Indian Share Markets Open Higher; JSW Steel & Tata Steel Top Gainers

Wed, 3 Mar 09:30 am

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Asian share markets edged higher today as investors shrugged off concerns that stocks may have rallied too far too fast in the past year, and focused instead on optimism that more imminent US stimulus will energise the global economic recovery.

The Nikkei is trading up by 0.4% while the Hang Seng is up 1.8%. The Shanghai Composite is trading higher by 1.1%.

In US stock markets, Wall Street indices retreated overnight. The S&P 500 dropped 0.8%, the Dow Jones fell 0.5%, while the Nasdaq dropped 1.7%.

Benchmark US government bond yields dipped again for the third consecutive day as investors paused a recent sell-off ahead of a slew of US economic data that will be released later this week.

Investors are awaiting developments in a US$ 1.9 trillion US stimulus bill passed by the House of Representatives last week, as the Senate begins debate over the legislation this week.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

The BSE Sensex is trading up by 313 points. Meanwhile, the NSE Nifty is trading higher by 112 points.

SBI is among the top gainers today. Bajaj Auto, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened higher by 1.1%.

Barring automobile stocks, all sectoral indices are trading in green with stocks in the metal sector and banking sector witnessing most of the buying interest.

Shares of Symphony and Just Dial hit their 52-week highs today.

The rupee is trading at 73.22 against the US$.

Gold prices are trading down by 0.1% at Rs 45,490 per 10 grams.

Gold edged lower today as firm US Treasury yields continued to pressure the non-yielding bullion, although prices held above the 8-1/2-month trough hit in the previous session.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani explains why the stock markets were spooked by rising bond yields and why you need to keep an eye on bond yields from now on.

Tune in to the below video to find out more:

In news from the electric vehicles space, India is ready to offer incentives to ensure Tesla Inc's cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari told Reuters.

"Rather than assembling (the cars) in India they should make the entire product in the country by hiring local vendors. Then we can give higher concessions," Gadkari said in an interview, without giving details of what incentives would be on offer.

"The government will make sure the production cost for Tesla will be the lowest when compared with the world, even China, when they start manufacturing their cars in India. We will assure that," he said.

Gadkari's pitch comes weeks after billionaire Elon Musk's Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric sedan in India.

India wants to boost local manufacturing of electric vehicles (EVs), batteries and other components to cut costly imports and curb pollution in its major cities.

This comes amid a global race by carmakers to jump-start EV production as countries work towards cutting carbon emissions.

India's fledgling EV market accounted for just 5,000 out of a total 2.4 million cars sold in the country last year as negligible charging infrastructure and the high cost of EVs deterred buyers.

In contrast, China, where Tesla already makes cars, sold 1.25 million new energy passenger vehicles, including EVs, in 2020 out of total sales of 20 million, and accounted for more than a third of Tesla's global sales.

India also doesn't have a comprehensive EV policy like China, which mandates companies to invest in the sector.

How the above developments pan out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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.

Moving on to stock specific news...

IRCON International is among the top buzzing stocks today.

The offer for sale (OFS) for up to 16% government stake at a floor price of Rs 88 per share in railway PSU IRCON will open today.

The base issue size of the OFS is 10% or over 47 million equity shares, with a green-shoe option to retain over-subscription of 6% or over 28.2 million shares.

The total issue size, including green-shoe option, comes to 16% or over 75.2 million shares.

At the floor price of Rs 88 per share, a 16% stake would fetch over Rs 6 billion to the exchequer.

The government holds 89.18% stake in IRCON, which is under the Railways Ministry and into construction of transportation infrastructure.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Tuesday tweeted: "Offer for Sale in IRCON opens tomorrow for Non Retail Investors. Day 2 for Retail Investors. Govt. would divest 10% equity with an additional 6% as Green Shoe option".

The government has set a disinvestment target of Rs 320 billion in the Revised Estimates for the current fiscal. So far, it has realised Rs 206.3 billion through minority stake sale in CPSEs and share buybacks.

IRCON International share price has opened the day down by 6.3%.

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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Indian Share Market Update: Top Gainers and Losers