Sensex Opens Lower; HDFC & Kotak Mahindra Bank Top Losers

Thu, 17 Jun 09:30 am

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Asian stock markets are trading on a mixed note today. The Hang Seng is up 0.1% while the Nikkei is trading lower by 1.1%.

In US stock markets, Wall Street indices ended lower after the Fed's initial statement and economic projections.

Markets rallied off their intraday lows after Fed Chair Jerome Powell said projections for future rate increases should be "taken with a big grain of salt" and reiterated that he believes that inflation is transitory.

Powell also did not issue guidance on when the central bank will begin tapering its bond-buying program.

The Dow Jones Industrial Average fell 265 points while the Nasdaq ended 0.2% lower.

Back home, Indian share markets have opened on a negative note.

A total of 33 companies, including Power Grid Corporation, Natco Pharma, Jammu & Kashmir Bank, DB Corp, and Khadim India are scheduled to release their quarterly earnings today.

The BSE Sensex is trading down by 184 points. Meanwhile, the NSE Nifty is trading lower by 53 points.

Reliance is among the top gainers today. HDFC, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 0.5%. The BSE Small Cap index is trading higher by 0.1%.

Sectoral indices are trading on a mixed note with stocks in the finance sector and power sector witnessing selling pressure.

Energy stocks, on the other hand, are trading in green.

Shares of Asian Paints and Mphasis hit their 52-week highs today.

The rupee is trading at 73.63 against the US$.

Gold prices are trading down by 1.6% at Rs 47,743 per 10 grams.

Meanwhile, silver prices are trading down by 1.5% at Rs 70,295 per kg.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani discusses the world of commodity shadow inventories, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the power sector, CESC is among the top buzzing stocks today.

CESC on Wednesday posted over 13% jump in its consolidated net profit to Rs 4.3 bn in the March 2021 quarter.

This growth in bottomline was mainly due to higher revenues.

The company's consolidated net profit stood at Rs 3.8 bn in the quarter ended 31 March 2020.

Its revenues during the quarter rose to Rs 30.1 bn, compared with Rs 27.3 bn in the year-ago period.

For the full financial year 2020-21, the consolidated net profit stood at Rs 13.6 bn as compared with Rs 13.1 bn in 2019-20.

Subject to the approval of the company's shareholders, the company's board considered and approved a proposal for sub-division of existing 1 equity share of nominal value of Rs 10 each to be sub-divided into 10 equity shares of a nominal value of Re 1 each.

The board also approved convening of its 43rd annual general meeting of the company's members on 18 August this year through video conferencing or other audio-visual means.

CESC share price has opened the day up by 2.8%.

Speaking of the power sector, it's interesting to note the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below.

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, India's power sector is currently in transition. It's driven by increasing reliance on short-term contracts and electricity spot markets.

This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

Moving on to news from the IPO space, the initial public offer (IPO) of Dodla Dairy has been fully subscribed on 16 June, the first day of the bidding process.

The offer received bids for 8.6 m equity shares against the total issue size of 8.5 m equity shares, according to the subscription data available on the exchanges till 4:00 pm.

The portion set aside for retail investors has been subscribed 1.97 times, while that of non-institutional investors saw 8% subscription.

The qualified institutional buyers' portion received 2% subscription so far.

The Rs 5.2-bn IPO of Dodla Dairy, which opened at a price band of Rs 421-428 per equity share, closes on 18 June.

The company has already raised Rs 1.6 bn by allocating a total of 36,46,099 equity shares at Rs 428 apiece to anchor investors on 15 June ahead of its IPO.

Dodla Dairy IPO grey market premium (GMP) yesterday stood at Rs 80.

Currently, Dodla Dairy promoters hold 68.52% shares which will go down to 64.17% after the listing.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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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