Sensex Opens Flat; IT Stocks Lag

Wed, 8 Jul 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.1% while the Hang Seng is flat. The Nikkei 225 is trading down by 0.2%.

US stocks fell yesterday, adding to losses into the close, as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as coronavirus cases rose further.

Back home, Indian share markets opened higher.

The BSE Sensex is trading up by 58 points. The NSE Nifty is trading up by 20 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.3%.

BSE Small Cap index is also trading higher by 0.4%.

Except IT stocks, all sectoral indices are trading in the green.

BSE Metal is witnessing maximum buying interest.

Moving on, the rupee is currently trading at 74.83 against the US$.

Gold prices are currently trading up by 1.2% at Rs 48,800.

In the news from financial markets. Foreign portfolio investors (FPIs) have pulled out Rs 37.4 billion from the Indian markets in just three trading sessions of July.

FPIs withdrew a net sum of Rs 39.6 billion from the equities but invested a net Rs 2.2 billion in debt segment between July 1-3.

This translated into a total net withdrawal of Rs 37.4 billion during the period under review.

The latest withdrawal has come after investment of Rs 240.5 billion by FPIs in domestic markets in June. FPIs turned net buyers after remaining net sellers for three consecutive months.

Market participants attributed this to profit booking and appreciation in the rupee over the last few weeks.

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...

Meanwhile, here's an interesting market data reported by Economic Times recently.

Nearly,1.2 million new demat accounts were opened in the month of March and April during the lockdown.

Most people are drawn to trading because of the availability of free time during the lockdown. It doesn't take much of an effort to enter the markets. But it would take hell of an effort to survive and profit from the market.

If you are one of those new to trading, and if you want to learn more about using technical analysis and charts to improve your trading, then read this free article here: The Secret to Success in Intra-Day Trading.

Moving on to the stock specific news...

Mphasis is among the top buzzing stocks today after the company signed a multi-year deal with Royal Bank of Scotland (RBS).

Reportedly, Mphasis will work with RBS to deliver advanced transformation to testing services through its Testing Centre for Excellence (TCoE).

The collaboration will see Mphasis co-invest and co-create speed to market solutions.

The company stated it would leverage its TCoE capabilities to drive test management (strategy and planning in alignment with the production workload models), centralised management and control of tooling strategy and support and adoption and standardisation of tools and processes, including metrics definition and compliance.

Mphasis share price, which has gained more than 40% in three months, was trading up by 1.3% at the time of writing.

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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