Sensex Trades Marginally Higher, Dow Futures Down by 183 Points

Mon, 26 Jul 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 33 points, up 0.1%, at 53,009 levels.

Meanwhile, the NSE Nifty is trading up by 10 points

Hindalco and Bajaj Finserv are among the top gainers today. Tata Motors and Maruti Suzuki are among the top losers today.

The BSE Mid Cap index is trading up by 0.4%.

The BSE Small Cap index is trading up by 0.7%.

On the sectoral front, stocks from the consumer durables sector and metal sector are witnessing most of the buying interest.

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

US stock futures are trading mixed today.

Nasdaq Futures are trading flat while Dow Futures are trading down by 183 points (down 0.5%).

The rupee is trading at 74.45 against the US$.

Gold prices are trading up 0.3% at Rs 47,669 per 10 grams.

In global markets, gold prices struggled last week amid a stronger US dollar and rebound in global risk appetite.

Gold prices ended the week at US$ 1,800 per ounce as fears over rising Delta variant Covid-19 cases eased, prompting investors to move out of the safe-haven asset as risk appetite returned.

In domestic markets, gold prices settled at Rs 47,526 per gram on Friday. Though lockdown restrictions are getting gradually removed, price volatility in the precious metal is putting off retail investors.

Note that dealer discount on gold in India remained near a one-month high amid subdued retail demand. Discounts upto US$ 6 an ounce over official domestic prices were offered during last week, compared to previous week's discount of US$5, a Reuters report stated.

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 ITC.

FMCG major ITC reported a 28.6% year on year (YoY) surge in standalone net profit at Rs 30.1 bn for the June 2021 quarter, driven by a lower base.

The company had reported a profit of Rs 23.4 bn in the same period last year. The company's revenue from operations for the quarter rose 36% YoY to Rs 129.6 bn compared to Rs 95 bn in the year-ago period.

The topline was led by the cigarettes, FMCG and paper segments.

The above segments saw an increase in revenue as the company sustained product accessibility despite market disruptions, leveraging its multi-channel distribution network.

In a press release, ITC said,

• Localised lockdowns and mobility restrictions imposed by states in a bid to contain the sharp increase in daily Covid-19 infections in the second wave rendered the operating environment during the quarter extremely challenging and impacted the strong recovery momentum witnessed in recent quarters.
  
  The situation continues to improve with the progressive easing of restrictions and increased mobility from mid-June.

The company said that it continues to closely monitor the situation and will respond with agility to enhance its market standing while managing risks associated with the heightened uncertainties in the business environment.

"Learnings in dealing with the pandemic spanning sales and distribution, supply chain operations, innovation and product development over the last few quarters will continue to be leveraged in this regard," it said.

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

At the time of writing, ITC shares were trading up by 0.2% on the BSE.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report shares how you can use his momentum trading strategy to make profits, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the IPO space...

Glenmark Life Sciences IPO Opens Tomorrow

The Rs 15.1 bn initial public offering (IPO) of Glenmark Life Sciences opens for subscription tomorrow, 27 July 2021.

The IPO will consist of a fresh issue of equity shares worth Rs 10.6 bn and an offer for sale by existing shareholders worth Rs 4.5 bn.

The public issue will be the fifth IPO to enter Dalal Street so far this month. The stock is likely to list on the bourses next month.

Investors can bid at a fixed price band of Rs 695 - 720 per share in a bid lot of 20 shares. This translates to a minimum investment of Rs 14,400 on the higher end of the price band.

Of the total issue size, 50% or shares worth Rs 7.6 bn are reserved for qualified institutional buyers (QIB) and 15% or Rs 2.3 bn of the issue has been kept for non-institutional investors (NII). 35% of the issue or shares worth Rs 5.3 bn are available for retail investors to bid on.

Glenmark Life Sciences said that it will use the fresh issue amount for the payment of its outstanding purchase of the API business and funding its capital expenditure requirements.

A subsidiary of Glenmark Pharmaceuticals, Glenmark Life Sciences is a developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients.

Ahead of the IPO, Glenmark Life Sciences' shares were trading at a premium of 20% in the unlisted space.

How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

Speaking of stocks, here is an illustration of the four phases that a stock goes through during its life cycle. The cycle repeats itself after the stock goes through all these for stages.

This cycle defines everything in markets. If you can master this cycle, then nothing can stop you from making huge profits.

If you're interested to know how a stock's life cycle can offer you the opportunity to make money in every phase, you can read about it in one of the recent editions of Profit Hunter: One Cycle That Defines Everything in the Markets

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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