Sensex Slips Over 200 Points, Dow Futures Down by 218 Points

Thu, 8 Jul 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 292 points, down 0.6%, at 52,763 levels.

Meanwhile, the NSE Nifty is trading down by 89 points.

Bajaj Auto and IndusInd Bank are among the top gainers today. Tata Motors and JSW Steel are among the top losers today.

The BSE Mid Cap index is trading up by 0.1%.

The BSE Small Cap index is trading up by 0.3%.

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

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

US stock futures are trading lower today, indicating a negative opening for Wall Street indices.

Nasdaq Futures are trading down by 36 points (down 0.2%) while Dow Futures are trading down by 218 points (down 0.6%).

The rupee is trading at 74.68 against the US$.

Gold prices are trading down by 0.4% at Rs 47,702 per 10 grams.

Gold prices slipped in Indian markets today, tracking a decline in global rates. On MCX, gold futures dropped 0.3% to Rs 47,776.

In global markets, gold fell 0.4% to US$ 1,797 an ounce amid a stronger US dollar after Federal Reserve minutes indicated that a plan for tapering stimulus may be edging closer.

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.

Even with the recent volatility in prices, gold and silver remain 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 Bajaj Healthcare.

Shares of Bajaj Healthcare surged 11% on the BSE in intraday trade today after the company received a licence from the Defence Research and Development Organisation (DRDO) to manufacture and market 2-Deoxy-D-Glucose (2-DG) as approved medication for the treatment of Covid-19.

The 2-DG COVID-19 control and treatment drug has been developed by the DRDO laboratory and Institute of Nuclear Medicine and Allied Sciences (INMAS) in collaboration with Dr Reddy's Laboratories.

In a press release, the company said,

• 2-DG helps in the faster recovery of hospitalised patients and reduces supplemental oxygen dependence.
  
  The drug works by selectively accumulating in the virus-infected cells and prevents virus growth by stopping viral synthesis and energy production.
  
  It can be administered only upon prescription and under the supervision of a qualified physician to hospitalised moderate to severe Covid-19 patients as an adjunct therapy to the existing standard of care.

Bajaj Healthcare is a leading manufacturer of active pharmaceutical ingredients (APIs), intermediates, and formulations in India.

The stock was trading higher for the ninth straight day today, having gained 43% during the period.

In the past three months, it has soared 120% as compared to a 7% rise in the S&P BSE Sensex.

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

At the time of writing, Bajaj Healthcare shares were trading up by 7.6% 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 IPO space...

Zomato IPO to Open Next Week

Zomato will launch its three-day initial public offering (IPO) on 14 July 2021, making the online food aggregator one of the first Indian startup unicorns to list on the stock exchanges.

The Gurugram-headquartered company is looking to raise as much as Rs 93.8 bn at Rs 72-76 apiece.

Zomato is likely to be valued at nearly $9 billion at the upper end of this price band.

The company will raise Rs 90 bn through the issue of fresh equity shares, while investor Info Edge India will sell some stake worth Rs 3.8 bn.

Investors can make a bid for a minimum of 195 equity shares and in multiples thereof.

The issue closes on 16 July 2021 for subscription.

While 75% of the IPO will be reserved for qualified institutional buyers, non-institutional investors can bid for up to 15% shares on offer. Retail investors have 10% of the stock allotted to them.

Employees have access to up to 6.5 m shares.

Kotak Mahindra Bank, Morgan Stanley India and Credit Suisse Securities are global coordinators and book-running lead managers to the offering.

Bank of America (BofA) Securities and Citigroup Global Markets are the book-running lead managers.

How the IPO sails through remains to be seen. Meanwhile, 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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