Sensex Trades Marginally Lower; Dow Futures Down by 51 Points

Tue, 8 Dec 12:30 pm

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Share markets in India are presently trading marginally lower.

The BSE Sensex is trading down by 32 points, down 0.1% at 45,395 levels.

Meanwhile, the NSE Nifty is trading down by 11 points.

UltraTech Cement and Reliance are among the top gainers today. Sun Pharmaceuticals and IndusInd Bank are among the top losers today.

The BSE Mid Cap index is trading down by 0.5%

The BSE Small Cap index is trading down by 0.8%.

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

On the other hand, stocks from the energy 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 25 points (down 0.2%) while Dow Futures are trading down by 51 points (down 0.2%).

The rupee is trading at 73.75 against the US$.

Gold prices are trading up by 0.2% at Rs 50,067 per 10 grams.

In international markets, gold prices were flat today after witnessing a big jump in the previous session, as investors monitored the prospects for additional US stimulus spending.

Tracking global cues, gold prices were also muted in Indian markets after a sharp jump in previous session. On MCX, gold futures edged 0.2% higher to Rs 50,064 per 10 grams. In the previous session, gold futures had jumped 1.5% or Rs 750 per 10 grams.

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 get started with his cash calendar, in his latest video for Fast Profits Daily.

In the video below, Vijay does a post-mortem of his amazing track record of 12 months of consecutive winning trades and shares what you can do in the future to ensure this track record is maintained.

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is Canara Bank.

State-owned lender Canara Bank on December 7 said that it has launched a so-called qualified institutional placement (QIP) to raise funds from institutional investors.

The bank plans to raise up to Rs 20 billion. The base issue size is of Rs 10 billion with an option to upsize the deal by another Rs 10 billion.

In a regulatory filing, the bank said that the sub-committee of the board - Capital Planning Process of the bank, at its meeting held on December 7, authorized the opening of the QIP issue and approved the floor price of Rs 103.5 per equity share.

Another meeting is scheduled to be held on December 10 to consider and determine the issue price for the equity shares as well as the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP.

Investment banks ICICI Securities, Axis Capital, IDBI Capital, JM Financial and SBI Capital Markets are managing the share sale.

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

At the time of writing, Canara Bank share price was trading up by 5.9% on the BSE.

Speaking of the banking sector, check out the monthly returns of major sectors for the month of March and October 2020 in the chart below.

In the chart above, you can see that banks were among the major losers with a cut of 34% in the month of March.

Cut to October they are the biggest gainers for the month with 11% returns!

If you're interested in knowing what could be the reason behind such a change in sentiment, you can read about it in one of the editions of Profit Hunter: Banks are booming in a Covid World

Moving on to news from the retail sector...

Titan to Scale Down Operations of Swiss Watch Brand Favre Leuba

Titan Company, on December 7 said that its board has decided to scale down the operations of its wholly-owned subsidiary, Favre Leuba AG (FLAG), with immediate effect.

The watch-to-jewellery maker had acquired global rights to the trademarks of heritage Swiss watch brand Favre Leuba for 2 million euros in 2011.

Headquartered in Solothurn, Switzerland, FLAG was incorporated in 2012 by Titan as a 100% subsidiary, following which, the Swiss watch brand was revived by the Tata group company.

In a regulatory filing, Titan Company said that it has been continuously supporting FLAG, and has made a series of investments aggregating to approximately Rs 2.7 billion, over a period of time for the revival of the Favre Leuba brand and its growth plans.

The current COVID-19 pandemic, however, has severely impacted the revival plans and prospects.

Considering the impact of the pandemic on the businesses, the board of Titan at its meeting has decided to request the FLAG management to scale down the operations of the company substantially with immediate effect so that further investments from Titan to FLAG cease as early as possible.

Consequently, this will lead to Titan making provisions in the current financial year for additional impairment pertaining to its investments in FLAG, in addition to the impairment of Rs 1.4 billion already made in earlier years.

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