The Nikkei fell 0.5%, while the Hang Seng fell 0.7%. The Shanghai Composite is up 0.2%.
In US stock markets, Wall Street indexes closed higher on Tuesday as Home Depot and retail sales data indicated solid consumer health and eased concerns about the Federal Reserve being considered more aggressive against rising inflation. Might have to be
The Dow Jones gained 0.2% and the Nasdaq 0.8%.
Back home, Indian stock markets are trading on a negative note.
BSE Sensex is trading with a fall of 143 points. Meanwhile, NSE Nifty is trading with a fall of 32 points.
NTPC and Asian Paints are among themtop beneficiary Today. On the other hand, Reliance Industries is the biggest loser today.
BSE Mid Cap Index and BSE Small Cap Index are trading up 0.1% and 0.4% respectively.
Sectoral indices are trading mixed with stocks in the power sector and automobile sector showing buying interest.
On the other hand, oil & gas stocks and energy stocks are trading in the red.
Shares of CRISIL and TCNS Clothing hit a 52-week high today.
Rupee is trading at 74.48 against US Dollar.
Gold prices are trading up by 0.1% 49,105 per 10 grams.
Meanwhile, silver prices are trading higher by 0.3%. 66,430 per kg.
Gold rose today after a jump in US retail sales kept the dollar near a 16-month high, but hovered around recent lows.
Crude oil prices fell today, as US gasoline stocks fell more than expected last week, which could add to pressure on the Biden administration to release oil from emergency reserves to fuel rising gasoline prices.
In the news from the IPO space, Go Fashion has picked up 4.6 billion from 33 anchor investors prior to its initial public offering (IPO).
The IPO will open for subscription today and close on November 22.
The Government of Singapore, Monetary Authority of Singapore, Nomura, Abu Dhabi Investment Authority, Fidelity, Neuberger Berman Emerging Markets Equity Master Fund, and the University of Notre Dame are among the major investors investing in GoFashion through Anchor Book.
Meanwhile, domestic investors include SBI Mutual Fund, HDFC Trustee, ICICI Prudential, Axis Mutual Fund, Aditya Birla Sun Life, SBI Life Insurance and Kotak Mutual Fund.
go fashion planning to mop 10.1 billion through its public offering which includes a new issue of 1.3 billion and offer for sale (OFS) of 12.8 million equity shares by selling to shareholders.
The price band for the offer has been fixed 655-690 per equity share.
How this IPO progresses remains to be seen.
Moving on to the news of PSUs, the government wants state-owned oil and gas explorer ONGC to make the non-productive high-capacity fields of the prolific Mumbai High and Basin fields ready for privatization and not entire regions. privatization.
ONGC produces over 60% of India’s oil and gas production and has resisted several attempts to privatize its fields over the years.
In the latest move, the oil ministry had last month written to ONGC asking it to give 60% participating interest and operatorship to international players in the Mumbai High and Basin areas.
Together these two fields contribute half of domestic gas and more than 23% of oil production.
In the ministry’s letter, low recovery rates in the two old sectors, slow project implementation by ONGC, and government regulations that hamper the functioning of the public sector enterprise were cited as the major grounds for privatization.
Reports say that this letter has left ONGC officials stunned. According to him, these suggestions were “unfair” for the company and the government should instead encourage foreign companies to bid for the exploration acreage.
Now the government is softening its stand. Oil Secretary Tarun Kapoor said the 60% stake sale proposal would not apply to the producing regions of both the regions.
Kapoor also said that the government will no longer insist on ONGC to remove its drilling and well services unit.
The government is expecting ONGC to help build a strong domestic oilfield service industry by expeditiously launching more projects and providing more business opportunities to local service providers.
ONGC shares are currently trading with a gain of 0.4 percent.
Coming to PSUs, take a look at the chart below which shows the performance of BSE PSU Index vis–vis BSE Sensex over the years.
https://www.eqimg.com/images/2021/10012021-chart8-equitymaster.gif
As can be seen from the chart above, over the past decade, 100 rupees invested in BSE PSU index will fall 80, compared to almost 3x gains for the Sensex.
What Richa Agarwal, Lead Smallcap Analyst at Equitymaster writes about PSU stocks in an edition of Profit Hunter…
However, it would be foolish to paint all PSUs with the same brush. There are exceptions in this area, which put their personal peers to shame.
In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend – digitization.
This article is syndicated from Equitymaster.com
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