Indian Indices Erase Gains; Bharti Airtel & Sun Pharma Top Losers

Thu, 13 Aug 12:30 pm

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Share markets in India have erased early gains and are presently trading on a flat note, dragged down by telecom stocks.

Benchmark indices edged higher in early trade today tracking global markets but ever-rising Covid-19 cases and the economic fallout due to that checked gains.

In global stock markets, Asian markets followed Wall Street indices, as investors returned to tech stocks, gold and selling dollars after steady virus figures and a surprising jump in US inflation boosted sentiment.

The BSE Sensex is trading down by 23 points, at 38,350 levels.

Meanwhile, the NSE Nifty is trading down by 4 points.

The BSE Mid Cap index is trading up by 1.2%.

The BSE Small Cap index is trading up by 0.8%.

On the sectoral front, telecom stocks are witnessing most of the selling pressure.

The rupee is trading at 74.82 against the US$.

Gold prices are currently trading down by 0.4% at Rs 52,025.

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Speaking of the current stock market scenario, note that after over 2 years of lag, the smallcap index is beating Sensex in the post Covid rebound.

We have seen a sharp up move in the index post the market crash. The smallcap index is up 60% since its March lows.

Now, what lies ahead? Will the rally continue? Or will there be a correction?

As per Richa Agarwal, lead smallcap analyst at Equitymaster, the next few days would be crucial for making big gains in smallcap stocks.

But while it is time to act, you must tread with caution. Post Covid, Richa expects a lot of clean up in the smallcap space, with only a few quality stocks emerging as winners.

In news from the IT sector, Eclerx Services is among the top buzzing stocks today.

Shares of Eclerx Services are locked in the 20% upper circuit band after the company reported steady numbers for the quarter ended June 2020 (Q1FY21).

The firm posted a 30% year-on-year (YoY) rise in its consolidated net profit at Rs 518 million against Rs 398 million in the corresponding quarter of the previous fiscal.

Operating revenue for the quarter ended June 30, 2020 was Rs 3,366 million, down 5.1% YoY against Rs 3,547 million in the corresponding period last year.

In US dollar terms, operating revenue decreased by 11.9% to US$ 44.8 million as compared to US$ 50.9 million in the corresponding period last year.

Total revenue including other income for the period came in at Rs 3,481 million, down 4.1% YoY.

Earnings before interest and taxes (EBIT) for the quarter under review increased by 35.5% YoY.

In other news, IT stocks are witnessing buying today after the US announced certain exemptions in H-1B and L-1 travel ban for those continuing employment with the same employer.

Reports state that this move is likely to help Indian IT professionals.

Moving on to news from the pharma sector, shares of Aurobindo Pharma dipped over 4% intraday today, despite the company reporting a 22.8% YoY rise in its consolidated net profit to Rs 7.81 billion for Q1FY21, mainly on account of robust sales in the US market.

Consolidated revenue from operations of the company stood at Rs 59.2 billion for the quarter under consideration. It was Rs 54.4 billion for the same period a year ago.

"Amid challenging times, we have started the financial year by reporting a healthy performance. We have ensured the business continuity without compromising the safety and wellbeing of our employees," the company's Managing Director N Govindarajan said.

US formulation revenue for the quarter ended June was at Rs 31.1 billion as against Rs 26.9 billion in the first quarter of financial year 2020, registering a growth of 15.6% year-on-year and accounting for 52.4% of the consolidated revenue.

The company also declared an interim dividend of Rs 1.25 per equity share for financial year 2020-21.

Glenmark Pharma share price is presently trading down by 0.1%.

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

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Indian Share Market Update: Top Gainers and Losers