Sensex Hits All-Time High, Dow Futures Up by 105 Points

Tue, 3 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 507 points, up 1%, at 53,457 levels.

Meanwhile, the NSE Nifty is trading up by 133 points

Titan and Sun Pharma are among the top gainers today. JSW Steel and Grasim Industries are among the top losers today.

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

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

On the sectoral front, barring the metal sector, all sectors are trading in green with stocks from the telecom 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 33 points (up 0.2%) while Dow Futures are trading up by 105 points (up 0.3%).

The rupee is trading at 74.28 against the US$.

Gold prices are trading down 0.5% at Rs 47,800 per 10 grams.

Gold prices in domestic markets were trading lower today tracking a muted trend in international spot prices. On MCX, gold futures were trading 0.3% lower at Rs 47,939 per 10 grams.

In international markets, gold prices settled on a slightly positive note as investors across the globe avoided taking big positions ahead of the key US non-farm payroll data due later this week. Gold futures settled at US$ 1822.2 per troy ounce.

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 Balaji Amines.

Shares of Balaji Amines rallied 9% on the bourses in early trade today to hit a new high after the company reported robust numbers for the June 2021 quarter.

The company's consolidated net profit for the quarter more than doubled to Rs 974 m from Rs 315.8 m in the June 2020 quarter.

The company's consolidated total income during the quarter also grew 102% year on year (YoY) at Rs 4.5 bn against Rs 2.2 bn in the same period last year due to robust demand for the company's products from end-user industries.

The management said the improvement in revenue was on account of an additional income stream with the commencement of its 16,500 tons ethylamines plant and improved capacity utilisation.

The company's ethylamines plant achieved capacity utilization of over 90% in the June quarter, the management said.

The company has decided to undertake capex of approximately Rs 700-800 m for an additional acetonitrile plant, which will have a capacity of 50 TPD (tonnes per day) at its 90-acre greenfield project (Unit IV).

This plant is likely to get commissioned during the financial year 2023.

Balaji Amines is the leading manufacturer of aliphatic amines in India, specialized in manufacturing methylamines, ethyl amines, derivatives of amines and speciality chemicals.

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

At the time of writing, Balaji Amines shares were trading up by 3.9% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares which stocks he thinks are ready to zoom, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the automobile sector...

Tata Motors Hikes Passenger Vehicle Prices

Tata Motors on Monday said that it will increase prices of its passenger vehicles with effect from today, 3 August 2021.

The Mumbai-based auto major, which sells models like Nexon and Harrier, will increase prices of its passenger vehicles on an average of 0.8% depending on the variant and model, Tata Motors said in a statement.

Continuing with its commitment towards customers, the company will offer protection from the price increase to vehicles that will be retailed on or before 31 August 2021.

Last week, the automaker had noted that it is looking to increase prices of its entire range of passenger vehicles to offset the steep rise in procurement cost of essential materials such as steel and precious metals.

Tata Motors President Passenger Vehicles Business Unit (PVBU) Shailesh Chandra had said that the company has seen a very steep increase in the prices of steel and precious metals over the last one year.

The financial impact of the increase in commodity prices is in the range of 8-8.5% on the company's revenues in the past year.

The company has been able to pass on only a small part of the increase in input costs to the customers so far.

Prices of precious metals like rhodium and palladium have gone up significantly over the last one year. Steel prices have also remained high during the period.

How this price hike pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

This usually happens in a situation where a stock or index has typically been in a bull trend for a while. Spotting this correctly can help you save money.

If you're interested in trading and want to know how you can use this pattern, you can read about it in one of the editions of Profit Hunter here: It's When You Sell that Counts

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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