Sensex Trades Marginally Higher, Dow Futures Up by 17 Points

Tue, 13 Apr 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 167 points, up 0.4% at 48,050 levels.

Meanwhile, the NSE Nifty is trading up by 50 points.

Mahindra & Mahindra and Bajaj Finserv are among the top gainers today. TCS and Tech Mahindra are among the top losers today.

Both the BSE Mid Cap and BSE Small Cap index are trading up by 0.3%.

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

On the other hand, stocks from the IT sector, are witnessing most of the selling pressure.

US stock futures are trading mixed today.

Nasdaq Futures are trading down 24 points (down 0.2%) while Dow Futures are trading up 17 points (up 0.1%)

The rupee is trading at 75.06 against the US$.

Gold prices are trading up 0.2% at Rs 46,491 per 10 grams.

Gold prices struggled in Indian markets for the third day in a row amid softness in global rates. On MCX, gold prices were up 0.1% to Rs 46,464 per 10 grams after a two-day decline. Silver rates edged 0.2% higher to Rs 66,300 per kg. In the previous session, gold had dipped 0.4% while silver had declined 1.3%.

Speaking of the precious metal, India's #1 trader, Vijay Bhambwani talks about how the Indian consumer has started to take the price of gold and silver higher, in one of his latest videos for Fast Profits Daily.

Tune in here to find out more:

And 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 ONGC.

State-run Oil and Natural Gas Corporation (ONGC) has floated a tender for prospective buyers to bid for gas supplied from its KG-DWN-98/2 field located in the east coast Krishna Godavari offshore field.

ONGC will supply two million standard cubic meters per day (mscmd) gas from the field to the Odalarevu onshore terminal in Andhra Pradesh, and buyers can book contracts for three to five years, starting June 30, 2021.

Bidders will have to quote prices linked to the contemporary rates of Brent crude oil, but ONGC will sell the gas at the government determined ceiling tariff for the fuel for difficult fields, which currently stands at US$ 3.6 per million British thermal units (mBtu).

First gas production from ONGC's KG-DWN-982 deep-water project commenced on March 5, 2020. The field is expected to touch the peak production of 15 mscmd by FY24.

Domestic gas output fell 2.8% year-on-year (YoY) to 31.2 billion standard cubic meters in FY20, reversing the growth trend recorded since FY18 amid the ageing of existing fields and muted response from the industry to take up new projects.

Production has, however, shown recent signs of revival with the commencement of production from Reliance Industries and BP's ultra-deep-water field in the KG D6 Block on the east coast of India.

The ceiling price of domestic gas is fixed by the government every six months, and in the latest revision on March-end, rates were kept unchanged at the current all-time low rate of US$ 1.79/mBtu. However, the ceiling price for gas to be produced from difficult fields, which have higher pricing and marketing freedom had been cut by 10.8% to $3.6/mBtu.

More than 95% of the gas currently produced by ONGC is sold at government determined rates. The average gas output cost of ONGC, which produces about 80% of the domestic natural gas, is US$ 3.7/mBtu. ONGC had indicated earlier that it may face a loss of around Rs 70 billion in FY21 from its gas businesses due to under-recoveries.

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

At the time of writing, shares of ONGC were trading up by 4% on the BSE.

Moving on to news from the shipping sector...

Adani Ports Share Slips After Firm Removed From S&P Index

Adani Ports share fell over 5% today after S&P Dow Jones Indices said it has removed the Indian firm from its sustainability index due to the firm's business ties with Myanmar's military which is accused of human rights abuses after a coup this year.

Share of Adani Ports touched an intraday low of Rs 704, falling 5.4% against a previous close of Rs 744.5 on the BSE.

The stock has lost 11.2% in the last two days. The share trades higher than 50-day, 100-day and 200-day moving averages but lower than 5-day and 20-day moving averages. The market capitalization of the firm fell to Rs 1.4 trillion on BSE.

India's largest private multi-port operator Adani Ports is building a US$ 290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). It will be removed from the index prior to the open on Thursday, April 15, 2021, it said in a statement.

More than 700 people have been killed since a February 1, 2021, military coup that ousted an elected government led by Aung San Suu Kyi.

On March 31, 2021, Adani Group said it would consult authorities and stakeholders on its port project in Myanmar after human rights groups reported its subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm.

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

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception.

This compares favorably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid-19 rebound underscores the strength of stock picking process.

If you are interested in becoming a Hidden Treasure subscriber, here's where you can sign up.

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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