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Sensex Trades 300 Points Higher, Dow Futures Down by 70 Points
Mon, 11 Oct 12:30 pm

Sensex Trades 300 Points Higher, Dow Futures Down by 70 Points

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

The BSE Sensex is trading up by 348 points, up 0.6%, at 60,407 levels.

Meanwhile, the NSE Nifty is trading up by 127 points.

Tata Motors and Coal India are among the top gainers today. TCS and Wipro are among the top losers today.

The BSE Mid Cap index is trading up by 0.9%.

The BSE Small Cap index is trading up by 1%

On the sectoral front, stocks from the real estate sector are witnessing most of the buying interest.

On the other hand, stocks from the software sector are witnessing most of the selling pressure.

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

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Nasdaq Futures are trading down by 132 points (down 0.9%) while Dow Futures are trading down by 70 points (down 0.2%).

The rupee is trading at 75.22 against the US$.

Gold prices are trading down by 0.3% at Rs 46,839 per 10 grams.

Gold prices edged lower in India today amid weak global cues. On MCX, gold futures were down 0.2% at Rs 46,937 per 10 grams.

Note that gold prices are up significantly from Rs 45,700 levels hit in September-end.

In global markets, gold prices were flat today despite a dip in the dollar. Spot gold was flat at US$ 1,756.3 per ounce.

The benchmark US 10-year Treasury yields touched its highest level since early June on Friday on fears that the US Federal Reserve would start paring stimulus this year despite weak jobs data.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Speaking of precious metals, India's #1 trader Vijay Bhambwani discusses whether you should buy silver ETFs, in his latest video for Fast Profits Daily.

Moving on to stock-specific news...

Among the buzzing stocks today is Macrotech Developers.

Shares of real estate firm Macrotech Developers were in focus today after the company said that it has sold properties worth Rs 30 bn during the September 2021 quarter on better demand.

The company looks to double its sales bookings in the second half to reach the Rs 90 bn target this fiscal year.

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Macrotech Developers is one of the leading real estate developers in the country. The company markets its properties under the "Lodha" brand.

Macrotech Developers MD and CEO Abhishek Lodha said,

  • Sales bookings in July-September jumped over two times to Rs 20 bn from the previous quarter, taking the total sales bookings to Rs 29.6 bn in the first half of this fiscal year.

    We need to do Rs 50 bn of sales bookings during the second half of the financial year 2022 from our residential portfolio. Rs 10 bn will come from non-regular sales - monetisation of commercial and warehousing properties.

Lodha highlighted that momentum in housing sales has been very strong since June, helping the company to achieve a record sales bookings of over Rs 20 bn during the September quarter.

Macrotech Developers, which got listed on the stock exchanges in April, raised Rs 25 bn through its initial public offering (IPO).

The company focuses only on the Mumbai Metropolitan Region (MMR) and Pune markets.

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

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

Moving on to news from the software sector...

TCS Shares Tank 6% Despite 29% YoY Rise in Net Profit

Shares of Tata Consultancy Services fell over 6% on the exchanges in early trade today after the company reported a 16.8% year on year (YoY) growth in revenue for the September 2021 quarter, which was slightly below analysts' expectations.

Overall, the country's largest IT services company by market capitalization reported a 29% YoY growth in net profit.

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The company's board also approved a dividend of Rs 7 per for the shareholders of the company.

Commenting on the results, Chief Executive Officer and Managing Director Rajesh Gopinathan said,

  • The strong and sustained demand environment is a once-in-a-decade opportunity to position ourselves as the preferred growth and transformation partner for our customers.

The quarter saw strong demand for growth and transformation services as customers took a longer-term view of their businesses, driven by improving vaccination levels and business outlook.

TCS said that it added five new clients in the US$ 100 m bracket and 17 new clients in the US$ 50 m category reflecting the strong demand environment.

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

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

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Read the latest Market Commentary

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

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Nov 29, 2021 03:12 PM