Stock Market Live: Sensex up over 450 points, Nifty above 15,300; banks, metals surge:

Petrol, diesel prices remain steady for 13th day in a row

Stock Market Live: Indian indices were trading higher on Friday as Asian peers continue to rise after bond yields further retreat easing concerns about rampant inflation. Domestically, all sectors, barring pharma and FMCG,  witnessed broad-based buying.

Opening Bell: Sensex opens over 450 points higher, Nifty above 15,300; all sectors in the green

A lot of the gains have been priced in and the risk reward metric doesn’t favour buying into commodities or metals at this point of time, they have been great performers but now it is time to look at some of the other sectors. Many choices are available, it is just that I feel that metal prices or other commodity prices cannot keep on rising the way they have and the best part of the game has been already captured.

One company which benefits tremendously is Dixon Technologies. The PLI scheme takes a little bit longer to convert into top-line and earnings and there could be risk factors in terms of realization as well as perhaps changes in government scheme as well. one needs to take the entire PLI opportunity with a little bit of pinch of salt and not specifically look for investing in themes which benefit from PLIs.

“The ‘risk on’ in global equity markets got another push with the passage of the US $1.9 trillion fiscal stimulus. Nifty is again likely to reach record highs since SGX Nifty is indicating 15400 levels. IT has been leading this leg of the rally. Now financials may catch up. Buy on dips’ has been a successful strategy so far. Now, since markets have run too much, at around 15400 Nifty, it is better to take a pause rather than buy. Partial profit booking also may be considered. The market has high resilience and the momentum is favorable but valuations and risks are high”

Indian indices opened higher on Friday as Asian peers continue to rise after bond yields further retreat easing concerns about rampant inflation. Domestically, all sectors witnessed broad-based buying led by banking, financial and metal indices. At 9:18 am, the Sensex was up 477 points at 51,757 while the Nifty rose 134 points at 15,309. Broader markets were also higher with the midcap and smallcap indices up around a percent each. On the Nifty50 index, IOC, HDFC Bank, Axis Bank JSW Steel and Tata Steel were teh top gainers while Hero Moto, SBI Life, Bajaj Auto, HDFC Life and Adani

SoftBank-backed Grab in talks to go public in nearly $40 billion SPAC deal: sources

Grab Holdings Inc is in talks to go public through a merger with a special purpose acquisition company that could value the ride-hailing giant at nearly $40 billion, making it the largest ever blank-check deal, people familiar with the matter said on Thursday. The Wall Street Journal reported earlier in the day SoftBank-backed Grab was in talks with Altimeter Capital Management LP. Grab is expected to raise between $3 billion and $4 billion from private investors, according to the report.Reuters first reported in January, citing sources, that Singapore-based Grab was exploring a listing in the United States. Silicon Valley-based venture capital firm Altimeter has backed two SPACs – Altimeter Growth Corp and Altimeter Growth Corp 2. The WSJ report did not specify which of the two SPACs Grab was in talks with. Special purpose acquisition companies, or SPACs, are shell companies that raise funds through an initial public offering to take a private company public.

The oil marketing companies (OMCs) kept petrol and diesel rates static for the 13th consecutive day on Friday. Accordingly, petrol prices in Delhi remained unchanged at Rs 91.17 a litre, while diesel prices maintained its price line of Rs 81.47 a litre in the national capital, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price remained unchanged at Rs 97.57 per litre on Monday. The cost of diesel also was the same at Rs 88.60 a litre. The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.

Govt set to invite bids for Air India sale by March end

The government has been trying to offload loss-making national carrier, Air India for a while now. CNBC-TV18 has picked up from people in the know that the government is gearing up to invite financial bids for the Air India sale by this month-end. Further, it also targets completing the process in the second half of this calendar year. It is further learned that the shortlisted entities for Air India may be given time till June, early July for financial bids. It is presumed that once the bids are locked, closure of AI sale may take 3-4 months post evaluation of financial bids. Thus currently a post-September date looks likely for the completion of the process. Recently, the bid to take over Air India by a consortium of its employees, led by the airline’s Director (Commercial) Meenakshi Mallik, came to a naught after they failed to make it to the next round of the divestment process.

Biden signs $1.9 trillion stimulus bill, lays out next phase of COVID fight

President Joe Biden said on Thursday he would direct US states to make all adults eligible for the coronavirus vaccine by May 1 and urged Americans in a televised address to stay vigilant against the virus, hours after he signed a USD 1.9 trillion stimulus bill into law. In a forceful but somber speech from the White House on the first anniversary of the pandemic lockdown, Biden said he was working to speed COVID-19 vaccinations to create a greater sense of normalcy in the country by July 4 Independence Day holiday. That date is a new goal for the president, who has warned Americans that further pain and death were still to come from the virus that has killed more than 530,000 people in the United States, the most of any country. Coronavirus-related lockdowns and restrictions have cost millions of jobs.

Warren Buffett becomes the newest member of $100 billion club

The net worth of US business tycoon Warren Buffett has zoomed past the $100-billion mark, making him the sixth person of all time to make it to the elite club. For decades, the 90-year-old, also known as the ‘Oracle of Omaha’, was a fixture at the top of the world’s wealth rankings. However, in recent years, his position dipped as tech fortunes climbed and his hot hand cooled down. According to the Bloomberg Billionaires Index, the Berkshire Hathaway Inc. chairman’s wealth rose to $100.4 billion on Wednesday. The $100 billion club features Jeff Bezos, Elon Musk, Bill Gates, Bernard Arnault, and Mark Zuckerberg.

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