the US and the domestic market have caused a frenzy in among the investors leading to bear run in the stock markets.

Last week, the market see-sawed with both the bulls and bears swinging it out.

On 13th February 2020, Brijesh Bhatia had highlighted in his Momentum Moves video about how the Nifty and Nasdaq could reverse.

Since then, the Nifty is down by 6% from its high whereas the Nasdaq is down by more than 7%.

In our latest Momentum Moves video, Brijesh Bhatia explains why the Nifty is weak and could head to 14,000-levels.

In the video, Brijesh also explains why he thinks smallcaps are looking good.

As per Brijesh, the smallcap index has formed a bottom after a couple of bearish years and likely to outperform Nifty in next couple of quarters. Investors should look to increase their allocation in smallcaps over largecaps.

You can watch the video here: Nifty is Weak but Smallcaps Can Outperform

Moving on to stock specific news...

Axis Bank is among the top buzzing stocks today.

Axis Bank on Saturday said its board has approved a proposal to reclassify United India Insurance Company (UIICL) as a public shareholder category investor in the bank from promoter category.

UIICL, one of the promoters of Axis Bank, had requested the bank through a letter dated February 26, 2021 to reclassify the insurer to public category from promoter category, in accordance with listing regulations of markets regulator, Axis Bank said in a regulatory filing.

"The said letter was placed for consideration of the board at its meeting held today. The board at the said meeting has considered and approved the said request received from UIICL to reclassify it to public category from promoter category," said the lender.

UIICL held 0.03% of the total issued and paid-up equity share capital of Axis Bank as on February 20, 2021.

The private sector lender said it will seek approval from the shareholders through an ordinary resolution for the required reclassification.

Axis Bank share price has opened the day up by 1.6%.

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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