Share markets in India are presently trading marginally higher.
The BSE Sensex is trading up by 79 points, up 0.1%, at 59,824 levels.
Meanwhile, the NSE Nifty is trading up by 17 points.
ONGC and UPL are among the top gainers today. SBI Life and Hindalco are among the top losers today.
The BSE Mid Cap index is trading flat%.
The BSE Small Cap index is trading up by 0.8%.
On the sectoral front, stocks from the banking sector are witnessing most of the buying interest.
On the other hand, stocks from the metal sector are witnessing most of the selling pressure.
US stock futures are trading lower today, indicating a negative opening for Wall Street.
Nasdaq Futures are trading down by 71 points (up 0.5%) while Dow Futures are trading down by 78 points (down 0.2%).
The rupee is trading at 74.63 against the US$.
Gold prices are trading down by 0.3% at Rs 46,612 per 10 grams.
Gold prices fell for the second day in Indian markets today with analysts attributing the correction to profit-taking in global markets. On MCX, gold rates were down 0.4% to Rs 46,600 per 10 grams.
In global markets, gold prices fell today, pressured by a firmer dollar and higher US Treasury yields.
Investors remained cautious ahead of crucial US non-farm payrolls data due later this week.
Spot gold fell 0.3% to US$ 1,755.1 per ounce as the dollar index hovered close to its 2021 highs, denting gold's appeal for those holding other currencies.
Moving on to stock-specific news...
Among the buzzing stocks, today is Hindustan Copper.
Shares of Hindustan Copper rose as much as 11.5% on the BSE in intraday trade today after billionaire Anil Agarwal, promoter of the Vedanta Group, said that the company plans to buy the government's stake in Hindustan Copper as and when it is put up for disinvestment.
Mr Anil Agarwal said,
- Yes we are looking at Hindustan Copper. We are doing the due diligence. The dates have not come. As soon as they announce the date, things will be much more exciting and people will start believing that the process is going on in India.
Hindustan Copper is the only vertically integrated copper company in India.
The government has been reducing its stake in the company through the open market over the last two years.
Recently, it sold a 10% stake in Hindustan Copper through an offer for sale at Rs 116 apiece.
Life Insurance Corporation of India had acquired the bulk of shares sold by the Centre increasing its stake in the company to 15%. The government now holds about 62% stake in the company.
In 2019, Vedanta Chairman Anil Agarwal had urged Prime Minister Narendra Modi to divest a stake in at least five state-owned companies, which included Hindustan Copper.
Vedanta had earlier acquired the government's 64.9% stake in Hindustan Zinc (HZL) during 2002-2003.
Agarwal is also in the race to acquire Shipping Corporation of India Ltd (SCI) from the government.
The billionaire founder of Vedanta Resources is believed to have carried out due diligence of India's biggest ocean carrier, along with three other bidding groups.
Moving on to news from the mining sector...
Coal India Board Approves Pre-Feasibility Report for Aluminium Project in Odisha
State-run Coal India said that its board has approved a pre-feasibility report for setting up an integrated aluminum project in Odisha.
The miner, in December 2020, had got in-principle approval for venturing into the aluminum and solar sectors by the creation of special purpose vehicles.
In a regulatory filing, the company said,
- CIL in its board meeting held on a date had accorded its in-principle approval to pre-feasibility report for setting up of integrated greenfield aluminum project in Odisha which shall include bauxite mining, alumina refinery, aluminum smelter and associated captive power plant by its wholly-owned subsidiary Mahanadi Coalfields.
The Maharatna PSU accounts for over 80% of the domestic coal output and has expertise in mining.
The government has also asked the state-owned miner to diversify its business and explore prospects in areas like electric vehicles and charging pods considering the future restriction on carbon emission which is inevitable.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
Speaking of stocks, here is an illustration of the four phases that stock goes through during its life cycle. The cycle repeats itself after the stock goes through all these for stages.
This cycle defines everything in markets. If you can master this cycle, then nothing can stop you from making huge profits.
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