Sensex Trades Marginally Higher, Dow Futures Down by 18 Points

Wed, 7 Jul 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 56 points, up 0.1%, at 52,917 levels.

Meanwhile, the NSE Nifty is trading up by 10 points.

Bajaj Finserv and IndusInd Bank are among the top gainers today. ONGC and Titan are among the top losers today.

Both the BSE Mid Cap and BSE Small Cap index are trading up by 0.2%.

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

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

US stock futures are trading mixed today.

Nasdaq Futures are trading up by 2 points (flat) while Dow Futures are trading down by 18 points (down 0.1%).

The rupee is trading at 74.75 against the US$.

Gold prices are trading up by 0.4% at Rs 47,860 per 10 grams.

Gold prices were mixed in Indian markets today amid risk-off trade in global equity markets. Gold futures on MCX were up 0.2% at Rs 47,800, extending gains to Rs 1,500 in five days. In the previous session, gold had surged 0.9%.

In global markets, gold remained near a three-week high scaled in the previous session, helped by a drop in US Treasury yields.

Spot gold was up 0.2% at US$ 1,800.4 per ounce after it touched almost US$ 1,815 overnight. Slight weakness in US dollar also helped the precious metal.

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 Sobha.

Shares of real estate developer Sobha soared 9% in early trade today after the company provided an update on its operations for the June 2021 quarter.

The company's total sales value for the quarter jumped by 40% year on year (YoY) to Rs 6.8 bn, against Rs 4.9 bn in the same period last year.

The total average price realization per square feet also rose 2% YoY to Rs 7,626 during the quarter from Rs 7,498 in the June 2020 quarter.

The company's total sales volume surged 38% to 895,539 square feet of super built-up area valued at Rs 6.9 bn. The company sold 650,400 square feet in the June 2020 quarter.

The company's Bengaluru sales volume has grown by 37% despite the stringent impact of the Covid-19 second wave. Volumes in cities such as Gurugram, Kochi, Thrissur, Pune and GIFT CITY have also done quite well.

However, other southern cities like Chennai, Coimbatore and Kozhikode underperformed during the period. The company made zero sales in Mysore.

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

At the time of writing, Sobha shares were trading up by 3.9% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, discusses whether the commodity bull run has halted, tired, or reversed, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the automobile sector...

Tata Motors Shares Fall for Second Consecutive Day on Chip Supply Shortage

Tata Motors share price slipped over 3% in early trade today after the company flagged chip supply shortage.

Shortage of semiconductors may see Jaguar Land Rover report 50% lower wholesale volumes by the end of the September 2021 quarter coupled with a negative operating profit margin, Tata Motors warned.

Here's what the company said in an exchange filing,

• Looking ahead, the chip shortage is presently very dynamic and difficult to forecast.
  
  Based on recent input from suppliers, we now expect chip supply shortages in the September 2021 quarter to be greater than in the first quarter, potentially resulting in wholesale volumes about 50% lower than planned, although we are continuing to work to mitigate this.

The broader underlying structural capacity issues will only be resolved as supplier investment in new capacities comes online over the next 12-18 months.

The company expects some level of shortage to continue through to the end of the year and beyond.

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

Speaking of Tata Motors, note that shares of the company have rallied over 190% in the last year as investors saw the triple benefit of a macro recovery, company-specific volume/margin growth, a sharp improvement in free cash flow (FCF), and leverage in both Jaguar Land Rover (JLR) as well as the company's India business.

Despite the pandemic, the company was one of the few car manufacturers that saw tremendous growth in passenger vehicle sales.

With both JLR and its India business on the path to cyclical recovery, the company is poised for its next leg of growth.

The company has also outlined its strategy for the transformation to electric mobility and plans to focus more on profitability over volumes.

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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