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- Indian Stock Market News July 22, 2021
Sensex Zooms 600 Points, Dow Futures Up by 34 Points Thu, 22 Jul 12:30 pm
Share markets in India are presently trading on a strong note.
The BSE Sensex is trading up by 616 points, up 1.2%, at 52,815 levels.
Meanwhile, the NSE Nifty is trading up by 181 points.
Bajaj Finance and JSW Steel are among the top gainers today. Asian Paints and Cipla are among the top losers today.
The BSE Mid Cap index is trading up by 0.9%.
The BSE Small Cap index is trading up by 1.4%.
On the sectoral front, barring the power sector, all sectors are trading in green with stocks from the metal sector, witnessing most of the buying interest.
US stock futures are trading higher today, indicating a positive opening for Wall Street.
Nasdaq Futures are trading up by 36 points (up 0.2%) while Dow Futures are trading up by 34 points (up 0.1%).
The rupee is trading at 74.38 against the US$.
Gold prices are trading down by 0.2% at Rs 47,476 per 10 grams.
Gold prices remained weak for fifth day in a row as futures on MCX fell 0.2% to Rs 47,478 per 10 gram. Gold futures had dropped 0.6% in yesterday's truncated session on MCX. Trading on MCX was closed during the first half on Wednesday due to a public holiday.
In global markets, gold prices edged lower today as risk appetite returned in equities. A stronger US dollar also weighed on the precious metal. Spot gold was down 0.1% at US$ 1,801.8 per ounce, after hitting a more than one-week low of US$ 1,793.6 in the previous session.
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.
Even with the recent volatility in prices, gold and silver remain 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 Gland Pharma.
Shares of Gland Pharma rallied 8% on the BSE in intra-day trade today after the company's net profit jumped 12% year on year (YoY) to Rs 3.5 bn for the June 2021 quarter.
It had posted a net profit of Rs 3.1 bn in the year ago period.
The stock was trading at its highest level since the company listed on the exchanges on 20 November 2020. In the past month, it has outperformed the Sensex by surging nearly 30% as against a 0.4% gain in the index.
The company also reported revenue growth of 3% YoY at Rs 11.5 bn for the quarter compared to Rs 8.8 bn n the June 2020 quarter.
Gland Pharma said the growth in revenue was due to the launch of new products and volume growth in existing products.
The company's key markets such as US, Canada, Europe and Australia registered a growth of 16% YoY driven by the growth of key products such as Micafungin, Enoxaparin, Heparin, Dexmedetomidine.
This accounted for 61% of the total revenue.
On the other hand, India witnessed a 77% YoY growth for the quarter and accounted for 20% of the total revenue.
The rest of the world's markets saw a robust growth of 5% in line with the company's increased focus on geographic expansion.The company also said that its board has approved the appointment of Udo Johannes Vetter as an independent director, with effect from 21 July 2021 for a tenure of five years.
We will keep you posted on more updates from this space. Stay tuned.
At the time of writing, Gland Pharma shares were trading up by 7.5% on the BSE.
Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about OPEC and his next crude oil trade, in one of his latest videos for Fast Profits Daily.
Tune in here to find out more:
Moving on to news from the software sector...
Wipro to Invest US$ 1 bn in Cloud Services Over Next 3 Years
Bengaluru-based IT major Wipro said that it will invest US$ 1 bn in cloud technologies, capabilities, acquisitions and partnerships over the next three years.
It has also launched Wipro FullStride Cloud Services to cater to the cloud needs of clients.
The announcement comes days after its CEO Thierry Delaporte alluded to the big announcement during the company's earnings call last week.
Wipro FullStride Cloud Services is a collaboration between Wipro's Chief Growth Office and existing Global Business Lines to create an integrated and comprehensive cloud transformation capability for customers, partners and cloud experts.
The idea is to work with clients to better align business and IT with the cloud imperative, create significant business value and increase competitive differentiation.
It will also help companies optimise their technology investments in favor of change and innovation.
The company said in a statement,
- This commitment builds on Wipro's existing and extensive cloud business with clients and significantly expands the investment with its partners and hyperscalers, creating industry solutions that accelerate results for mutual clients.
Wipro has seen consistent growth in its cloud business and today employs over 79,000 cloud professionals and more than 10,000 people certified by leading cloud service providers.
Over the past twelve months, Wipro has announced significant cloud-related wins with Telefónica Germany/O2, Verifone, and E.ON in addition to METRO AG, one of the largest deals in Wipro's history.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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