Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  


Sensex Trades Flat; Bharti Airtel & Maruti Suzuki Top Losers
Mon, 21 Sep 12:30 pm

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

The BSE Sensex is trading down by 29 points, at 38,800 levels.

Meanwhile, the NSE Nifty is trading down by 8 points.

Bharti Airtel is the top loser in NSE. Meanwhile, the top gainers in NSE today include HCL Tech and Kotak Mahindra Bank.

The BSE Mid Cap index is trading down by 0.7%. The BSE Small Cap index is trading down by 0.4%.

On the sectoral front, telecom stocks are witnessing selling pressure. Meanwhile, IT stocks are trading in green.

US stock futures are trading lower today. Nasdaq Futures are trading down by 73 points (down 0.7%), while Dow Jones Industrial Average Futures are trading down by 190 points (down 0.6%).

The rupee is trading at 73.33 against the US$.

Gold prices are currently trading down by 0.4% at Rs 51,505.

If you want to know, when and how to buy gold, just visit our  HYPERLINK "https://www.youtube.com/playlist?list=PLouEzv5yQrJydv1WkG9aWMkjP6cJ3chTq&utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" \t "_blank" Youtube Playlist on gold investing. Get trading ideas on gold by India's #1 trader Vijay Bhambwani. Find out the right way to profitably trade gold now.

Speaking of stock markets, note that the markets regulator recently modified the scheme characteristics of multicap funds. Henceforth, all multi-cap funds will be required to invest at least 25% of their portfolios in equity and equity related instruments of large-cap, mid-cap and small-cap companies, respectively.

In his latest video, Rahul Shah discusses whether the regulator's circular is the perfect time to start investing in good quality smallcap stocks.

Tune in to find out more:

Moving on to stock specific news...

HCL Technologies is among the top buzzing stocks today.

Shares of the company hit a fresh record high of Rs 849.70, up 4% on the BSE in the early trade today after the company announced its intent to acquire IT company DWS Limited, a leading Australian IT, business, and management consulting group, for $158.2 million.

The acquisition is expected to be completed by December 2020.

"The acquisition is a step towards enhancing HCL Techs' presence in the Australia and New Zealand region. The acquisition helps HCL expand its coverage of clients and use the acquired customer base to offer its expanded portfolio of services," HCL Tech said in a BSE filing.

Earlier this week, the IT major raised its outlook for the September quarter in a mid-quarter update.

On September 14, HCL Technologies said it expects the revenue and the operating margin for the July-September quarter (Q2FY21) to be meaningfully better than the top end of the guidance it had provided in July' 2020.

The company further said the earnings before interest and tax margin for the current quarter is expected to be between 20.5% and 21%.

HCL Technologies share price is presently trading up by 3.7%.

Moving on to news from the metal sector, the Enforcement Directorate (ED) has cited suspicious trading between JSW Steel and Bhushan Power and Steel (BPSL) in its latest filing before the Supreme Court.

The agency said that while investigating the role of a resolution professional, they found documents that revealed commission of Rs 6 million is shown to be payable to the bank officials, including Rs 5 million for Punjab National Bank officials and Rs 1 million for PFC officials.

Note that the ED is probing BPSL in a money laundering case. It has been opposing JSW Steel's bid of Rs 197 billion for 3.5 million tonne plant, claiming there are certain related party transactions.

The ED also claimed that in May 2020, BPSL sold Rs 430 million of coke to Monnet Ispat & Energy, a JSW group company.

ED said, "this sale took place without a tender. There has earlier not been such a significant sale of coke by BPSL. It appears this is not a normal transaction and the price at which coke has been transferred is required to investigated for correctness."

Reports state that BPSL allegedly cleared goods value at Rs 7 billion without paying taxes and duties and without issuing statutory invoices.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of the metal sector, note that metal stocks have rebounded sharply from their March lows, with revival in both domestic and global demand.

Have a look at the chart below which shows returns of the major sectoral indices since 23 March 2020.


As per Apurva Sheth, the secret behind the rally in metals is nothing else but its greed and fear cycle. The greed phase in metal stocks will last till September 2021.

As per Apurva, the sector has a lot more ground to cover up in a short span of time.

He has been sharing with you such greed and fear cycles in stocks, currencies, and even commodities.

How metal stocks perform in the coming months remains to be seen.

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


Equitymaster requests your view! Post a comment on "Sensex Trades Flat; Bharti Airtel & Maruti Suzuki Top Losers". Click here!