The Hang Seng was up 0.3%, while the Shanghai Composite was down 0.6%. The Nikkei rose 0.5%.
In US stock markets, Wall Street indexes fell on Thursday as losses in heavyweight tech and oil stocks indicated economic resilience from strong retail sales.
The Dow Jones Industrial Average fell 63 points, or 0.2%, while the Nasdaq Composite gained 20 points, or 0.1%.
Back home, Indian stock markets have opened on a positive note after the SGX Nifty trend.
BSE Sensex is trading up 391 points. Meanwhile, NSE Nifty is trading with a gain of 98 points.
Bajaj Finance and ITC are among them Today’s Top Beneficiaries.
On the other hand, Tata Steel is the biggest loser today.
Both BSE Mid Cap Index and BSE Small Cap Index opened with a gain of 0.3%.
Sectoral indices are trading mixed with realty sector and banking sector stocks showing buying interest.
On the other hand, Power Stock and Metal Stock are trading in the red.
Shares of Sunteck Realty and Avenue Supermarts hit 52-week highs today.
Rupee is trading at 73.51 against US Dollar.
Gold prices are trading with a fall of 0.1% ₹46,050 per 10 grams.
Meanwhile, silver prices are trading with a gain of 0.2%. ₹61,223 per kg.
Crude oil prices are flat today, while more supplies came online in the US Gulf of Mexico after two storms.
Stocks are moving up on specific news…
Hindustan Copper is one of the top trending stocks today.
Centre’s 10% stake sale in Hindustan Copper receives good response on day one, with institutional investors bidding higher ₹7 bn.
Against the more than 43.5 million shares on offer, institutional investors bid for over 61.4 million shares, or 1.41 times the size of the offer.
The government is selling 10% stake in Hindustan Copper which includes a green-shoe option of 5%.
The minimum price fixed for this Offer for Sale (OFS) was ₹116 per share.
If OFS is fully subscribed, this 10% stake sale will take the government around ₹11 billion
Share sale will open for retail investors today.
The government currently holds 72.76% stake in the companyUnder the administrative control of the Ministry of Mines.
Note that this is the third time that the government is selling its stake in a public sector undertaking (PSU) through an OFS in the current financial year.
The first was NMDC and the second was HUDCO.
So far the government has geared up ₹83.7 billion in the current fiscal through OFS of NMDC, HUDCO and stake sale in Axis Bank.
The share price of Hindustan Copper opened with a gain of 0.3% in the day.
Note that copper prices have been on a downtrend as August imports of the metal by top consumer China fell to their lowest level since June 2019. This was because high prices and sluggish economic growth hit demand.
London copper prices are trading in a range of around $9,000 to $10,000 a tonne since hitting a record high of $10,747.50 a tonne in May 2020.
Due to this, the stock of Hindustan Copper has remained on a declining trend for the last few months.
Moving to the news of the telecom sector, Sunil Bharti Mittal, Chairman, Bharti Airtel has reportedly spoken to Vodafone Group CEO Nick Reed about the need to invest more.
Advising Vodafone Idea to pump in funds to stay in the game, Mittal said in a virtual press meet on Thursday that he needs to contribute his money to the company.
UK-based Vodafone and its joint venture partner in India, the Aditya Birla Group, have made sure that they don’t throw good money after bad.
Mittal also talked about all the telecom companies working closely with Reliance Industries Chairman and MD Mukesh Ambani.
He said that he talked about the need for coordination among the telecom companies.
The time has come for three plus one operators to work as a team to build telecommunications instead of competing hard. We will compete, but like other industries like steel, let’s build an eco system together.
This comes just a day after the Center announced a relief package for the telecom sector.
The government has offered a moratorium, which will come into effect from October 1. Any company that decides to avail it will have to pay Marginal Cost of Funds Based Lending Rate (MCLR) plus interest at the rate of 2%.
Acknowledging that Bharti Airtel will take advantage of the dues given by the government, Mittal said the company will aggressively redirect the cash flow to build the network.
Suggesting cooperation through sharing of infrastructure like FTTH, local loop unbundling, fiber and submarine cable, Mittal said companies should work together to bring more discipline in market practices like commission, dealer margin, portability .
Emphasizing the need for a 20-30% increase in tariff to sustain the high capex, Mittal said Airtel has already taken a lead.
He also said that his next big bet would probably be the infrastructure space.
Bharti Airtel share price has opened up 0.5% on the day.
(This article is syndicated from) equitymaster.com)
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