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Sensex Opens Flat; Tata Steel Jumps 4% Post Q4 Results
Thu, 6 May 09:30 am | Yash Vora, TM Team

Asian share markets rose in early trade today after data released overnight showed the US services sector added hundreds of thousands of jobs last month.

The Nikkei is trading higher by 1.7% and the Hang Seng is trading up by 0.1%. The Shanghai Composite is down 0.2%.

In US stock markets, Wall Street indices ended higher overnight with the Dow Jones Industrial Average ending at a record high, driven by energy and other economically sensitive sectors.

The Nasdaq, on the other hand, gave up early gains and closed 0.4% lower.

Back home, Indian share markets have opened on a flat note.

A total of 25 companies including Hero MotoCorp, Adani Power, Adani Transmission, Coforge, and Tata Consumer are set to release their quarterly results today.

The BSE Sensex is trading up by 72 points. Meanwhile, the NSE Nifty is trading higher by 33 points.

Bajaj Auto is among the top gainers today. Sun Pharma, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4%. The BSE Small Cap index is trading higher by 0.2%.

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Sectoral indices are trading on a mixed note with stocks in the metal sector and power sector witnessing buying interest.

IT stocks and realty stocks, on the other hand, are trading in red.

Shares of Supreme Industries and Tata Steel hit their 52-week highs today.

The rupee is trading at 73.84 against the US$.

Gold prices are trading up by 0.3% at Rs 47,121 per 10 grams.

Crude oil prices declined today as gasoline inventories in the United States, the world's largest oil consumer, rose for a fifth consecutive week although a draw in crude stockpiles helped to underpin prices.

Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia explains how you can make trading profits in the market when the Nifty is stuck in a range.

Nifty has been rangebound ever since the month of February.

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As per Brijesh, the recent downtrend may have been stooped by the bulls, but they don't seem to be strong enough to take the markets to new highs...at least in the short term.

So, what should you do? How do you trade the market when the index is stuck in a range? Brijesh answers these questions in the video below.

Tune in to find out more:

In news from the banking sector, the government on Wednesday cleared a proposal for strategic disinvestment of IDBI Bank, boosting efforts to meet its ambitious Rs 1.75 lakh crore disinvestment target for this fiscal year.

The proposal was approved by the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi.

The proposal involves the sale of a majority stake in the bank jointly by the government and Life Insurance Corporation of India (LIC), along with management control.

The government and LIC own 45.5% and 49.2% stake, respectively, in IDBI Bank, giving them a combined stake of more than 94%.

LIC is currently the promoter of IDBI Bank with management control after the government sold its majority stake to the state-run insurance giant in 2019.

Reports state that the government and LIC may not fully sell their stakes and instead retain minority holdings post the strategic disinvestment.

Earlier this week on Monday, IDBI Bank reported a full-year profit for the first time in five years at Rs 12.6 bn for 2020-21.

In the March quarter, the bank reported a nearly four-fold jump in net profit to Rs 5.1 bn due to tax refund and higher net interest income.

How the above stake sale pans out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

BREAKING: It's Good Time to Invest in Gold, but Just Don't Go Blindfolded

Moving on to news from the automobile sector, Tata Motors is among the top buzzing stocks today.

The Competition Commission of India (CCI) has ordered a detailed probe against Tata Motors for alleged abuse of its dominant position with respect to dealership agreements.

The order has come on two complaints filed against Tata Motors, Tata Capital Financial Services and Tata Motors Finance (opposite parties).

The CCI observed that the complainants are primarily aggrieved that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position.

The CCI has directed its Director General (DG), the investigation arm, to probe the matter in detail.

The CCI also said that it was not examining the conduct of Tata Capital and Tata Motors Finance, or the agreements executed by them with the dealers for channel financing, which do not appear to command any significant market power in verticals they operate in.

Regarding the allegation that the dealership agreement provides that the dealer shall not start, acquire or indulge in any new business even if it is not related to the automobile industry, CCI said the same appears to be unduly restrictive and expansive in its coverage and interferes with the freedom of trade.

Tata Motors share price has opened the day up by 0.2%.

Speaking of Tata Motors, note that on a year to date basis, share price of the automobile manufacturing company is up 62% and over the past one year, it has gained a whopping 301% as can be seen from the chart below.

How shares of the company perform in the coming months remains to be seen.

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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CIPLA at All Time High; BSE HEALTHCARE Index Up 0.3% (Today's Market)

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CIPLA share price has hit an all time high at Rs 979 (up 0.3%). The BSE HEALTHCARE Index is up by 0.3%. Among the top gainers in the BSE HEALTHCARE Index today are CIPLA (up 0.3%) and ABBOTT INDIA (up 0.2%). The top losers include SUN PHARMA ADV. RES. (down 0.1%) and WOCKHARDT (down 0.1%).

Sensex Opens 250 Points Higher; Coal India & Power Grid Top Gainers (Today's Market)

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