Sensex Trades Marginally Higher; Dow Futures Down by 110 Points

Tue, 17 Nov 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 162 points, up 0.4% at 43,799 levels.

Meanwhile, the NSE Nifty is trading up by 44 points.

Tata Motors and Tata Steel are among the top gainers today . BPCL and Hero MotoCorp are among the top losers today.

The BSE Mid Cap index is trading up by 0.6%

The BSE Small Cap index is trading up by 0.4%

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

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

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

Nasdaq Futures are trading down by 6 points (down 0.1%), while Dow Futures are trading down by 110 points (down 0.4%).

The rupee is trading at 74.54 against the US$.

Gold prices are trading flat at Rs 50,858 per 10 grams.

In global markets, gold prices were steady today. Concerns over spiking coronavirus cases in the US and Europe offset pressure from vaccine optimism after Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial.

On the domestic front, gold prices in India struggled for direction. On MCX, December gold futures edged marginally higher by 0.05% to ?50,856 per 10 grams. Gold prices had edged about 0.2% lower in previous day's truncated session as MCX remained closed during for the morning session due to holiday.

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 markets, India's #1 trader, Vijay Bhambwani talks about how to short sell the right way, in his latest video for Fast Profits Daily.

In the video below, Vijay shares what a good short selling system is all about and how it can give you profitable short selling calls when the markets are falling.

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is Reliance.

The retail arm of Reliance Industries (RIL) - Reliance Retail Ventures has acquired online furniture and home decor store Urban Ladder as it seeks to expand its offerings and digital footprint.

Reliance Retail Ventures bought 96% stake in Urban Ladder for Rs 1.8 billion, RIL said in a statement, adding it has the option to acquire the remaining stake and plans to invest Rs 750 million in it by December 2023.

The aforesaid investment will further enable the group's digital and new commerce initiatives and widen the bouquet of consumer products provided by the group, while enhancing user engagement and experience across its retail offerings.

The deal comes at a time when Reliance Retail is flush with cash, having raised more than Rs 470 billion by selling nearly 10% stake to a clutch of investors.

Urban Ladder, meanwhile, has fallen into hard times. Its last fundraising effort was in 2018 at a post-money valuation of Rs 7.7 billion, or US$ 100 million today.

At the time of writing, Reliance share price was trading flat on the BSE.

Moving on to news from the mutual funds space...

HDFC AMC Appoints Navneet Munot As MD & CEO

HDFC Asset Management Company, on November 16, appointed Navneet Munot as the Managing Director & CEO of the company. He will succeed the present Managing Director Milind Barve.

Navneet Munot is currently the Chief Investment Officer (CIO) at the SBI mutual fund company, where he has worked for twelve years.

On June 12, Mr Barve was re-appointed as the managing director of the company, not liable to retire by rotation, for a further period effective from November 1, 2020, up to January 31, 2021, subject to the approval of the members at the ensuing Annual General Meeting.

He had then expressed his desire to not seek an extension of his current term as the managing director which expires on October 31, 2020, as he will be turning 63 this year.

However, in order to provide adequate time to the company for identifying a successor in accordance with the succession planning process and to ensure continuity and smooth functioning of the business of the Company, Barve agreed to an extension of three months as the Managing Director of the Company effective from November 1, 2020, to January 31, 2021.

HDFC AMC has assets under management of Rs 3.54 lakh crore as of September 30, 2020.

We will keep you updated on all the news from this space. Stay tuned.

Speaking of mutual funds, have a look at the chart below which shows recent net inflows into equity funds:

Investors did well to pour more money into stocks (via mutual funds) in April 2020 and thus, take advantage of the sharp correction.

However, it goes all downhill after that. Inflows fell in both May as well as June this year when stocks were still on sale.

In fact, they fell by a whopping 97% in June 2020.

How this trend pans out in coming months remains to be seen. Meanwhile, stay tuned for all the developments from this space.

And 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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