Sensex Opens Lower; Metal and Banking Stocks Under Pressure

Fri, 10 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 0.9% while the Hang Seng is down 0.6%. The Nikkei 225 is trading down by 0.2%.

Meanwhile, the S&P 500 and Dow dropped yesterday as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and they began to shift their focus to earnings.

Back home, Indian share markets opened higher.

The BSE Sensex is trading up by 144 points. The NSE Nifty is trading up by 36 points.

Meanwhile, the BSE Mid Cap index has opened down by 0.2%.

BSE Small Cap index is also trading lower by 0.1%.

Except healthcare stocks, all sectoral indices are trading in the red.

BSE Metal is witnessing maximum selling pressure.

Moving on, the rupee is currently trading at 74.99 against the US$.

Gold prices are currently trading down by 0.6% at Rs 48,878.

In the news from the financial markets. Inflows into equity mutual funds crashed in June despite Indian indices surging.

Net investments into equity and equity-linked schemes tumbled 95% over the preceding month to Rs 2.4 billion in June. This was the third straight monthly drop.

Large- and multi-cap schemes saw the first ever outflow in June since April 2019.

Equity multi-cap funds saw a month-on-month outflow of Rs 7.8 billion in June, while investors withdrew Rs 2.1 billion from large-cap schemes. Net investments in small and midcaps rose at a slower pace.

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.

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Speaking of the current stock market scenario, the last few months have witnessed the kind of shifts that most investors would recall as once in a lifetime.

The Sensex is up over 34% from the lows in March 2020. At that time, it had declined by over 20%. That seemed to suggest the start of a bear market.

What's Driving the Markets?

So, what's driving the markets? An important driver of this rally is the inflow from global funds, now that the global economies have opened the liquidity tap.

Investors and traders who are new to stock markets have had a superb experience over past three months as almost any and every stock has given them phenomenal returns.

The problem is that this experience may not be lasting unless investors now take a careful look at their portfolio and literally sanitize them to get rid of the unwanted elements.

In her latest video, co-head of Research at Equitymaster, Tanushree Banerjee shows three charts that every investor must see today, irrespective of whether you are an investor or a day trader, a novice or an expert in the stock markets.

Tune in to find out more...

Moving on to the stock specific news...

Mphasis is among the top buzzing stocks today.

As per an article in a leading financial daily, Mphasis agreed to pay US$171,300 in lost wages to resolve allegations of discrimination at its office in the US.

The company has denied the allegations. This follows a routine compliance evaluation by the US Department of Labor's Office of Federal Contract Compliance Programs (OFCCP) into the company's hiring practices.

Reportedly, the Department of Labor had stated that the routine compliance evaluation alleges that between 2015 and 2017, Mphasis discriminated against white applicants in favor of Asian applicants for computer systems analyst positions.

As per the settlement, reached at a federal court in New York, the company will pay US$171,300 in back wages and extend opportunities to all 14 class members and take steps to ensure its personnel practices meet all legal requirements.

Mphasis share price opened the day down by 1%.

In another news from IT sector. Tata Consultancy Services (TCS) flagged off the June quarter earnings season by reporting a profit at Rs 70.1 billion, down 12.9% QoQ, dented by lockdown-led supply and demand challenges.

The year-on-year fall in profit stood at 13.8%, which partially impacted by a 67.8% YoY (down 19% QoQ) decline in other income to Rs 4.6 billion.

Consolidated revenue declined 4.1% sequentially to Rs 383.2 billion in the quarter ended June, impacted by all segments, barring banking, financial services and insurance (BFSI).

However, revenue increased 0.4% YoY. Dollar revenue declined 7.1% QoQ to US$5,059 million in Q1, while revenue in constant currency terms dropped 6.9% QoQ.

Constant currency revenue growth in Q1FY19 and Q4 FY19 stood at 10.6% and 3%, respectively.

TCS share price opened the day down by 0.9%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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