Sensex Trades Marginally Higher, Dow Futures Up by 132 Points

Mon, 23 Aug 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 224 points, up 0.4%, at 55,553 levels.

Meanwhile, the NSE Nifty is trading up by 50 points.

HCL Technologies and Bajaj Finserv are among the top gainers today. Tata Consumer Products and Eicher Motors are among the top losers today.

The BSE Mid Cap index is trading down by 0.6%.

The BSE Small Cap index is trading down by 1.2%.

On the sectoral front, stocks from the consumer durables sector are witnessing most of the selling pressure.

On the other hand, stocks from the software sector are witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up by 55 points (up 0.4%) while Dow Futures are trading up by 132 points (up 0.4%).

The rupee is trading at 74.28 against the US$.

Gold prices are trading up 0.1% at Rs 47,195 per 10 grams.

Gold prices in India struggled for direction today with futures on MCX trading marginally higher at Rs 47,208 per 10 grams. The precious metal has traded in a very narrow range for the fourth day in a row amid a stronger dollar.

Note that after rebounding from a four-month low of Rs 45,600, hit earlier this month, gold prices have struggled in the past few sessions. Gold had hit a record high of Rs 56,200 last year.

In global markets, gold prices declined marginally as a stronger dollar dented the precious metal's allure for holders of other currencies. Spot gold fell 0.1% to US$ 1,779.12 per ounce.

However, losses in gold were capped amid growing concerns over the economic fallout from the spread of the Delta coronavirus variant.

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

Speaking of the stock market, India's #1 trader, Vijay Bhambwani shares the immediate impact of the Taliban on the Indian stock market, in his latest video for Fast Profits Daily.

Moving on to stock-specific news...

Among the buzzing stocks today is Aurobindo Pharma.

Shares of Aurobindo Pharma zoomed 6% in intraday trade today on BSE after the company terminated its agreement to acquire a stake in Cronus Pharma.

In an exchange filing, the pharmaceutical company said,

• The board of directors, in its meeting held on Friday, 20 August 2021, has approved the termination of the aforesaid agreements and the parties have mutually agreed and terminated the said agreements.

On 12 August 2021, the company had entered into a binding agreement with Cronus Pharma Specialities India to acquire a 51% stake in the company for Rs 4.2 bn.

However, the acquisition later raised concerns over capital allocation even though the management stated that it does not fall within the purview of a related-party transaction.

Cronus is a pharmaceutical company that develops, manufactures and distributes generic veterinary pharmaceutical products.

The company has a factory at Hyderabad with 67 products in its pipeline, of which 22 have been filed and 6 have been approved by the Centre for Veterinary Medicine, USFDA.

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

At the time of writing, Aurobindo Pharma shares were trading up by 2.1% on the BSE.

Speaking of stocks, here is an illustration of the four phases that a stock goes through during its lifecycle. 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

Moving on to news from the IPO space...

Nuvoco Vistas Shares Debut at 17% Discount to Issue Price

Shares of India's fifth largest cement maker Nuvoco Vistas Corporation made a weak debut on the bourse today as the stock listed at a 17.4% discount to the issue price of Rs 570.

The scrip opened at Rs 471 on the BSE and at Rs 485 on the NSE.

The grey market had already indicated a downward trend due to weak market conditions in the previous week. The impact was seen in the listing of CarTrade Technologies during which shares of the company closed lower by 7.3% in debut trade despite strong subscription.

The Rs 50 bn initial public offering of the cement maker had seen tepid response from investors during 9-11 August as it was subscribed only 1.7 times largely driven by qualified institutional buyers (QIBs).

The issue had received bids for 107 m equity shares against the IPO size of 62.5 m equity shares.

The portion set aside for QIBs was subscribed 4.2 times, while the non-institutional investors (NIIs) and retail investors' portion remained undersubscribed.

The offer comprised a fresh issue of Rs 15 bn and an offer for sale of Rs 35 bn by promoter Niyogi Enterprise.

Nuvoco is the fifth largest cement company in India and the largest cement company in east India in terms of capacity.

How the stock performs in the long term 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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