Sensex Trades Marginally Higher, Dow Futures Down by 10 Points

Wed, 18 Aug 12:30 pm

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Share markets in India are presently trading marginally higher

The BSE Sensex is trading up by 135 points, up 0.2%, at 55,928 levels.

Meanwhile, the NSE Nifty is trading up by 35 points.

Ultra Tech Cement and Bajaj Finserv are among the top gainers today. Hindalco and Kotak Bank are among the top losers today.

The BSE Mid Cap index is trading up by 0.5%.

The BSE Small Cap index is trading up by 0.1%.

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

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

US stock futures are trading mixed today.

Nasdaq Futures are trading up by 13 points (up 0.1%) while Dow Futures are trading down by 10 points (down 0.03%).

The rupee is trading at 74.28 against the US$.

Gold prices are trading up 0.3% at Rs 47,396 per 10 grams.

Gold prices edged higher in Indian markets today but gains were muted due to flat global rates. On MCX, gold futures were up 0.2% to Rs 47,374 per 10 grams. In the previous session, gold had ended flat.

Note that after dipping to a four-month low of Rs 45,600 per 10 grams, gold has recovered but the precious metal is still down Rs 9,000 from last year's high of Rs 56,200.

Amid worries about global economic growth as cases of Delta variant of covid cases continue to rise, gold inched higher today in global markets but the gains were muted as the dollar strengthened.

After hitting a nine-month high against the euro in the previous session, the dollar held on to recent highs against other major currencies.

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 ISGEC Heavy Engineering.

ISGEC Heavy Engineering has bagged an order for two gas fired boilers from the Naval Project, Indian Navy.

The scope of work includes manufacturing of two 40 tons per hour (TPH) boilers on a turnkey basis. The announcement was made after market hours yesterday.

With over 850 high capacity and high-pressure boiler installations across 48 countries, ISGEC's boiler business vertical has a wide experience in captive power and independent power plants, with a wide variety of fuel options ranging from agri-waste to oil & gas.

Last week, the company received an order for a 175 KLPD (kilo litre per day) multi-feed distillery from Dwarikesh Sugar Industries for their site at Bareilly, Uttar Pradesh.

The project included an order for a 40 TPH incineration boiler and a 5 MW power plant with an extraction/condensing type turbine on a turnkey basis.

ISGEC Heavy Engineering is a diversified heavy engineering company engaged in manufacturing and project businesses with an extensive global presence

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

At the time of writing, ISGEC Heavy Engineering shares were trading down by 0.1% on the BSE.

Speaking of the stock market, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares his three step strategy to profitably 'buy the dip', in his latest video for Fast Profits Daily.

Moving on to news from the banking sector...

Canara Bank Launches QIP to Raise Rs 25 bn

Canara Bank has launched a qualified institutional placement (QIP) to raise funds up to Rs 25 bn, the public sector lender said in a regulatory filing.

The board of directors of the bank, while authorising the QIP issue, approved a floor price of Rs 155.6 per equity share.

The bank may at its discretion offer a discount of not more than 5% on the floor price calculated for the QIP, it added.

Earlier this year, in May 2021, the bank had approved a plan to raise Rs 90 bn for the financial year 2022 by way of equity and debt instruments. This included a QIP of Rs 25 bn, additional tier 1 bonds up to Rs 40 bn and additional tier 2 bonds of up to Rs 25 bn.

The bank then obtained the approval of shareholders for the QIP issue through a special resolution at the Annual General Meeting held on 3 August 2021.

The QIP launch comes three weeks after the bank reported a three-fold jump in standalone net profit at Rs 11.8 bn for the June 2021 quarter.

The bank, in the same quarter last year, had logged a net profit of Rs 4.1 bn.

How the QIP 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!

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