Sensex Gives Up Morning Gains, Dow Futures Down by 80 Points

Tue, 27 Jul 12:30 pm

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Share markets in India are presently trading marginally lower.

The BSE Sensex is trading down by 176 points, down 0.3%, at 52,676 levels.

Meanwhile, the NSE Nifty is trading down by 43 points

Hindalco and Bajaj Finance are among the top gainers today. Dr Reddy's and Cipla are among the top losers today.

The BSE Mid Cap index is trading down by 0.2%.

The BSE Small Cap index is trading up by 0.3%.

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

On the other hand, stocks from the healthcare sector and energy 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 18 points (down 0.1%) while Dow Futures are trading down by 80 points (down 0.2%).

The rupee is trading at 74.42 against the US$.

Gold prices are trading down 0.1% at Rs 47,420 per 10 grams.

Gold prices were trading flat in domestic markets today following a muted trend in international spot prices, as investors turn cautious ahead of this week's US Federal Reserve meeting outcome.

On MCX, August gold contracts were trading marginally lower at Rs 47,450 per 10 grams.

The Fed is likely to affirm that a strong US recovery and a plan for an eventual policy shift both remain underway, a Reuters report said.

Note that large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement.

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 L&T.

Infrastructure giant Larsen & Toubro reported a 287% year on year (YoY) rise in consolidated net profit at Rs 11.7 bn for the June 2021 quarter, which was below analysts' estimates. The construction major also reported a 38% YoY rise in consolidated revenue at Rs 293 bn, which also missed Street estimates. The year on year performance of the company was aided by a low base in the year ago quarter, which was affected by the national lockdown to contain the Covid-19 pandemic.

The infrastructure segment posted a 63% YoY growth in revenue at Rs 104 bn aided by better execution of projects.The segment saw an improvement in profitability as operating margin expanded 80 basis points YoY to 7.1% due to higher recovery of of overheads and better job mix.

The hydrocarbon segment had a muted quarter in terms of order inflows but recorded 37% YoY revenue growth. The segment's margins saw a staggering improvement of 4.3% YoY to 9.6%. With the waning of the second wave of the pandemic and lockdown restrictions progressively being eased in recent weeks, signs of pick up in economic activity are visible, L&T said. The company is optimistic of its growth aspirations in the medium term as the economic outlook improves and is committed to creation of sustainable returns to stakeholders.

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

At the time of writing, L&T shares were trading up by 0.9% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, shares why he is sticking to his energy trading blueprint, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the startup space...

Ahead of its initial public offering (IPO), lifestyle e-commerce firm Nykaa has converted into a public entity.

The stakeholders of the company have passed a special resolution changing the status of the company from private to public, as per regulatory filings.

The company is now named FSN e-commerce Ventures.

In a regulatory filing, Nykaa said,

• The company is proposing to undertake an initial public offer of its equity shares of face value of Re 1 each by way of a fresh issuance of equity shares, and/or an offer of sale of such number of equity shares.
  
  In order to undertake the offer, the company is required to be converted from a private limited company to a public limited company, in accordance with the applicable laws.

Founded by former investment banker Falguni Nayar, Nykaa is expected to go public at a valuation of US$ 4.5 bn. It is targeting to raise US$ 700 m through the IPO.

The company is expected to file its draft Red Herring Prospectus (DRHP) soon.

Nykaa's website which logs 55 m monthly visits, lists over 1,200 brands ranging from makeup and skincare to health supplements.

Nykaa has six warehouses across India, which receive over 13 m orders every month.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception.

This compares favourably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.

If you are interested in becoming a Hidden Treasure subscriber, here's where you can sign up.

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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