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

SGX Nifty Down 216 Points, 5 Factors Behind the Sensex Rally, Easy Trip Planners IPO, and Buzzing Stocks Today
Thu, 4 Mar Pre-Open | Monish Vora, TM Team

Indian share markets ended their day on a strong note yesterday.

Benchmark indices rallied for the third consecutive day in a row with the BSE Sensex trading above 51,000-mark again, while the Nifty 50 reclaimed its 15,100 levels.

At the closing bell yesterday, the BSE Sensex stood higher by 1,147 points (up 2.3%).

Meanwhile, the NSE Nifty closed higher by 326 points (up 2.2%).

Tata Steel and Bajaj Finserv were among the top gainers.

Hero MotoCorp and Maruti Suzuki, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.5% and 1.3%, respectively.

On the sectoral front, gains were largely seen in the banking sector, metal sector, and energy sector.

At 8:00 am today, the SGX Nifty was trading down by 216 points, or 1.5% lower at 15,070 levels. Indian share markets are headed for a gap-down opening today following the negative trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading down by 1% at Rs 45,088 per 10 grams at the time of closing stock market hours yesterday.

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Here are Top 5 Factors Why Indian Share Markets Rallied Yesterday

Firm Global Cues: Asian share markets were trading on a positive note yesterday as investors shrugged off concerns of a rise in US Bond Yields last month, and focused more on the upcoming US Stimulus.

Asian share markets ended on a strong note yesterday. The Shanghai Composite stood higher by 1.9% while the Nikkei ended up by 0.5%. The Hang Seng ended higher by 2.7%.

Encouraging GDP Numbers: Indian share markets also reacted to encouraging Q3 gross domestic product (GDP) data which showed signs that the economy is back on track.

India's GDP grew 0.4% in October to December, compared with a revised contraction of 7.3% in July to September.

Macro Data: A stable PMI data for February and strong GST collections for the month of February highlighted green shoots in the economy. The goods and services tax (GST) collection crossed the Rs 1 lakh crore mark for the fifth month in a row in February.

Good Response to Spectrum Auctions: On the first day of spectrum auction, the government received bids worth Rs 771.4 billion as against its expectation of Rs 450 billion, said Union communications minister Ravi Shankar Prasad.

Sectoral Performance: Gains were also seen as banking, finance, and energy sectors witnessed huge buying interest yesterday. The banking sector ended the day up by 2.8% yesterday, while the finance sector and energy sector ended their day higher by 2.8% and 3.7%, respectively.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

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Top Stocks in Focus Today

Among the buzzing stocks today will be Coal India.

As a result of state-run Coal India's (CIL) drive for import substitution, imports by domestic coal-based power plants declined by 55% till January 2021 to 9 million tonnes (MT) compared to 20 MT during the same period last financial year.

Coal India said in a statement that coal consumers had opted for around 71 MT of indigenous coal ending February of FY21. Predominant among them was a robust 43.5 MT increase in e-auction bookings during April to February period compared to the same period in 2020.

Power Sector consumers, who benefitted from the import substitution drive include CESC, Andhra Pradesh Power Development Corporation, Adani Power and GMR group. Non-regulated sector (NRS) consumers include Vedanta, Jindal Steel and Power, NALCO, Hindalco Industries and Tata Steel BSL.

Marico share price will also be in focus today as the company said its board has declared a second interim dividend of Rs 4.50 per equity share for FY2020-21.

"The board of directors of the company at its meeting approved the declaration of second interim equity dividend for the financial year 2020-21 of Rs 4.50 per equity share of Rs 1 each, being 450% on the paid-up equity share capital of Rs 129.13 crore," Marico said in a regulatory filing.

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India to Offer Incentives to Tesla for EV Manufacturing

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.

IPO Buzz: Easy Trip Planners to Raise Rs 5.1 Billion Through IPO

Delhi based online travel agency Easy Trip Planners plan to raise Rs 5.1 billion through an initial public offering (IPO).

The issue opens for subscription on March 8, 2021, and closes on March 10, 2021.

The company aims to raise Rs 5.1 billion through its public issue which is a complete offer for sale. Promoters Nishant Pittie and Rikant Pittie, holding 49.8% and 49.7% respectively in the company, will sell up to Rs 2.5 billion worth of shares each.

The company and selling shareholders in consultation with merchant bankers will decide the price band and the minimum bid today (March 3, 2021) and the anchor book will open on Friday (March 5, 2021).

EaseMyTrip.com is operated by Easy Trip Planners Private Limited.

For the calendar year 2021, Easy Trip will be the tenth issue, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India, Heranba Industries and MTAR Technologies.

The company has been consistently profitable since incorporation, and according to the CRISIL report, it was the only profitable online travel agency among the key online travel agencies in India during FY18-FY20, in terms of net profit margin.

Its market share in the total Indian online travel agency industry in terms of gross booking revenues and gross booking revenues for the airline ticketing segment was approximately 4.6%, and 5.5%-6.5%, respectively, in FY20.

Easy Trip Planners was founded in 2008, an online travel agency market with offices across various Indian cities, including Noida, Bengaluru, Mumbai and Hyderabad. Its international offices (as subsidiary companies) are located in Singapore, the UAE, the UK and in January 2016, it opened its overseas branch in the Maldives.

How this IPO sails through 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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Stock Market Updates

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