Indian Share Markets Open Higher; GAIL & ONGC Surge 5%

Mon, 8 Mar 09:30 am

   Pre-Open   

   Momentum Moves   

   SGX Nifty   

   12:30 pm   

   Closing   

Asian stock markets reversed early gains and are currently trading on a negative note.

The Nikkei is trading down by 0.1% while the Hang Seng is down 1.7%. The Shanghai Composite is trading lower by 1%.

In US stock markets, Wall Street's main indexes rebounded sharply on Friday in whipsaw trade, as the rise in bond yields steadied, after a stronger-than-expected monthly jobs update from the labor department that offered evidence of an economy recovering from the effects of Covid-19.

The yield on the 10-year treasury note was down about 1 basis point to 1.553%, after a sharp rise last week in the wake of comments from Federal Reserve Chairman Jerome Powell on Thursday that were seen as insufficiently concerned about the possibility of inflation as the economy recovers with help from another dose of fiscal stimulus from Washington.

All major sectors in the S&P 500 index gained while the tech-heavy Nasdaq climbed more than 1.5% as giants Amazon.com Inc. and Apple Inc. recovered but the index still closed lower for the week.

The Dow Jones Industrial Average ended higher by 572 points or up by 1.9%.

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

The BSE Sensex is trading up by 363 points. Meanwhile, the NSE Nifty is trading higher by 112 points.

ONGC 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%.

All sectoral indices are trading in green with stocks in the metal sector and oil & gas sector witnessing most of the buying interest.

The rupee is trading at 73.21 against the US$.

Gold prices are trading up by 0.2% at Rs 44,770 per 10 grams.

Crude oil prices rose today, with Brent crude futures jumping above US$ 70 a barrel for the first time since the Covid-19 pandemic began, while US crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities.

Speaking of stock markets, in last week's edition of Momentum Moves, Brijesh Bhatia, Research Analyst at Equitymaster, had said that smallcaps will outperform the Nifty.

In this week's Momentum Moves video, Brijesh explains why the Nifty is in for a time correction and why the Bank Nifty is looking weak in the short-term.

As per Brijesh, Nifty is trading in a rising channel pattern and is hovering in the range of 14,450-15,300. He believes the time correction can be expected till the index trades in this zone.

Along with the Nifty, Brijesh also shares his views on the Bank Nifty. Tune in to the video below to find out more:

In news from the mutual funds space, mutual funds pulled out Rs 163.1 billion from equities in February, making it the ninth consecutive monthly outflow as small investors booked profit amid a rally in stock markets.

Overall, mutual funds withdrew a net amount of over Rs 564 billion in 2020, data available with the markets regulator showed.

According to the data, MFs have been continuously withdrawing money from equities since June 2020 and pulled out over Rs 1.24 lakh crore till February.

On a month-on-month basis, MFs withdrew Rs 163.1 billion from equities in February, 130.3 billion in January, Rs 264.3 billion in December, Rs 307.6 billion in November, Rs 144.9 billion in October, Rs 41.3 billion in September, Rs 92.1 billion in August, Rs 92 billion in July and Rs 6 billion in June.

However, they have invested over Rs 402 billion in the first five months (January-May) of 2020. Of this, Rs 302.9 billion was invested in March last year.

On the other hand, mutual funds invested Rs 81.6 billion in debt markets in the month under review.

The surge in markets, despite the withdrawals from mutual funds in the last few months, has continued to rise on robust flows from FPIs.

Benchmarks Sensex and Nifty have risen over 70% from their lows of March 2020 till date, while the BSE Midcap index has risen 95% and BSE Smallcap index rose over 120% in the same period.

Foreign Portfolio Investors (FPIs) have put in Rs 257.9 billion in the Indian stock markets in February after investing Rs 194.7 billion in January and Rs 1.7 lakh crore in the entire 2020.

We will keep you updated on the latest developments from this space. Stay tuned.

Moving on to stock specific news...

Titan Company is among the top buzzing stocks today.

India's largest watch maker on Friday introduced a range of products under its youth centric Fastrack brand, expanding offerings in the wearables segment as well as entering the audio accessories market as it plans to corner a bigger share in the country's growing market for wearables and audio products.

Fastrack Reflex was launched in 2017, marking its entry into the smart wearable devices. Fastrack by Titan is largely targeted towards younger consumers or GenZ.

On Friday, the company announced multiple launches -- Fastrack Reflex 3.0 smart bands, Fastrack Reflex 2C Pay -- a fitness band that enables contactless payments in association with YONO SBI, and smart audio accessories under Fastrack Reflex Tunes.

Note that Titan has been expanding its offerings under smart-watches, and other wearable devices as consumers in India increasingly swap regular timepieces with those that are functional and work across various technology platforms. Recently, the company launched a collection of smart watches under TRAQ catered towards sports enthusiasts.

In the December quarter, Titan Company's watches and wearables division reported a recovery rate of 88% compared to a year ago period. It recorded revenues of Rs 5.5 billion.

India's wearables market grew 144.3% YoY in 2020 with shipments of 36.4 million units, according to the worldwide quarterly wearable device tracker report by International Data Corp. (IDC).

Titan share price has opened the day down by 7%.

Speaking of the country's largest watchmaker, here's an interesting data on Titan...

Even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002, would have led to mouthwatering returns.

Take a look at how the power of compounding has gone wild here...

Here's what Co-head of Research at Equitymaster, Tanushree Banerjee wrote about it in one of the editions of Profit Hunter:

• It's possible to accumulate a few crores by investing small amounts in good businesses. Especially when the business is in distress and comes with margin of safety in valuations.
  
  Like the stock in my latest special report - First Stock to Potentially Rs 7 Crore Long-term Wealth.
  
  Business headwinds and macro and regulatory issues have kept the stock out of favour in most of 2020.
  
  Given its pedigree, balance sheet strength and cash flows, the stock has a very high chance of rerating once the temporary clouds of uncertainty disperse.
  
  In fact, I believe that 2021 could be for this stock what 2004 was for Titan.

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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Indian Share Market Update: Top Gainers and Losers