Sensex Trades 310 Points Lower; Dow Futures Down by 115 Points

Thu, 15 Oct 12:30 pm

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

The BSE Sensex is trading down by 310 points, down 0.8%, at 40,484 levels.

Meanwhile, the NSE Nifty is trading down by 79 points.

Asian Paints and Axis Bank are among the top gainers today. HCL Technologies and Tech Mahindra are among the top losers today.

Both the BSE Mid Cap and BSE Small Cap index are trading flat.

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

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

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

Nasdaq Futures are trading up by 87 points (down 0.7%), while Dow Futures are trading down 115 points (down 0.4%).

Gold prices are trading down by 0.3% at Rs 50,389 per 10 grams.

To know more about gold, visit our YouTube Playlist on gold investing.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about a once-in-a-generation change that is happening in the market caused by the pandemic in one of his latest videos.

In the video, Vijay talks about how a new generation of Robinhood traders are driving this change. Coronavirus has changed the way we work, travel, and communicate but will it change the way we trade the markets?

To find out, tune in here:

In news from the IPO space, oil and gas pipeline infrastructure service provider Likhitha Infrastructure made its debut on the stock market today at Rs 130, an 8% premium.

Likhitha Infrastructure, which had the smallest initial public offering of Rs 610 million, will be the 11th company to get listed this year.

Given the tepid response from institutional investors initially, analysts had expected a muted listing. But after the company's initial public offer (IPO) was extended till Wednesday, the IPO attracted over 9.5 times bids. The issue received bids for 48.5 million shares, which was 9.5 times the issue size of 5.1 million shares. The final issue price was fixed at Rs 120 per share.

Until October 8, the IPO had failed to attract qualified institutional buyers (QIB) to bid for even half their portion. In the revised offer, the portion received for QIBs was reduced from 50% of the issue to just 1% of the issue with only 51,000 shares on offer. With the reduced size of the QIB portion, the quota of non-institutional investors (NII) was revised upwards. NIIs now have 64% of the total issue reserved for them and subscribed their portion of over 3.2 million units 1.4 times.

Note that Likhitha Infrastructure, with a market capitalization of Rs 2.37 billion, has over two decades of experience in laying pipeline networks as well as providing operations and maintenance services to leading city gas distribution companies in India. The company is also debt free and has a healthy order book, which gives it strong revenue visibility going forward.

It plans to use the net issue proceeds for working capital requirements and general corporate purposes.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Moving on to stock specific news...

Among the buzzing stocks today is Tata Elxsi Ltd.

Design and technology services provider Tata Elxsi on Wednesday reported a 58.3% increase in net profit to Rs 788 million for the September 2020 quarter.

The company reported a sharp growth in top line and bottom line on a year-on-year (YoY) basis.

Sales revenues for the September 20 quarter were up 11.5% on a YoY basis and 7.4% on a sequential basis which showed the limited impact of the Covid-19 effect. Net profits were up by 58.4% on a YoY basis on the back of better than expected operating performance. Even on a sequential basis, the net profits were up by 14.5%.

In a regulatory filing, the company said it had registered a net profit of Rs 498 million in the year ago period. Its revenue from operations rose 11.5% to Rs 4.3 billion for the said quarter from Rs 3.86 billion in the corresponding period a year ago.

The company said that its growth was driven by both its key businesses - Embedded Product Design (EPD), and Industrial Design and Visualization (IDV). EPD, the company's largest division, grew by 7.1% quarter-on-quarter (QoQ) and 15.1% YoY, it added.

Within EPD, healthcare grew at 14.1% QoQ, while media and communications grew 6.7% and transportation 5.6% on a sequential basis. IDV also posted growth of 15.1% QoQ with some key international design project wins.

The company is going into the second half of FY21 with a strong deal pipeline across geographies and verticals, and a significant number of large deals that it is pursuing. It has closed some large deals including a multi-year deal with a European Tier 1 supplier for vehicle electronics and software. It has also added new automotive customers including a new OEM.

The sharp spike in the earnings per share on a YoY basis gives a greater valuation comfort to investors who had been worried about the rich valuations of the stock after the recent rally.

At the time of writing, Tata Elxsi share price was trading up by 1.3% on the NSE.

We will keep you updated on all the news 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.

According to Apurva Sheth, senior Research Analyst at Equitymaster, spotting this pattern 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 recent 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!

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