Sensex Dives Over 1,100 Points, Dow Futures Down by 119 Points

Mon, 19 Apr 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 1,148 points, down 2.4% at 47,683 levels.

Meanwhile, the NSE Nifty is trading down by 340 points.

Dr Reddy's Lab and Cipla are among the top gainers today. IndusInd Bank and Axis Bank are among the top losers today.

The BSE Mid Cap is trading down by 2.3%.

The BSE Small Cap is trading down by 2%.

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

On the other hand, stocks from the healthcare 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 flat while Dow Futures are trading down by 119 points (down 0.4%)

The rupee is trading at 74.9 against the US$.

Gold prices are trading up 0.6% at Rs 47,647 per 10 grams.

Gold prices struggled today in Indian markets after posting big gains so far this month. On MCX, gold was down marginally at Rs 47,352 per 10 grams.

Note that gold prices in India have rebounded from Rs 44,000 at the start of this month, supported by a rally in global prices amid weakness in dollar and softening US bond yields.

In global markets, gold prices edged higher, supported by a weaker dollar. Spot gold was up 0.1% at US$ 1,777. The dollar index was up 0.1% to 91.6 but was near a one-month low. A weaker dollar makes gold less expensive for other currency holders.

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 Mindtree.

Mindtree on April 16, 2021, said its consolidated net profit rose by 53.9% to Rs 3.2 billion in the March quarter on the back of strong operational efficiency and expressed confidence in logging double-digit growth in FY22.

"Two successive quarters of over 5% growth gives us a lot of confidence in terms of the momentum that we have generated in the last two quarters," said Debashis Chatterjee, MD & CEO of Mindtree.

The Bengaluru-based company's net profit was at Rs 2.1 billion in the January-March 2020 quarter. Its revenue grew 2.9% to Rs 21.1 billion in the said quarter from Rs 20.5 billion in the year-ago period.

"Order book has been very strong; we have closed the year with US$ 1.4 billion of order book which is more than 12% compared to the last year. As a part of our strategy, we have been focused in terms of some of the strategic accounts and focusing on cross-selling and up-selling. So, considering all these factors, we are very confident that FY22 we should be able to deliver a double-digit growth keeping our margin over 20%," he explained.

He also said that the company added 1,600 employees in Q4FY21 and expects hiring to increase further in Q1FY22 owing to high demand and a strong pipeline. The company has also been able to contain attrition, he added.

"War for talent has always been there and it has just aggravated in the last couple of quarters. We have been doing a lot of initiatives within the organization which are all employee engagements. We have been very focused in terms of cross-skilling our employees and that is something which has helped," he said.

Mr Chatterjee said that there has been a delay in closures in the BFSI sector and expects it to happen in Q1FY22. Revenue from travel clients came down during the pandemic, but the company has not lost clients, he added.

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

At the time of writing, shares of Mindtree were trading up by 0.7% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about the signs of a market bubble and why you should pay attention to them, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the pharma sector...

Glenmark Pharma Arm Files Paperwork for IPO With Market Regulator

Glenmark Pharmaceuticals on April 17, 2021, said its wholly-owned arm Glenmark Life Sciences has filed preliminary papers for an initial public offer (IPO) with the stock market regulator.

The offer comprises a fresh issue of up to Rs 11.6 billion and an offer for sale of up to 7. 3 million equity shares of Rs 2 each of Glenmark Life Sciences, by Glenmark Pharmaceuticals, the regulatory filing said.

The board of directors of Glenmark Pharmaceuticals during its meeting on April 16, 2021, approved the offer for sale as part of the IPO.

The IPO will be subject to market conditions, receipt of applicable approvals and other considerations, the filing said.

How this IPO sails through 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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