>> Problems on trading platforms irritate traders
>> PSU shares have their day in the sun
>> Good show at the telecommunications spectrum auction
>> Top Companies Line Up To Bid For Sale From Shipping Corporation
Hi. Welcome to ETMarkets Morning, the money, business and markets show. I am Sandeep Singh.
Let’s start with a quick look at the state of the markets.
Dalal Street seemed poised for further gains. Crafty futures traded nearly 100 points higher on the Singapore Stock Exchange at 7 a.m., as a strong overnight show on Wall Street boosted investor sentiment. The S & P500 posted its biggest one-day gain since June on Monday, as bond markets calmed down after a one-month sell-off. In foreign currencies, the dollar has traded stably against its major peers. Bitcoin recovered after a volatile weekend session. Oil pulled back to trade around $ 60 a barrel ahead of a key Opec-plus meeting this week that could return more supply to the market. Gold prices rose in the domestic market on Monday, but little changed in international markets this morning.
That said, here’s what else is in the news?
PSU stocks spend their day in the sun on the stock exchanges. They are in their best phase on the stock markets in four years, as the government’s privatization plans and a rise in global commodity prices have rekindled investor interest in them. Shares of state-owned companies have outperformed the broader indices so far this year, with the total market value of these entities gaining Rs 3.84 lakh crore, or 28%, since Jan. 1 against a lead of 5. 8% in Nifty. The total market capitalization of all PSUs hit the highest level since 2017 at Rs 19.45 lakh crore last Friday. Hindustan Copper has been the best performer, having climbed 157% so far in 2021. Others like MSTC, Bank of Maharashtra and fertilizer stocks have increased 60-80%.
For investors, it’s time to make hay while the sun is shining
The problems of trading in the best brokerage houses have haunted stock investors. Traders using brokerage platforms such as Zerodha and HDFC Securities faced times of anxiety on Monday morning as they were unable to execute trades. The problems – among many over the past year – added to the agony of market participants, who were behind the shutdown of NSE, the longest on an Indian stock exchange – last week . Several traders and investors have taken to social media, with the country’s largest broker, Zerodha, carrying the maximum weight of their anger. Traders complained that they took positions when trading opened on Monday, but were unable to exit causing them losses.
Machines have a habit of disappointing us at critical times… Right?
GST collections increased for the sixth consecutive month in February, official data showed on Monday even as higher electronic bills indicated that collections are also expected to remain firm in March. Total GST revenue rose 7% year-on-year to Rs 1.13 lakh crore in February, although it was a bit lower than the Rs 1.2 lakh crore collection in January as a further increase in Covid-19 cases has damaged collections in some states.
In a strong start to the telecommunications spectrum auction, the government generated Rs 77,146 crore on the first day of the 4G spectrum auction, more than 71% more than expected, Reliance Jio Infocomm , Bharti Airtel and Vodafone Idea bidding mainly to renew the airwaves. permit expiring in July. The sale will however be less than the Rs 3.92 lakh crore that the government could have generated if all the proposed waves had been sold at the base price. The government will receive 12,000 to 13,000 crore rupees as an upfront payment in this fiscal year until March 2021, and a similar amount next year.
The American group Safesea and the maritime operator JM Baxi, backed by Bain Capital, have submitted expressions of interest to participate in the privatization process of Shipping Corporation of India, setting up a competition for the acquisition of Navratna PSU. India’s largest private shipping operator, Great Eastern Shipping, is also interested in participating in the process.
NOW Before you go, here’s a look at the actions buzzing this morning …
Godrej Properties became the highest bidder for two Navi Mumbai plots auctioned by the Maharashtra Planning Authority government
The SBI announced on Monday that it had reduced interest rates on mortgage loans by up to 10 basis points and offered loans starting at 6.7%.
BPCL to sell all of its 61.65% in Numaligarh refinery for Rs 9,876 crore before its own privatization
Axis Bank’s deal to acquire a significant stake in the life insurance business of Max Financial Services will be finalized within the next 90 days with all required regulatory approvals in place, Max CEO said Life, Prashant Tripathy.
Also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s all for the moment. Stay with us for all the market news throughout the day. Good investment!