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Sensex Trades Marginally Lower, Dow Futures Down by 440 Points
Mon, 20 Sep 12:30 pm

Share markets in India are presently trading marginally lower.

The BSE Sensex is trading down by 57 points, down 0.1%, at 58,958 levels.

Meanwhile, the NSE Nifty is trading down by 44 points.

Bajaj Finserv and HUL are among the top gainers today. Tata Steel and Hindalco are among the top losers today.

The BSE Mid Cap index is trading down by 0.4%

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

On the sectoral front, stocks from the metal sector are witnessing most of the selling pressure.

On the other hand, stocks from the FMCG sector are witnessing most of the buying interest.

US stock futures are trading lower today, indicating a negative opening for Wall Street.

Nasdaq Futures are trading down by 111 points (down 0.7%) while Dow Futures are trading down by 440 points (down 1.3%).

The rupee is trading at 73.65 against the US$.

Gold prices are trading down by 0.0.03% at Rs 45,970 per 10 grams.

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Gold prices edged lower in Indian markets today, continuing their recent correction amid weak global cues. On MCX, gold rates were down 0.1% to Rs 45,928 per 10 grams. In the previous session, gold had dropped 0.2%.

In global markets, gold rates edged lower as a stronger US dollar dampened the appeal of safe-haven asset. Investors were also cautious ahead of US Federal Reserve meeting later this week. Spot gold dipped 0.1% to US$ 1,752.7 per 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 Nazara Technologies.

Shares of Nazara Technologies rose as much as 4.4% after its independent subsidiary NODWIN Gaming acquired the gaming and adjacent intellectual property (IP) business of OML Entertainment.

NODWIN Gaming bought the business for a consideration of Rs 730 m.

In a press release, the company said,

  • The transaction will provide partial liquidity to OML Entertainment shareholders, including CA Media.

    Ajay Nair, MD of OML Entertainment, will join the NODWIN Gaming board as part of this transaction and will work with Akshat Rathee, MD of NODWIN Gaming and the NODWIN Gaming management team to ensure smooth integration of the OML IPs with NODWIN Gaming and help with growing NODWIN Gaming's business.

While NODWIN Gaming is known for its esports and gaming expertise, OML Entertainment is known for managing some of India's biggest gaming & entertainment creators and for owning and executing storied IPs such as the Bacardi NH7 Weekender.

Nazara Technologies shares have more than doubled from the IPO price of Rs 1,101 to hit a record high of Rs 2,239.9.

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The company, backed by ace investor Rakesh Jhunjhunwala, sold shares via an initial public offering (IPO) between 17-19 March 2021. The issue was subscribed 175.5 times.

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

At the time of writing, Nazara Technologies shares were trading up by 2.5% on the BSE.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani talks about why he is bullish about the year 2022, in his latest video for Fast Profits Daily.

Moving on to news from the pharma sector...

Indian Hotels Hits New High, Chalet, EIH Gain Upto 14%

Shares of hotel companies were in focus and rallied up to 14% on the BSE today on hopes of business revival following unlocking of the economy and a pick-up in travel.

Analysts believe that business will be back to pre-Covid level by the end of the financial year 2022, if there won't be third wave of the pandemic.

Among the individual stocks, EIH, Taj GVK Hotels & Resorts and Chalet Hotels rallied between 10% and 14%.

Indian Hotels Company (IHCL) surged 14% to hit a record high of Rs 169.2. The stock of Tata Group company surpassed its previous high of Rs 164.1 touched on 26 June, 2019.

Analysts remain positive on IHCL's business recovery prospects due to its strong brand recall and footprint across segments, asset light-approach, repositioning of Ginger in the lean luxury segment and efficient cost management.

So far in the month of September, the stock price of IHCL has appreciated by 21%, after the company announced a Rs 30 bn fund raising plan by way of a rights issue to the existing shareholders of the company.

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The objective of the issue is to meet the company's financing needs for capital expenditure, growth plans and debt repayment & will be finalised in consultation with the merchant bankers, the company said.

The Tata Group holds a 40.8% stake in IHCL through Tata Sons and other Group companies. The company enjoys considerable financial flexibility and significant lender/investor comfort by virtue of the Tata Group lineage.

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

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!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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Oct 27, 2021 (Close)