The Michael Caz Podcast brings you the latest in health, business, relationship, and adventure.
Manage episode 286294044 series 2497341
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The domestic markets rebounded smartly on Monday, rising nearly 2%, after a massive crash last week. Going into trade today, the BSE barometer Sensex could make a dash to reclaim the 50,000 mark amid a firm set of global cues. At 7.25 am, Nifty futures on the Singapore Exchange traded 102 points higher, indicating a gap-up start for indices back home. Besides, strong macroeconomic data and weakness in crude oil prices could also support the upside. India's goods and services tax (GST) collection surpassed the Rs 1 trillion-mark for the fifth consecutive month, touching Rs 1.13 trillion in February, indicating signs of improvement in the economy. Meanwhile, in the oil market, the crude prices slipped over 1% amid concerns that OPEC+ may agree to increase global supply in a meeting this week and Chinese demand may be slipping. Brent crude dropped 1.2% to $62.91 a barrel while U.S. West Texas Intermediate (WTI) crude slid 1.2%, to $59.90. Both WTI and Brent had lost over 1% on Monday as well. That apart, in the overnight session, Wall Street indices jumped as bond markets calmed after a month-long selloff, while another Covid-19 vaccine getting U.S. approval and fiscal stimulus also bolstered expectations of a swift economic recovery. The Dow Jones Industrial Average surged 1.95% and Nasdaq Composite jumped 3.01%. The S&P 500 gained 2.38% and posted its strongest one-day gain since June. Consequently, shares in Asia rose too. Australia’s S&P/ASX 200 Index gained 0.4% and South Korea’s Kospi index rose 2.2%. However, Topix index was down 0.4%. In other news, in a bid to further strengthen the regulatory framework for independent directors, Sebi proposed putting in place a dual approval system for their appointment as well as removal. In a significant move, the regulator has suggested that independent directors' appointments should be cleared by the "majority of the minority" shareholders under the dual approval system. Now, a look at the stock-specific developments that are likely to sway the market today: Quess Corp announced the separation of roles of its Chairman and Managing Director. Suraj Moraje, currently Group CEO and Executive Director, will be elevated to Group CEO and Managing Director from April 1, while Ajit Isaac, currently Executive Chairman and MD, will continue in the role of Executive Chairman. Hero MotoCorp on Monday reported a 1.45 per cent increase in total sales at 5,05,467 units in February. The company had sold 4,98,242 units in the same month of the previous year. Bharat Petroleum Corporation (BPCL) said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore. Sterlite Technologies (STL) announced to have bagged deals of over Rs 700 crore from telecom firms in Middle East and Africa (MEA), taking the company's total order book to over Rs 11,300 crore. The government has received multiple bids for privatisation of Shipping Corporation of India, Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on Monday. Shares of Eicher Motors would be in focus after Royal Enfield on Monday reported a 10 per cent increase in total sales at 69,659 units in February.