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Sensex Trades Over 200 Points Lower; Dow Futures Down by 173 Points
Fri, 15 Jan 12:30 pm | Ayesha Shetty, TM Team

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

The BSE Sensex is trading down by 296 points, down 0.6% at 49,287 levels.

Meanwhile, the NSE Nifty is trading down by 104 points.

Bharti Airtel and UPL are among the top gainers today. BPCL and Hindalco are among the top losers today.

The BSE Mid Cap index is trading down by 0.7%.

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

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

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

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

Nasdaq Futures are trading down by 43 points (down 0.3%) while Dow Futures are trading down by 173 points (down 0.6%).

The rupee is trading at 73.02 against the US$.

Gold prices are trading down 0.3% at Rs 49,060 per 10 grams.

Watch Now: 3 Little-known Stocks We are Super Bullish On

In international markets, gold prices moved higher today after US President-elect Joe Biden unveiled a massive US$ 1.9 trillion stimulus package proposal. The precious metal was also supported as US Federal Reserve Chair Jerome Powell maintained his commitment to keep monetary policy dovish.

Gold prices fell for the second day in Indian markets with futures on MCX edging lower by 0.2% to Rs 49,122 per 10 grams. In the previous session, gold had declined 0.3%.

Note that gold prices in India have struggled for more than a week, tracking global cues, as rising US bond yields have increased the opportunity cost of holding the precious metal.

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

Speaking of stock markets, in his latest video, Rahul Shah, Co-Head of Research at Equitymaster discusses how to alternate between a deep value portfolio and gold to earn great returns.

In the video below, Rahul discusses how to combine the two in a smart way and benefit from the individual strengths of each asset class.

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Moving on to stock specific news...

Among the buzzing stocks today is Tata Steel Long Products.

Tata Steel Long Products reported a consolidated net profit of Rs 3 billion for the quarter ended December (Q3FY21), on the back of strong operational performance. The Tata group company had posted a consolidated net loss of Rs 1.1 billion in the same period a year ago.

The company's revenue from operations grew 37% year-on-year (YoY) at Rs 13.6 billion as against Rs 9.9 billion in the corresponding quarter of the previous fiscal and its earnings before interest, taxes, depreciation, and amortization (EBITDA) margin stood at 30.1% for the quarter.

Despite maintenance shutdowns during the quarter, the company achieved the highest ever quarterly crude steel production with a growth of 3% quarter on quarter (QoQ) and 10%YoY on the back of debottlenecking.

The company also saw strong steel sales momentum but sales volumes were constrained by lower opening inventory post strong sales in Q2FY21. As a result, deliveries were lower by 10% sequentially but up by 2% on a yearly basis.

Tata Steel Long Products is in the business of manufacturing high alloy steel, primarily for the auto sector and wire rope industry. With a one million tonne capacity, it is one of the largest specialty steel plants in India in the long product segment.

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

At the time of writing, Tata Steel Long Products share price was trading up by 8.9% on the BSE.

Moving on to news from the telecom sector...

MSCI To Raise Weight of Bharti Airtel In February Quarterly Index Review

Index provider MSCI on January 14 said that Bharti Airtel will be a part of its February 2021 quarterly index review while the National Securities Depository (NSDL) has updated the foreign investment limit for the company to 100% from 49%.

"The proforma foreign ownership limit and upward movement of the adjustment factor due to the foreign room will be implemented as part of the upcoming February 2021 Quarterly Index Review," said MSCI.

The MSCI quarterly review will be announced on February 9 and will be effective from March 1.

In January 2020, Bharti Airtel had got approval from the Department of Telecommunications to increase its foreign investment limit to 100% of the paid-up capital. However, some of its subsidiaries were awaiting approvals. As a result, there was a weightage drop in MSCI index rebalancing in August 2020 which caused significant outflows.

Then on January 12, 2020, the company said it had received approvals for its relevant downstream investments and it was initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect.

The revision of foreign investment limit is expected to lead to around US$ 700 million worth of inflow in Bharti Airtel due to increase in MSCI weightage.

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

Speaking of the stock markets, 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 four stages.

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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!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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Stock Market Updates

WELSPUN CORP Share Price Up by 7%; BSE CAPITAL GOODS Index Down 0.1% (Today's Market)

Feb 25, 2021 03:34 PM

WELSPUN CORP share price is trading up by 7% and its current market price is Rs 132. The BSE CAPITAL GOODS is down by 0.1%. The top gainers in the BSE CAPITAL GOODS Index are WELSPUN CORP (up 6.6%) and THERMAX (up 7.1%). The top losers are V GUARD INDUSTRIES (down 0.7%) and L&T (down 1.4%).

L&T TECHONOLOGY Share Price Up by 6%; BSE IT Index Up 0.4% (Today's Market)

Feb 25, 2021 03:34 PM

L&T TECHONOLOGY share price is trading up by 6% and its current market price is Rs 2,640. The BSE IT is up by 0.4%. The top gainers in the BSE IT Index are L&T TECHONOLOGY (up 5.7%) and ZENSAR TECHNOLOGIES (up 7.3%). The top losers are TECH MAHINDRA (down 0.1%) and INFOSYS (down 0.1%).

JINDAL SAW Share Price Up by 13%; BSE METAL Index Up 3.2% (Today's Market)

Feb 25, 2021 03:22 PM

JINDAL SAW share price is trading up by 13% and its current market price is Rs 84. The BSE METAL is up by 3.2%. The top gainers in the BSE METAL Index are JINDAL SAW (up 12.6%) and COAL INDIA (up 7.9%). The top losers is HINDUSTAN ZINC (down 0.1%).

INDIABULLS REAL EST Share Price Up by 13%; BSE REALTY Index Up 1.7% (Today's Market)

Feb 25, 2021 03:22 PM

INDIABULLS REAL EST share price is trading up by 13% and its current market price is Rs 95. The BSE REALTY is up by 1.7%. The top gainers in the BSE REALTY Index is INDIABULLS REAL EST (up 13.4%). The top losers are OMAXE (down 0.6%) and OBEROI REALTY (down 1.9%).

BHEL Share Price Up by 11%; BSE CAPITAL GOODS Index Up 0.1% (Today's Market)

Feb 25, 2021 03:20 PM

BHEL share price is trading up by 11% and its current market price is Rs 48. The BSE CAPITAL GOODS is up by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is BHEL (up 10.8%). The top losers are V GUARD INDUSTRIES (down 0.4%) and L&T (down 1.1%).

Sensex Trades Over 200 Points Higher; Dow Futures Up by 103 Points (Today's Market)

Feb 25, 2021 12:30 pm

BSE Sensex is trading up by 246 points, while the NSE Nifty is trading up by 112 points.

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