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Markets will remain closed on 14th April, 2021 on account of Dr. Baba Saheb Ambedkar Jayanti.

Sensex Trades Over 200 Points Higher; Dow Futures Down by 90 Points
Tue, 2 Mar 12:30 pm | Ayesha Shetty, TM Team

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

The BSE Sensex is trading up by 209 points, up 0.4% at 50,058 levels.

Meanwhile, the NSE Nifty is trading up by 76 points.

BPCL and Mahindra & Mahindra is among the top gainers today. ONGC and HDFC are among the top losers today.

Both the BSE Mid Cap and BSE Small Cap index are trading up by 0.9%.

On the sectoral front, stocks from the automobile 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 lower today, indicating a negative opening for Wall Street.

Nasdaq Futures are trading down 43 points (down 0.3%) while Dow Futures are trading down by 90 points (down 0.3%)

The rupee is trading at 73.37 against the US$.

Gold prices are trading down 0.2% at Rs 45,223 per 10 grams.

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In international markets, gold prices showed mixed trends. Gold prices fell amid better-than-expected US ISM manufacturing data and strength in the dollar index.

Tracking a muted trend seen in international spot prices, India Gold MCX April futures edged lower today. On MCX, April gold contracts were trading lower by 0.6% at Rs 45,050 for 10 grams in early trade.

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 BPCL.

Privatization-bound Bharat Petroleum Corporation (BPCL) on March 1, 2021, said it will exit the Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India and Engineers India for Rs 98.7 billion.

The sale of Numaligarh Refinery clears the way for the privatization of India's second-largest fuel retailer.

In keeping with the Assam Peace Accord, the government had decided to keep Numaligarh Refinery (NRL) in the public sector. As part of this, BPCL was to sell its entire 61.7% stake to state-owned firms. A consortium of Oil India, Engineers India, and the Government of Assam expressed interest in buying the stake and the BPCL board on Monday approved the sale.

"The board of directors of BPCL at the meeting held on March 1, 2021, has approved the proposal for sale of entire equity shares of Rs 44.5 billion held by BPCL in NRL to a consortium of OIL and EIL and to Government of Assam," the firm said in a filing to the stock exchanges.

The total consideration would be Rs 98.7 billion.

India's Revival: A Once-in-a-Generation Wealth Making Opportunity

NRL operates a 3 million tonnes per annum oil refinery in Assam. OIL currently holds 26% equity in NRL while the Government of Assam has around 12.4%. Post NRL sale, BPCL would be left with three refineries at Mumbai, Kochi (Kerala) and Bina (Madhya Pradesh).

Note that the sale of NRL is the first step towards the disinvestment of BPCL. The government has already indicated that it expects to complete BPCL privatization by the first half of the fiscal beginning April (FY22). The sale is key to achieving the Rs 1,750 billion disinvestment target set for FY22.

BPCL will give the buyer ownership of around 15.3% of India's oil refining capacity and 22% of the fuel marketing share.

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

At the time of writing, BPCL share price was trading down by 3.7% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about why it's prudent to be extra cautious during the month of March, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the automobile sector...

Delhi Government Suspends Subsidy on Tata Nexon EV

The Delhi government has suspended the subsidy offered on Tata Nexon Electric Vehicle (EV) owing to complaints claiming the battery-powered car wasn't meeting the per-charge range claimed by Tata Motors.

The company responded by terming it 'unfortunate' and underlined the claim of Nexon EV running 312 kilometres per charge as per the Automotive Research Association of India (ARAI).

Delhi transport minister Kailash Gehlot earlier in the day pointed to complaints from several Nexon EV owners who stated that the range of their car wasn't what was being claimed by Tata Motors.

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"The Delhi government has decided to suspend subsidy on an EV car model, pending the final report of a Committee, due to complaints by multiple users of sub-standard range performance," he said. "We are committed to supporting EVs, but not at the cost of trust & confidence of citizens in claims by manufacturers."

After the suspension of subsidy on Nexon EV, a Tata Motors spokesperson said the company will continue to work with customers while underlining the certified range of the vehicle. "It is unfortunate to receive this order from the Delhi Transport Commission. We will continue to engage constructively to protect the interests of our customers," he said.

"As with conventional vehicles (with IC engines), the actual range achieved in EVs is dependent on AC usage, individual driving style and the actual conditions in which the vehicle is driven. The range achievement is also a function of familiarity with the new technology, and customers report improvements upwards of 10% within 4-6 weeks of familiarity."

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

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!

Read the latest Market Commentary


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Stock Market Updates

Sensex Trades Marginally Higher, Dow Futures Up by 17 Points (Today's Market)

Apr 13, 2021 12:30 pm

BSE Sensex is trading up by 167 points, while the NSE Nifty is trading up by 50 points.

Indian Share Markets Open Marginally Higher; ONGC and M&M Top Gainers (Today's Market)

Apr 13, 2021 09:30 am

Indian share markets open in green. The BSE Sensex opened up by 156 points, while the Nifty is trading higher by 52 points.

HEG Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.7% (Today's Market)

Apr 13, 2021 09:32 AM

HEG share price is trading up by 5% and its current market price is Rs 2,177. The BSE CAPITAL GOODS is up by 0.7%. The top gainers in the BSE CAPITAL GOODS Index are HEG (up 5.3%) and GRAPHITE INDIA (up 7.5%). The top losers are KALPATARU POWER (down 0.1%) and HONEYWELL AUTOMATION (down 0.4%).

BANK OF MAHARASHTRA Share Price Up by 6%; BSE BANKEX Index Up 1.0% (Today's Market)

Apr 13, 2021 09:32 AM

BANK OF MAHARASHTRA share price is trading up by 6% and its current market price is Rs 24. The BSE BANKEX is up by 1.0%. The top gainers in the BSE BANKEX Index is BANK OF MAHARASHTRA (up 5.9%). The top losers is KOTAK MAHINDRA BANK (down 0.3%).

ADANI PORTS & SEZ Share Price Down by 5%; BSE 500 Index Up 0.1% (Today's Market)

Apr 13, 2021 09:26 AM

ADANI PORTS & SEZ share price is trading down by 5% and its current market price is Rs 755. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are GRAPHITE INDIA (up 5.4%) and GSK CONSUMER (up 5.1%). The top losers are ADANI PORTS & SEZ (down 5.3%) and MAH. SCOOTERS (down 5.2%).

MAHINDRA HOLIDAYS Share Price Down by 6%; BSE 500 Index Up 0.1% (Today's Market)

Apr 13, 2021 09:26 AM

MAHINDRA HOLIDAYS share price is trading down by 6% and its current market price is Rs 221. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are GRAPHITE INDIA (up 5.4%) and GSK CONSUMER (up 5.1%). The top losers are MAHINDRA HOLIDAYS (down 6.4%) and MAH. SCOOTERS (down 5.2%).

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