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Sensex Trades Over 400 Points Higher; Dow Futures Up by 165 Points

Wed, 21 Oct 12:30 pm

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

The BSE Sensex is trading up by 408 points, up 1%, at 40,953 levels.

Meanwhile, the NSE Nifty is trading up by 115 points.

Power Grid Corporation of India and Tata Steel are among the top gainers today. Britannia and Hero MotoCorp 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 0.6%

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

On the other hand, stocks from the oil & gas sector and metal sector are witnessing most of the selling pressure.

US stock futures are trading higher today, indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up by 63 points (up 0.5%), while Dow Futures are trading up 165 points (up 0.6%).

Gold prices are trading up by 0.2% at Rs 51,000 per 10 grams.

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

The rupee is trading at 73.4 against the US$.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about how to invest in the stock market right now when inflation is higher than interest rates in his latest video for Fast Profits Daily.

In the video Vijay shares how, when real effective yield is actually negative, it can sometimes push investors to knowingly or unknowingly take higher risks.

So, how can you handle this situation as a trader? Should you take more risk to earn higher returns?

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is L&T Infotech Limited.

In a statement released on October 20, IT company L&T Infotech Limited (LTI) reported a consolidated net profit of Rs 4.6 billion, a 26.7% increase, against a net profit of Rs 3.6 billion in the same period a year ago for the quarter ended September 2020.

The company's revenue grew 16.6% to Rs 30 billion in the reported quarter from Rs 25.7 billion in the year ago period.

Sequentially, the net profit was up 9.7%, while the topline rose 1.7%. In constant currency terms, the revenue increased 2.3% quarter-on-quarter (QoQ) and 10.5% year-on-year (YoY).

Note that the pandemic has made it apparent that organizations need to embrace digital transformations to stay relevant in the marketplace. This presents tremendous opportunities for companies like LTI with comprehensive digital transformation capabilities.

LTI said its digital revenues accounted for 42.9% of its overall revenues. The company's large deal pipeline remains strong as well and it sees increased traction in digital, cloud and analytics space. It has announced a large deal with net new TCV (total contract value) in excess of US$ 40 million in analytics.

The company's board of directors also declared an interim dividend of Rs 15 per equity share and approved a scheme of arrangement for the merger of Syncordis Software Services India and Ruletronics Systems with the company.

Syncordis India and Ruletronics India are wholly-owned subsidiaries of LTI.

At the time of writing, L&T Infotech share price was trading up by 4.8% on the BSE.

Moving on to news from the metals and mining sector ...

Hindustan Zinc Declares Highest Interim Dividend In 12 Years

According to an exchange filing, Hindustan Zinc Ltd., a subsidiary of metal major Vedanta Resources Ltd (VRL) announced a dividend of Rs 21.3 per share, its highest interim dividend in 12 years, days after the failed delisting offer of its parent.

Hindustan Zinc had previously paid a higher dividend of Rs 30 per share in July 2008.

The record date for paying the dividend is October 28.

The company also reported a strong 25% year-on-year (YoY) and 42% quarter-on-quarter (QoQ) growth in revenue led by higher volumes for the quarter ended September. During the quarter, the zinc and lead segment put together, which accounts for 74% of its revenue, witnessed 13% YoY growth in volumes due to higher production and demand.

Despite being a cash-rich company, the company has some debt on its books. However, in a post-earnings conference on October 20 the company said it would strike a balance between preserving its balance sheet and giving out dividends to maximize return to its shareholders.

Vedanta Resources Ltd., which holds 64.9% stake in Hindustan Zinc, is expected to get nearly Rs 58.4 billion of the total interim dividend of Rs 90 billion, but it is not clear if the same will be passed through to Vedanta's shareholders. The company has yet to distribute the dividend it received from its subsidiary in the quarter ended March.

Meanwhile, Moody's Investor Service placed Vedanta Resources' ratings under review for downgrade after its failure to acquire the remaining shareholding as the delisting of the Indian unit failed.

We will keep you updated on all the news 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.

According to Apurva Sheth, Senior Research Analyst at Equitymaster, the secret behind the rally in metals is nothing else but its greed and fear cycle.

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!

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