Sensex Surges 800 Points, Dow Futures Up by 188 Points

Thu, 23 Sep 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 804 points, up 1.4%, at 59,731 levels.

Meanwhile, the NSE Nifty is trading up by 225 points.

Bajaj Finserv and Coal India are among the top gainers today. HDFC and Dr Reddy's are among the top losers today.

The BSE Mid Cap index is trading up by 1.2%

The BSE Small Cap index is trading up by 1.1%.

On the sectoral front, all sectors are trading in green with stocks from the real estate 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 58 points (up 0.4%) while Dow Futures are trading up by 188 points (up 0.6%).

The rupee is trading at 73.71 against the US$.

Gold prices are trading down by 0.8% at Rs 46,280 per 10 grams.

Gold prices fell sharply in Indian markets today, tracking a drop in international rates. On MCX, gold futures were down 0.6% to Rs 46,377 per 10 grams. In the previous session, gold had ended flat.

In global markets, gold prices today dropped after the US Federal Reserve signalled easing its monthly bond purchases.

Spot gold was down 0.3% at US$ 1,762.3 per ounce. The dollar index hovered near a one-month high, diminishing gold's appeal for those holding other currencies.

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 talks about how you can multiply your money in sugar stocks, in his latest video for Fast Profits Daily.

Moving on to stock-specific news...

Among the buzzing stocks today is Infosys.

Infosys announced a strategic collaboration with Amazon Web Services (AWS) to develop quantum computing capabilities and use cases.

Infosys will use Amazon Braket to explore and build multiple use cases in quantum computing as part of Infosys Cobalt cloud offerings.

Amazon Braket is a fully managed quantum computing service that helps scientists and developers get started with the technology and accelerate research and discovery.

This will enable researchers and developers to experiment and study complex computational problems as quantum technologies continue to evolve.

Enterprises will get access to use cases for rapid experimentation and can explore how quantum computing can potentially help them in the future in a variety of areas, assess new ideas and plan adoption strategies to drive innovation.

The use of Amazon Braket by Infosys aims at getting businesses ready for a future where quantum computers will impact business.

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

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

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

Moving on to news from the IPO space...

Oyo to File for US$ 1.2 bn IPO Next Week

According to a leading financial daily, Oyo Hotels & Homes, a SoftBank Group-backed Indian hospitality startup, is expected to file for an initial public offering (IPO) next week.

The hotel aggregator's IPO is tentatively pegged at US$ 1-1.2 bn.

The initial share sale will consist of a fresh issue of shares and an offer for sale from existing shareholders.

The listing plan follows a stellar debut by food delivery firm Zomato in July. Berkshire Hathaway Inc.-backed Paytm and private equity firm TPG-backed Nykaa have also filed for their IPOs.

Oyo, in which SoftBank owns a 46% stake, has endured months of layoffs, cost-cuts and losses during the global health crisis. Its founder and CEO Ritesh Agarwal had said in July that business was likely to return to levels seen before the second wave of Covid-19 infections in India and grow from there.

Last month, it received a US$ 5 m investment from Microsoft.

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

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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Indian Share Market Update: Top Gainers and Losers