Sensex Trades On a Volatile Note; Dow Futures Down by 253 Points

Fri, 29 Jan 12:30 pm

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Share markets in India are presently trading on a volatile note.

The BSE Sensex is trading down by 16 points, down 0.03% at 46,858 levels.

Meanwhile, the NSE Nifty is trading flat.

IndusInd Bank and Indian Oil Corporation are among the top gainers today. Dr Reddy's and Tata Steel are among the top losers today.

The BSE Mid Cap index is trading up by 0.8%.

The BSE Small Cap index is trading up by 0.2%.

On the sectoral front, stocks from the real estate sector, are witnessing most of the buying interest.

On the other hand, stocks from the software sector, are witnessing most of the selling pressure.

US stock futures are trading lower today, indicating a negative opening for Wall Street.

Nasdaq Futures are trading down by 142 points (down 1.1%) while Dow Futures are trading down by 253 points (down 0.8%)

The rupee is trading at 72.98 against the US$.

Gold prices are trading up by 0.6% at Rs 48,911 per 10 grams.

Gold prices edged higher today after a five-day decline but the gains were muted. On MCX, gold futures rose 0.3% to Rs 48,749 per 10 grams following overnight gains in global markets. In the previous session, gold had declined 0.5%.

Note that in India, gold prices are down about 3% or Rs 1,500 so far this year, tracking a similar drop in global rates.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Aditya Birla Fashion & Retail.

Aditya Birla Fashion and Retail (ABFRL) has entered a strategic partnership with India's largest designer brand Sabyasachi by signing a definitive agreement for acquiring 51% stake in the brand, the leading fashion company announced on January 27, 2021.

Sabyasachi had FY20 revenues of Rs 2.7 billion and ABFRL paid Rs 3.9 billion for the stake purchase.

In a disclosure to the exchanges, the Aditya Birla group firm said, "Sabyasachi is India's largest and most influential luxury designer brand with strong Indian roots and global appeal. The ABFRL platform will complement brand Sabyasachi on its journey to becoming a global luxury house out of India. This partnership will add significant weight to ABFRL's growing ethnic wear portfolio".

Commenting on the partnership with ace designer Sabyasachi, Ashish Dikshit, Managing Director, ABFRL, said, "We believe that over the next few years, ethnic wear is going to be an increasingly important category as young and confident Indians rediscover their culture and heritage.

We are proud to partner Sabyasachi in its journey to become the only global luxury brand from India."

Sabyasachi Mukherjee, CEO and Founder, Sabyasachi Brand, said, "I am honoured and excited to have found that partner in Kumar Mangalam Birla and ABFRL. Aligned in our vision, and committed to excellence, we will work together to grow a truly global luxury brand out of India."

The proposed acquisition is subject to necessary statutory approvals and signing of definitive agreements. Ernst & Young, Price Waterhouse Cooper and Shardul Amarchand Mangaldas & Co. were the transaction advisors for Sabyasachi whereas ABFRL was advised by KPMG, Khaitan & Co. and Transaction Square LLP.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Aditya Birla Fashion & Retail share price was trading down by 1.9% on the BSE.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani, talks about why he thinks US President Joe Biden's policies are bullish on silver, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the ipo space...

IRFC Shares Make Tepid Debut On Bourses

Shares of Indian Railway Finance Corporation (IRFC) made a lacklustre debut today at Rs 25 per share, a discount of 3.9% from the upper band of the issue price of Rs 26 apiece. Minutes after listing the stock price moved lower to Rs 24.4 per share.

IRFC, a non-bank finance company (NBFC) owned by the Ministry of Railways is the first IPO for 2021. On listing, the company had a market capitalization of Rs 330 billion. The stock has failed to mirror the bumped listing of IRCTC, another Ministry of Railway firm.

IRFC, a state-owned NBFC works for the Ministry for Railways exclusively. The IPO of the firm was successfully completed earlier this month, raising Rs 46.3 billion from the market. The issue was subscribed 3.5 times by investors with massive bidding by employees of the company who oversubscribed their quota 42 times. Retail investor subscription was at 3.7 times while Qualified Institutional Buyers (QIB) bid for 3.8 times their portion.

IRFC is a bet on the growth of India's railway infrastructure. However, the same could also be a risk for the company as its growth depends on the expansion plans of Indian Railways. A poor fiscal environment can impact the firm as investment stalls.

On the financial front, earnings for IRFC grew at a CAGR of nearly 50% between the financial year 2017 and the current fiscal year led by 26% in assets under management (AUM) growth. Through the IPO, the government's shareholding in the stock has gone down to 86% from 100% pre-issue while the public shareholding has jumped to 14%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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