Sensex Trades Over 300 Points Lower; Dow Futures Down by 521 Points

Fri, 30 Oct 12:30 pm

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

The BSE Sensex is trading down by 325 points, down 0.8%, at 39,423 levels.

Meanwhile, the NSE Nifty is trading down by 86 points.

Adani Ports & SEZ and BPCL are among the top gainers today . Bajaj Finance and Maruti Suzuki are among the top losers today.

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

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

On the sectoral front, stocks from the telecom sector and finance sector are witnessing most of the selling pressure.

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

US stock futures are trading lower today, indicating a negative opening for Wall Street indices.

Nasdaq Futures are trading down by 270 points (down 2.4%), while Dow Futures are trading down by 521 points (down 2%).

The rupee is trading at 74.1 against the US$.

Gold prices are trading up 0.2% at Rs 50,404 per 10 grams.

In global markets, gold prices edged higher today due to weakness in the US dollar. But the gains remained capped amid uncertainty over the US stimulus package. Tracking international cues, gold prices in domestic markets also edged higher after two days of decline.

Note that gold prices are now down Rs 6,000 in Indian markets from their August highs. However, the precious metal may benefit from safe-haven buying amid increasing challenges to global economy

Speaking of gold, India's #1 trader Vijay Bhambwani, talks about whether the bull market in bullion is over in his latest video for Fast Profits Daily.

In the video below, Vijay shares his view on the recent fall in bullion prices and whether you should be worried about it in the long term.

Tune in here to find out more:

And to know more about gold, visit our YouTube Playlist on gold investing.

Moving on to stock specific news...

Among the buzzing stocks today is Hindustan Petroleum.

The board of Hindustan Petroleum Corp Limited (HPCL) announced that on November 4 it will consider a share buyback plan as the management feels the share price is lower than the value it deserves.

HPCL, a subsidiary of state-owned Oil and Natural Gas Corporation (ONGC), has no immediate history of a share buyback.

In a notice to the stock exchanges, the company said its board of directors will meet on November 4 to consider financial results for the second quarter (July-September) and consider a proposal to buyback the fully paid equity shares of the face value of Rs 10 each of the company.

HPCL is the nation's second biggest oil retailer. It owns two refineries - a 7.5 million tonnes unit in Mumbai and another 8.3 million tonnes facility at Visakhapatnam in Andhra Pradesh.

It also owns half of the 11.3 million tonnes Bathinda refinery in Punjab and is a 16.9% owner of the 15 million tonnes Mangalore Refinery.How this share buyback pans out remains to be seen. Meanwhile, we will keep you updated on all the news from this space. Stay tuned.

At the time of writing, Hindustan Petroleum share price was trading up by 4% on the BSE.

Moving on to news from the pharmaceutical space...

Laurus Labs Q2FY21 Results: Net Profit Jumps Over Four-Fold to Rs 2.4 Billion

Hyderabad-based Laurus Labs reported a net profit of Rs 2.4 billion for the quarter ended September, showing a 325% year-on-year (YoY) growth.

The company's revenue went up to Rs 11.4 billion, up 60% YoY while its earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 172% YoY.

The company's formulations business showcased a growth of over 180% YoY for the quarter, mainly led by higher LMIC (low and middle-income countries) business and new launches in various markets. The division now contributes about 40% to overall revenues.

The generic API (active pharmaceutical ingredients/bulk drugs) division also recorded a healthy growth of 22% YoY for the quarter, led by higher growth in the anti-retroviral (ARV) API business. Custom synthesis continues to maintain its growth trajectory with a healthy pipeline and good visibility.

With improved demand visibility and strong profitability, the company plans to undertake larger capital expenditures for all divisions and will initiate new manufacturing units on a greenfield basis. It is confident that the new capital expenditure will have a shorter payback period.

The board of directors also approved an interim dividend of 80 paise per equity share.

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 favorably 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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