Sensex Trades Over 300 Points Higher; Dow Futures Up by 204 Points

Mon, 1 Mar 12:30 pm

   Momentum Moves   

   Pre-Open   

   SGX Nifty   

   09:30 am   

   Closing   

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

The BSE Sensex is trading up by 378 points, up 0.7% at 49,478 levels.

Meanwhile, the NSE Nifty is trading up by 165 points.

ONGC and Mahindra & Mahindra is among the top gainers today. Bharti Airtel and SBI Life are among the top losers today.

The BSE Mid Cap is trading up by 0.8%.

The BSE Small Cap index is trading up by 1.2%.

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

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

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

Nasdaq Futures are trading up 152 points (up 1.2%) while Dow Futures are trading up by 204 points (up 0.6%)

The rupee is trading at 73.26 against the US$.

Gold prices are trading up 0.6% at Rs 46,010 per 10 grams.

Speaking of the precious metal, the twelfth tranche of Sovereign Gold Bond 2020-21 opens for subscriptions today and will continue till March 5, 2021.

Launched in 2015, Sovereign Gold Bonds are government securities denominated in grams of gold. It is often touted as a superior alternative to holding gold in physical form.

The gold bonds are issued by the Reserve Bank of India, on behalf of government of India. The issue price has been fixed at Rs 4,662 per gram.

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 Reliance.

Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of Reliance Industries (RIL), has acquired an additional equity stake in its investee company skyTran Inc, the company announced on February 28, 2021.

The additional equity stake was acquired by RSBVL for a consideration of US$ 26.8 million, increasing its shareholding to 54.5% on a fully diluted basis, said the statement.

skyTran, a technology company incorporated under the laws of Delaware, US, in 2011, has "developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally", the statement said.

RIL Chairman, Mukesh Ambani said the acquisition of a majority equity stake in skyTran reflects his conglomerate's commitment to invest in "building futuristic technologies that would transform the world".

We firmly believe that non-polluting high speed personal rapid transportation system will help facilitate environmental sustainability through efficient use of alternative energy and make an impactful reduction in air and noise pollution," Ambani further said.

For the deal with skyTran, the law firms Covington & Burling LLP and Freshfields Bruckhaus Deringer US LLP acted as legal counsel and IP counsel respectively to Reliance Industries, the company noted.

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

At the time of writing, Reliance share price was trading down by 0.9% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani discusses why the stock market went up on February 24, 2021, when the NSE had to shut trading due to a technical glitch, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the telecom sector...

Telecom Spectrum Auctions Begins Today: All You Need to Know

For the first time in four years, India's telecom spectrum auction will kickstart on March 1, 2021, for the fourth-generation (4G) mobile networks.

Note that the Union Cabinet, on December 16, 2021. had approved the auction of 2,251 megahertz (MHz) of the spectrum by the end of FY21 at a reserved price of Rs 3920 billion.

The government will offer spectrum across seven bands-700 MHz, 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, and 2,500 MHz, according to a notice issued by the Department of Telecommunications (DoT) in January.

The three big telecom companies - Airtel, Vodafone Idea, and Reliance Jio will participate in the auction. The spectrum bought will be valid for 20 years.

The Earnest Money Deposit (EMD) amount by Reliance Jio is the highest among the bidders at Rs 100 billion, earning the highest eligibility points, followed by Vodafone Idea at Rs 47.5 billion and Rs 30 billion by Bharti Airtel.

The bidders have an option to pay 50% upfront of the final bid for the 1,800, 2,100, 2,300, and 2,500 MHz bands, with the remaining amount paid in equated 16 instalments over a period of two years at an interest rate of 7.3%, following a two year moratorium.

For the 700, 800 and 900 MHz bands, the upfront amount is 25% of the successful bid.

The final bidders will also be required to pay 3% of the Adjusted Gross Revenue (AGR) excluding wireline services as spectrum usage charges for the spectrum won through this auction

The government allows spectrum sharing between telecom service providers in particular spectrum bands acquired in the auction after one year from the date of 'Frequency Assignment.'

The auction will not have the high-priced fifth-generation (5G) airwaves. The telecommunication companies have earlier shown reservations over the high prices.

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

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

This usually happens in a situation where a stock or index has typically been in a bull trend for a while.

If you're interested in trading and want to know how you can use this pattern, you can read about it in one of the recent editions of Profit Hunter here: It's When You Sell that Counts

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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