Sensex Trades on a Volatile Note; Power Grid & ITC Top Losers

Tue, 7 Jul 12:30 pm

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Share markets in India are trading on a negative note, tracking weak Asian peers as coronavirus cases continue to surge across the world.

Sectoral indices are trading on a mixed note with stocks in the energy sector and metal sector witnessing most of the selling pressure.

IT stocks, on the other hand, are witnessing buying interest.

The BSE Sensex is trading down by 129 points (down 0.3%), at 36,350 levels.

Meanwhile, the NSE Nifty is trading down by 45 points (down 0.4%).

The BSE Mid Cap index is trading down by 0.3%. The BSE Small Cap index is trading down by 0.1%.

Gold prices are currently trading up by 0.3% at Rs 48,380.

The rupee is trading at 74.87 against the US$.

Note that Indian indices ended higher for the fourth straight session on Monday, on the back of positive global cues and news of de-escalation in border tensions between India and China.

US stocks rose sharply on Monday as a rebound in US services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States.

A slew of upbeat US data, including a record rise in monthly payrolls, has powered the Nasdaq to all-time highs and has driven the S&P 500 up roughly 44% from its March lows.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

In her latest video, Richa Agarwal, editor of our premium smallcap service Hidden Treasure, shares her thoughts on what this could mean for the rebound in smallcaps and how to make the most of it.

Tune in to find out more...

Moving on, market participants are tracking Suzlon Energy share price. The company has posted a consolidated net loss of Rs 8.3 billion for the March quarter mainly due to lower revenues and high finance cost.

The company's total income from operations declined to Rs 6.6 billion in the quarter under review from Rs 14.5 billion in the year-ago quarter.

In news from the IT sector, Tata Consultancy Services (TCS) and Infosys are among the top buzzing stocks today.

Shares of IT companies are witnessing buying interest today, ahead of the announcement of their June quarter (Q1FY20) results. TCS will kick-off the earnings season by announcing its numbers on Thursday, July 9.

Shares of TCS gained over 1.5% to hit an all-time high of Rs 2,303, on the National Stock Exchange (NSE) in early trade today.

Meanwhile, shares of Infosys gained almost 4%. Shares of NIIT Technologies, Wipro, Mindtree and HCL Technologies are also trading up in the range of 2-5%.

Note that the IT sector has continued to trade in line with equity benchmarks, as the segment has escaped the worst of the coronavirus-triggered lockdowns across the world.

Industry leader Accenture's stronger-than-expected results and commentary also set an encouraging tone for the upcoming earnings season for the Indian IT sector.

Shares of TCS and Infosys have rallied 38% and 45% from their March lows.

We will keep you updated on the latest developments from this space. Stay tuned.

Moving on, in latest developments from the IPO space, after a long dry run, India's IPO market is finally warming up and a few offerings are lined up to hit the market in the coming days.

Specialty chemicals manufacturer Rossari Biotech's initial public offering (IPO) is likely to hit the market next week.

Meanwhile, private lender Yes Bank may come up with a follow-on public offer (FPO) later this month.

This would be the first IPO after SBI Cards & Payment Services hit the market in early March. Subsequent to that, Rossari Biotech postponed its IPO plans due to the extreme volatility in the market due to the Covid-19 pandemic.

Reportedly, about 31 companies are sitting with IPO approvals from the markets regulator to raise a total of around Rs 310.6 billion.

These include asset manager UTI Asset Management, Indian Railway Finance Corporation and Bajaj Energy, among others.

UTI Asset Management Company (AMC) received regulator's go ahead last month to raise a little over Rs 30 billion through its IPO.

However, analysts say the pickup in IPO activity is going to be gradual, as companies and bankers struggle to model around uncertainties surrounding the Covid-19 outbreak and the subsequent slump in economic activities across the globe.

How the above IPOs sail through remains to be seen. Stay tuned for more updates 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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Indian Share Market Update: Top Gainers and Losers