Sensex Trades 350 Points Higher, Dow Futures Up by 159 Points

Mon, 2 Aug 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 351 points, up 0.7%, at 52,938 levels.

Meanwhile, the NSE Nifty is trading up by 115 points

Titan and Adani Ports are among the top gainers today. UPL and Tata Steel are among the top losers today.

The BSE Mid Cap index is trading up by 0.9%.

The BSE Small Cap index is trading up by 1.1%.

On the sectoral front, all sectors are trading in green with stocks from the real estate sector witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 81 points (up 0.5%) while Dow Futures are trading up by 159 points (up 0.5%).

The rupee is trading at 74.38 against the US$.

Gold prices are trading down 0.1% at Rs 47,820 per 10 grams.

Gold prices edged lower in India today, tracking weak global cues. On MCX, gold futures fell 0.2% to Rs 47,926 per 10 grams. In the previous session, gold fell about Rs 400 or 0.8%.

In global markets, spot gold rates eased 0.2% to US$ 1,809.2 per ounce after hitting a two-week high in the previous session. A stronger US dollar weighed on the precious metal after the greenback fell 0.8% last week, its worst weekly performance in over two months.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares why he thinks the Nifty is making a short-term top in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to stock-specific news...

Among the buzzing stocks today is Glenmark Pharmaceuticals.

Glenmark Pharmaceuticals announced that it has signed an agreement with Canadian biotech firm SaNOtize Research to commercialise its nitric oxide nasal spray for the treatment of Covid-19 in India and other asian markets.

The company in early July 2021 had presented a proposal to the subject expert committee of CDSCO for emergency approval.

Glenmark Pharmaceuticals said -

• The committee has recommended a phase III clinical trial to be conducted in Indian patients in the weeks to follow.
  
  The phase III clinical trial for NONS is expected to be completed, followed by a commercial launch under the brand name FabiSpray in India, by the fourth quarter of the calendar year 2021.

SaNOtize developed and patented a nitric oxide releasing solution platform technology (NORSTM) to treat and prevent microbial infections in 2017.

Glenmark's partnership with SaNOtize will bring in much needed therapeutic relief to patients in India and Asia.

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

At the time of writing, Glenmark Pharmaceuticals shares were trading up by 8.4% on the BSE.

Speaking of stocks, here is an illustration of the four phases that a stock goes through during its life cycle. The cycle repeats itself after the stock goes through all these for stages.

This cycle defines everything in markets. If you can master this cycle, then nothing can stop you from making huge profits.

If you're interested to know how a stock's life cycle can offer you the opportunity to make money in every phase, you can read about it in one of the recent editions of Profit Hunter: One Cycle That Defines Everything in the Markets

Moving on to news from the IPO space...

Policybazaar Files for Mega Rs 60 bn IPO

Policybazaar has filed papers with the market regulator to raise Rs 60.2 bn through a mega initial public offering (IPO).

The online insurance marketplace which is backed by marquee investors such as Info Edge, Premji Invest, Softbank, Tiger Global and Temasek, is targeting a valuation between US$ 5.5 bn to US$ 6 bn.

The IPO will comprise a fresh issue of Rs 37.5 bn and an offer for sale (OFS) of Rs 22.7 bn.

The company will utilise approximately Rs 15 m from the funds raised through the market for enhancing the visibility of its brands.

The funds will also be utilised for expanding growth initiatives to increase its consumer base, offline presence, funding investments and new acquisitions, and for expansion outside India.

Shardul Amarchand Mangaldas is the company's counsel and Cyril Amarchand Mangaldas is the counsel to the bankers, whereas Latham and Watkins and Linklaters are the international legal counsels.

Besides the above-mentioned marquee investors, Policybazaar's long list of backers also comprises Ribbit Capital, True North, Inventus, True North, Chiratae Ventures & Wellington Management.

The online insurance aggregator's listing plans come on the back of a steep spike in the demand for online life and health insurance products post the Covid-19 outbreak.

How this pans out 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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