Sensex Opens Higher Ahead of GST Council Meet; Tata Steel & JSW Steel Top Gainers

Fri, 28 May 09:30 am

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Asian stock markets are trading on a positive note today, on course for a seventh day of gains as investors bet the US will lead the world out of the pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration.

The Hang Seng is up 0.8% while the Nikkei has zoomed 2.3%. The Shanghai Composite is trading up by 0.1%.

In US stock markets, Wall Street indices ended marginally higher as data showing improvement in the labor market helped bolster expectations in the economic recovery.

The Dow Jones Industrial Average rose 0.4%, while the Nasdaq Composite ended on a flat note.

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

Market participants will track shares of M&M, Glenmark Pharma, Ipca Labs, Dilip Buildcon and Nazara Technologies as these companies are scheduled to release their quarterly earnings today.

Investors will also closely watch the details of the 43rd GST council meeting.

The BSE Sensex is trading up by 216 points. Meanwhile, the NSE Nifty is trading higher by 74 points.

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

Both, the BSE Mid Cap index and the BSE Small Cap index have opened up by 0.5%.

Barring healthcare stocks, all sectoral indices are trading in green with stocks in the metal sector and finance sector witnessing most of the buying interest.

Shares of SBI and Redington hit their 52-week highs today.

The rupee is trading at 72.57 against the US$.

Gold prices are trading down by 0.2% at Rs 48,472 per 10 grams. Meanwhile, silver prices are trading down by 0.4% at Rs 71,416 per kg.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani shares his view on how the future of paper currencies will play out, in his latest video for Fast Profits Daily.

Tune in to find out more:

In news from the automobile sector, Eicher Motors is among the top buzzing stocks today.

Eicher Motors on Thursday post market hours reported a 73% year-on-year (YoY) rise in its consolidated net profit to Rs 5.3 bn for the quarter ended March (Q4FY21).

Profits were benefited by a low base effect as the year-ago quarter was damaged by the nationwide lockdown in March 2020 to contain the spread of the Covid-19 virus.

The company's total revenue from operations were at all time high of Rs 29.4 bn, up 33% for the quarter under review.

This compared with Rs 22.1 bn in the same period last year.

Royal Enfield sold 203,343 motorcycles in the quarter, an increase of 25% from 163,083 motorcycles sold over the same period last year.

Royal Enfield launched the new Himalayan in three new distinctive, terrain-inspired colorways, combined with a host of functional upgrades including the Tripper navigation pod.

Meanwhile, Volvo Eicher Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, gained market share across segments.

The company's board also recommended a final dividend of Rs 17 per share.

Eicher Motors share price has opened the day up by 3.8%.

Moving on to news from the energy sector, state run refiner Bharat Petroleum Corporation (BPCL) is planning to invest Rs 120 bn in capital expenditure in 2021-22 on ongoing projects.

However, it has put other planned projects on the backburner due to concerns over fuel demand, as per a top company official.

The company invested Rs 110 bn on capex in 2020-21.

BPCL management also said that it has no plans to sell its stakes in Petronet LNG and Indraprastha Gas.

The company did not comment on the timeline for its divestment process.

Note that the government is in process of selling its entire 52.98% stake in BPCL, as a part of its divestment strategy.

Bidders, including mining-to-oil conglomerate Vedanta and private equity firms Apollo Global and I Squared Capital's arm Think Gas, are in the process of analysing the 'Clean Data Room' containing commercially sensitive information and will also conduct physical inspection of assets.

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

Speaking of public sector undertakings (PSU), have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in BSE-PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in a recent edition of Profit Hunter:

• However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.
  
  In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.

Richa's latest stock recommendation (subscription required) is a stock from this space. This smallcap PSU is leading the digitisation drive from the frontlines.

Richa believes it could be a perfect bet for these uncertain times. Hidden Treasure subscribers can read the recommendation here.

And if you're not a subscriber, here's where you can sign up.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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