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Indian Indices End Flat; HCL Technologies and Eicher Motors Among Top Nifty Losers
Fri, 16 Jul Closing

After starting the day on a strong note, Indian share markets witnessed volatile trading activity throughout the day today and ended on a flat note.

Benchmark indices gave up early gains and ended on a flat note as investors worried about the recent surge in Covid-19 cases in the country and different parts of the world.

At the closing bell, the BSE Sensex stood lower by 19 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 1 point (down 0.1%).

Divi's Laboratories and Bharti Airtel were among the top gainers today.

HCL Technologies and Eicher Motors, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,944, up by 23 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended up by 0.5% and 0.4%, respectively.

Sectoral indices ended on a mixed note with stocks in the IT sector, banking sector and finance sector witnessing most of the selling pressure.

Telecom and realty stocks, on the other hand, witnessed buying interest.

Shares of Page Industries and Godrej Properties hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

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The Hang Seng ended on flat note, while the Shanghai Composite ended the day down by 0.7%.

The Nikkei ended down by 1% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 51 points.

The rupee is trading at 74.56 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 48,268 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about a new market that the Reserve Bank of India has opened for investors, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the IT sector, L&T Infotech was among the top buzzing stocks today.

L&T Infotech (LTI) reported a net profit of Rs 5 bn for the quarter ended 30 June 2021, up 19.3% year on year (YoY).

Revenue for the three-month period rose 17.4% to Rs 34.6 bn.

In dollar terms, revenue was 20.4% higher YoY, and up 5.1% sequentially to US$470.2 m. In constant currency terms, revenues were up 17.8%.

Commenting on the earnings, CEO and managing director of L&T Infotech said,

  • We are pleased to report our best-ever quarter one sequential growth of 5.1% driven by holistic growth across our verticals, service lines, client pyramid and geographies.

    Our healthy pipeline and continued strong demand make us confident of future growth.

    Also, quarter one marks the 5-year anniversary of LTI's IPO, and our board has declared a special dividend to commemorate this occasion.

    Over these past 5 years, we have delivered US dollar revenue compound annual growth rate (CAGR) of 13.5% and more than doubled our net profit.

The company added a net 2,300 employees during the quarter, taking total headcount to 38,298.

Jalona said LTI will hire about 4,500 freshers during the year, compared to 3,000 last year, pointing to increased demand across verticals.

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The new recruits will primarily be based in India, where 85% of LTI's employees are located.

The attrition rate for the quarter was 15.2% compared to 12.3% in the previous quarter.

The company signed on 23 new clients during the quarter, including one in the over US$50 m category.

L&T Infotech share price ended the day down by 2.7% on the BSE.

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception. This compares favourably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.

If you are interested in becoming a Hidden Treasure subscriber, here's where you can sign up.

Moving on to news from the IPO space...

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The "Big Bull" Rakesh Jhunjhunwala claims it could be one of the largest stock market bull runs in India ever...

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Zomato IPO Subscribed 36.6 Times so far on Day 3

The initial public offering (IPO) of Zomato has been subscribed 36.6 times on July 16 so far, the third day of bidding.

The offer has received bids for 26.3 bn equity shares against IPO size of 0.72 bn equity shares, the subscription data available on the exchanges showed.

The retail investor portion has been subscribed 7.2 times, while non-institutional investors have put in bids for 29 times against their reserved portion.

The portion set aside for employees is subscribed 53% and that of qualified institutional buyers (QIBs) subscribed 50.7 times.

Speaking of Zomato's IPO, Equitymaster's telegram channel conducted two polls on the food delivery company to know about the mindset of market participants towards the company's IPO.

The two questions asked by us were as follows:

  • Are you investing in the Zomato IPO?

According to the poll data, around 36% of participants said yes to apply for the public offer, while 64% of them people denied to subscribe the IPO. (Sample size - 434).

  • If you are investing in the Zomato IPO, pick the reason you are choosing to invest...

For the above question, out of 297 people around 35% of them said they will invest in the Zomato IPO for long term gains, while 21% of the market participants said they will apply to the pubic offer only for short term gains.

On the other hand, around 44% of them said that they will subscribe to the offer just for listing gains.

if you haven't subscribed to Equitymaster's telegram channel yet, you can do so here.

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!

Read the latest Market Commentary


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