Sensex Trades Over 200 Points Higher; Dow Futures Up by 165 Points

Tue, 9 Mar 12:30 pm

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

The BSE Sensex is trading up by 299 points, up 0.6% at 50,739 levels.

Meanwhile, the NSE Nifty is trading up by 80 points.

SBI Life and Grasim Industries are among the top gainers today. BPCL and GAIL are among the top losers today.

The BSE Mid Cap index is trading down by 0.2%.

The BSE Small Cap index is trading up by 0.2%.

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

On the other hand, stocks from the energy 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 by 96 points (up 0.8%) while Dow Futures are trading up by 165 points (up 0.5%)

The rupee is trading at 73.14 against the US$.

Gold prices are trading up by 0.4% at Rs 44,390 per 10 grams.

In global markets, gold prices edged higher but gains were capped amid a stronger US dollar and higher US Treasury yields. The US benchmark bond yields hovered around a 12-month high on concerns that the government massive stimulus package will stoke inflation.

Gold prices in India edged higher today after a slump in the previous session. On MCX, gold futures were up 0.3% to Rs 44,360 per 10 grams, after falling to Rs 44,150 in the previous session.

Note that gold prices have fallen to near 11-month lows in India after being in a downtrend since hitting a record high of ?56,200 in August. And from the start of this year, gold is down about Rs 5,500 per 10 grams.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

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 BEML.

Tata Motors, Ashok Leyland and Mahindra and Mahindra are among at least six companies looking to buy the government's 26% stake in state-run defence and construction equipment manufacturer BEML.

Besides, Bharat Forge and Megha Engineering and Infrastructure are also likely to submit Expression of Interest (EoI) for acquiring a stake in the company.

The Department of Investment and Public Asset Management had in January invited EoI to offload its 26% stake in BEML. The government currently holds a 54% stake in BEML.

SBI Capital Markets has been appointed as the transaction advisor for managing the disinvestment process on behalf of the government.

With the stake sale, management control of BEML will also be transferred to the successful bidder. The deadline for submission of EoI was March 1, 2021, which was later extended to March 22, 2021.

The government has set a disinvestment target of Rs 1.75 lakh crore for FY22.

BEML, previously Bharat Earth Movers Limited, is an Indian Public Sector Undertaking, with headquarters in Bengaluru, Karnataka, India. It manufactures a variety of heavy equipment, such as that used for earthmoving, transport and mining.

BEML operates under three major business verticals -- defence and aerospace, mining and construction, and rail and metro.

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

At the time of writing, shares of BEML were trading up by 2.4% on the BSE.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani talks about why you should be wary of the new and exciting metals  HYPERLINK "https://www.equitymaster.com/detail.asp?date=06/27/2013&story=4&title=Is-the-commodity-supercycle-over" \t "_blank" supercycle theory, in his latest video for Fast Profits Daily.

Tune in here to find out more:

In news from the power sector, market participants are tracking shares of NTPC.

State-run power giant, NTPC on March 7, 2021, announced a special recruitment drive for women executives on the eve of Women's Day.

The recruitment drive includes plans for recruiting only women executives across its areas of operations. The company believes that this will empower women and enhance gender diversity as parameter for it.

Share of NTPC are currently trading down by 1.2%.

Moving on to news from the mining sector...

Coal India Approved 32 Mining Projects till January In FY21

State-owned Coal India on March 8, 2021, said its board has approved 32 coal mining projects till January 2021, indicating an incremental capital of around Rs 473 billion.

While 24 of the 32 projects are an expansion of the existing ones, the remaining are greenfield (new) units, Coal India (CIL) said in a statement. "Scripting a record high...Coal India has approved 32 coal mining projects in the current fiscal till January 2021," the PSU said.

The combined incremental peak capacity of these projects is projected at 193 million tonnes per annum (MTPA). This will be in addition to the already sanctioned capacity of 303.5 MTPA.

Of the 193 MTPA capacity of 32 projects, Coal India's three subsidiaries South Eastern Coalfields (SECL), Central Coalfields (CCL) and Mahanadi Coalfields (MCL), with 167 MTPA, form the bulk at 86.5%. SECL with six projects at an estimated incremental investment of Rs 186.6 billion accounts for 63.5 MTPA, followed by CCL at an investment of Rs 75.2 billion for 10 projects of 56.6 MTPA.

MCL with three projects would add up to 47 MTPA at an investment of Rs 140.6 billion. The rest, nearly 26 MTPA, would be met through Eastern Coalfields, Northern Coalfields and Western Coalfield with the remaining investment between them.

CIL accounts for over 80% of the domestic coal output.

How these expansion projects pan out remain 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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