Sensex Trades Over 300 Points Lower; Dow Futures Down by 101 Points

Thu, 4 Mar 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 385 points, down 0.8% at 51,059 levels.

Meanwhile, the NSE Nifty is trading down by 103 points.

SBI Life and Adani Ports & SEZ is among the top gainers today. JSW Steel and HDFC are among the top losers today.

The BSE Mid Cap index trading up by 0.8%.

The BSE Small Cap index is trading up by 0.9%.

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

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

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

Nasdaq Futures are trading down 103 points (down 0.8%) while Dow Futures are trading down by 101 points (down 0.3%)

The rupee is trading at 72.73 against the US$.

Gold prices are trading down 0.4% at Rs 44,783 per 10 grams.

Gold today extended its recent fall in Indian markets amid rising US bond yields. On MCX, gold futures fell 0.4% to 10-month low of Rs 44,768 per 10 grams. In the previous session, gold had dipped 1.2% or Rs 600 per 10 grams.

Note that after strong gains in 2020, gold has been under pressure so far this year amid a rally in equity markets and rising US bond yields. Gold is down over Rs 5,000 from the start of this year and Rs 11,500 from August highs of Rs 56,200.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

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

Moving on to stock specific news...

Among the buzzing stocks today is Welspun India.

Home textiles major Welspun India's board has approved raising up to US$ 100 million (approximately Rs 7.5 billion) in one or more tranches.

The board of directors approved raising or borrowing up to a maximum of US$ 100 million in one or more form of instruments, including but not limited to loans, ESG Bonds, nonconvertible debentures (NCDs), etc.

The money may be raised in form of domestic or overseas issuance in one or more tranches.

The board also authorized approaching the shareholders seeking requisite approvals to be obtained by way of a general meeting.

Welspun India is one of the leading textile companies in India. It provides a wide array of high-end flooring solutions, including rugs, tiles, and carpets. It exports more than 94% of its home textiles products to more than 50 countries.

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

At the time of writing, Welspun India share price was trading up by 9.4% on the BSE.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Equitymaster, discusses why he thinks there is a possibility of the rupee falling to Rs 80 against the dollar in 2021, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the ipo space...

Ircon International Sheds 7% Even as OFS Is Oversubscribed, MTAR Technologies Gets 4x Bids

The share sale launched by the government in Ircon International to divest 16% saw more demand than shares on offer. The 75.2 million offer for sale (OFS) generated bids for 108.5 million shares from institutional investors.

Another 22.6 million shares reserved for retail investors will be auctioned today (March 4, 2021). The base price of the OFS is Rs 88 per share.

Shares of Ircon fell 7% to end at Rs 91.1 in the secondary market yesterday. After the share sale, the government's stake in Ircon will drop from 89.2% at present to 73.2%.

Meanwhile, the initial public offering (IPO) for Hyderabad-based precision engineering firm MTAR Technologies was subscribed nearly four times on March 3, 2021, the first day of the issue.

A day earlier, the company allotted shares worth Rs 1.8 billion to anchor investors. MTAR's Rs 5.9 billion IPO comprises of fresh fundraise of Rs 1.1 billion and secondary share sale worth Rs 4.7 billion.

At the upper end of the IPO price band of Rs 574-Rs 575 per share, MTAR will have a market capitalization of Rs 17.7 billion on a post-issue basis. The IPO closes on March 5, 2021.

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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