Sensex Trades Marginally Higher, Dow Futures Down by 28 Points

Fri, 16 Apr 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 74 points, up 0.2% at 48,877 levels.

Meanwhile, the NSE Nifty is trading up by 55 points.

Wipro and Hindalco are among the top gainers today. ICICI Bank and Bajaj Finance are among the top losers today.

Both the BSE Mid Cap and BSE Small Cap index are trading up by 1.2%.

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

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

US stock futures are trading lower today, indicating a negative opening for Wall Street indices.

Nasdaq Futures are trading down by 37 points (down 0.3%) while Dow Futures are trading down by 28 points (down 0.1%)

The rupee is trading at 74.52 against the US$.

Gold prices are trading down 0.5% at Rs 46,950 per 10 grams.

Gold and silver prices edged lower today in Indian markets after posting big gains in the previous session. On MCX, gold futures were down 0.1% to Rs 47,120 per 10 grams. In the previous session, gold had risen 1.2% while silver had surged 1.2%.

Note that despite today's fall, gold is sharply up this month, rebounding from levels of Rs 44,000.

In global markets, gold rates were steady today and were on track second straight weekly gain. Spot gold was flat at US$ 1,763.5 per ounce. Technically, international gold is trading in a bullish momentum after pushing past the resistance level of US$ 1,760.

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 National Fertilizers.

The government will divest a 20% stake in National Fertilizers (NFL) and 10% of its holding in Rashtriya Chemicals & Fertilizers (RCFL) through the offer for sale (OFS) route. It currently holds a 75.7% stake in NFL and a 75% stake in RCFL.

The department of investment and public asset management (DIPAM) has sought expressions of interest from merchant bankers for both divestment projects and legal advisers by May 5, 2021.

"The Government of India intends to disinvest 20% paid-up equity capital of NFL out of its shareholding of 74.7%, through 'Offer for Sale' (OFS) method of shares by promoters," the department said in a notice inviting tenders issued April 12, 2021.

The government will also consider allotting shares to eligible and willing employees of NFL at a discount on the discovered price or the lowest cut off price, up to a maximum of a certain percentage of the OFS size subsequent to completion of the OFS transaction.

National Fertilizers is an Indian state-owned corporation that manufactures chemical fertilizers, organic fertilizers and industrial chemicals. As of 2018, it was the second-largest producer of fertilizers in India.

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

At the time of writing, shares of National Fertilizers were trading up by 1.8% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about the signs of a market bubble and why you should pay attention to them, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the power sector...

CSC, Tata Power Tie-Up to Provide Solar-Powered Micros Grids in Rural Areas

The Common Services Centre (CSC) and Tata Power, on April 15, 2021, entered into a tie-up to set up solar-powered microgrids and water pumps in rural areas across the country.

The partnership is in line with the government's focus on providing solar water pumps and micro-grid connected to solar power for small and marginal farmers to provide them with financial and water security, CSC said in a statement.

As per the partnership, Tata Power will set up 10,000 microgrids to support rural customers. These microgrids will be supported by CSC village level entrepreneurs (VLEs) at the ground level.

VLEs will help in providing connection to rural citizens, including MSME units for commercial purposes. The power available through these units would be affordable, qualitatively better, decentralized and serviced by a local entrepreneur, it said.

CSC, on its part, will help Tata Power in the maintenance of microgrids through its VLEs in many areas. Moreover, VLEs will also be trained in the installation of domestic and commercial connection.

A micro-grid has been piloted in five villages of Lakhimpur Kheri in Uttar Pradesh and learning from this will be useful in the full roll-out. CSC Special Purpose Vehicle (SPV) has also approached Tata Power with a request to support a rental model for solar water pumps, which can be provided to 6,000 Farmer Produce Organisations (FPOs), which CSC is setting up to support farmers across the country.

This association will result in the employment of a minimum of two persons in each Panchayat, thereby leading to the generation of 20,000 jobs for rural youth. Continuous power and Internet connectivity will also promote work-from-home and address migration issues.

"This partnership will increase energy access and provide an economic opportunity to the company by providing off-grid or microgrid power. This will help rural customers move away from burning relatively expensive fuels such as kerosene and can provide basic energy services and meet economic needs," Dinesh Tyagi, Managing Director, CSC, said.

This unique collaboration will amplify the government's ongoing campaign to provide clean and sustainable energy to households and businesses in rural areas, he said.

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

Speaking of the power sector, it is interesting to note that the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below:

As per Tanushree Banerjee, India's power sector is currently in transition. It is driven by increasing reliance on short-term contracts and electricity spot markets. This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

In August 2020, Tanushree recommended a high-quality stock from this space. Subscribers can read the report here (requires subscription).

If you are not a StockSelect 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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