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Sensex Trades 329 Points Lower; Metal and Realty Stocks Witness Selling
Thu, 17 Sep 12:30 pm | Monish Vora, TM Team

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

The BSE Sensex is trading down by 329 points (down 0.8%), at 38,951 levels.

Meanwhile, the NSE Nifty is trading down by 78 points (down 0.7%).

Hindalco is the top loser in NSE. Meanwhile, the top gainers in NSE today include Dr Reddy's Laboratories and HCL Technologies.

The BSE Mid Cap index is trading down by 0.5%. The BSE Small Cap index is trading down by 0.6%.

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On the sectoral front, metal stocks and realty stocks are witnessing maximum selling pressure.

The rupee is trading at 73.73 against the US$.

Gold prices are currently trading down by 0.7% at Rs 51,468.

Over last three weeks, gold is trading in a narrow range since hitting record highs of Rs 56,200 last month.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

Even with the recent volatility in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

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HCL Technologies is among the top buzzing stocks today.

HCL Technologies share price hit a fresh 52-week high of Rs 817.45 apiece today. The stock surpassed its previous all-time high of Rs 809.85 apiece touched earlier this week.

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Buying interest was seen as yesterday, HCL Technologies and Google Cloud announced the expansion of their strategic partnership to bring HCL's Actian portfolio, starting with Actian Avalanche, to Google Cloud.

The company in a press release informed that Actian Avalanche is a high-performance hybrid cloud data warehouse designed to power an enterprise's most demanding operational analytics workloads.

HCL's Actian Avalanche hybrid cloud data warehouse has been deployed by Fortune 500 customers to deliver powerful insights to manage business complexities for a variety of use cases, including fraud detection, real-time offers and market basket analysis.

Earlier this week, in a mid-quarter update, HCL Tech informed that it has seen a strong execution during the quarter to date, and continues to execute the plan this month. The company said that the revenue growth for the current quarter is expected to exceed 3.5% sequentially in constant currency.

Moving on to news from the IPO space...

Happiest Minds Technologies shares surged on making their stock market debut today to trade at a price of Rs 383 per share. This meant a premium of Rs 217 on the upper band of the issue price of Rs 165-66 per share.

The stock was listed on the bourses at a price of Rs 351 per share. Happiest Minds shares began trading 131% higher from the issue price.

Happiest Minds Technologies IPO was subscribed 151 times with all portions being oversubscribed by the investors. Non-Institutional Investors (NII) had bid the most for the stock. The Bengaluru based Information Technology company, backed by 77-year old entrepreneur Ashok Soota, was commanding a grey market premium of Rs 140 per share till yesterday.

Strong and experienced promoters, along with a niche business model and exponential growth prospects are the prime reasons cited for the hefty premium in grey market.

Ashok Soota, promoter of Happiest Minds, was the founder of midcap IT firm Mindspace, which was later taken over by Larsen & Toubro group. The industry veteran previously had a long stint in Wipro from 1984 to 1999.

In other news, the public offer of Computer Age Management Services' (CAMS) will hit the primary market on Monday, September 21.

The firm has set the price band for the issue at Rs 1,229-1,230 per share. The initial public offering (IPO) will be an offer for sale (OFS) of 1,82,46,600 shares by NSE Investments which at the upper limit of the price band suggests an issue size of Rs 22.4 billion.

The anchor allotment will be announced on Friday and the IPO will close on Sep 23.

CAMS claims to be India's largest registrar and transfer agent with a market share of 69.4%, based on mutual funds' average assets under management, as of November 2019.

It offers integrated services for receipt, verification and processing of financial and non-financial transactions for the BFSI (banking, financial services and insurance) sector, largely the mutual fund industry.

How the above IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space. Stay tuned.

And 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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Stock Market Updates

SADBHAV ENGINEERING Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.6% (Today's Market)

Oct 23, 2020 03:16 PM

SADBHAV ENGINEERING share price is trading up by 5% and its current market price is Rs 51. The BSE CAPITAL GOODS is up by 0.6%. The top gainers in the BSE CAPITAL GOODS Index is SADBHAV ENGINEERING (up 5.1%). The top losers are LAKSHMI MACHINE and BHARAT ELECTRONICS (down 0.8%).

OBEROI REALTY Share Price Down by 5%; BSE REALTY Index Down 0.9% (Today's Market)

Oct 23, 2020 03:16 PM

OBEROI REALTY share price is trading down by 5% and its current market price is Rs 482. The BSE REALTY is down by 0.9%. The top gainers in the BSE REALTY Index are MAHINDRA LIFESPACE (up 1.6%) and GODREJ PROPERTIES (up 0.7%). The top losers is OBEROI REALTY (down 5.3%).

GRINDWELL NORTON Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.8% (Today's Market)

Oct 23, 2020 03:06 PM

GRINDWELL NORTON share price is trading up by 5% and its current market price is Rs 570. The BSE CAPITAL GOODS is up by 0.8%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 5.2%). The top losers are BHARAT ELECTRONICS (down 0.3%) and THERMAX (down 0.4%).

APL APOLLO TUBES at All Time High; BSE CAPITAL GOODS Index Up 0.9% (Today's Market)

Oct 23, 2020 02:26 PM

APL APOLLO TUBES share price has hit an all time high at Rs 3,045 (up 2.5%). The BSE CAPITAL GOODS Index is up by 0.9%. Among the top gainers in the BSE CAPITAL GOODS Index today are APL APOLLO TUBES (up 2.5%) and HONEYWELL AUTOMATION (up 0.3%). The top losers include BHARAT ELECTRONICS (down 0.3%) and THERMAX (down 0.5%).

CENTRAL BANK Share Price Up by 7%; BSE BANKEX Index Down 0.1% (Today's Market)

Oct 23, 2020 02:24 PM

CENTRAL BANK share price is trading up by 7% and its current market price is Rs 11. The BSE BANKEX is down by 0.1%. The top gainers in the BSE BANKEX Index is CENTRAL BANK (up 6.8%). The top losers are SBI (down 0.2%) and FEDERAL BANK (down 0.4%).

Sensex Trades 120 Points Higher; Dow Futures Down by 47 Points (Today's Market)

Oct 23, 2020 12:30 pm

BSE Sensex is trading up by 120 points, while the NSE Nifty is trading up by 53 points.

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