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Sensex Trades Over 800 Points Lower; Dow Futures Up by 57 Points
Mon, 15 Mar 12:30 pm | Ayesha Shetty, TM Team

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

The BSE Sensex is trading down by 822 points, down 1.6% at 49,970 levels.

Meanwhile, the NSE Nifty is trading down by 225 points.

Tech Mahindra and HCL Technologies are among the top gainers today. Axis Bank and Bajaj Finserv are among the top losers today.

The BSE Mid Cap index is trading down by 1.5%.

The BSE Small Cap index is trading down by 0.8%.

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

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

US stock futures are trading mixed today.

Nasdaq Futures are trading down by 7 points (down 0.1%) while Dow Futures are trading up by 57 points (up 0.2%)

The rupee is trading at 72.67 against the US$.

Gold prices are trading up by 0.2% at Rs 44,843 per 10 grams.

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In global markets, gold prices were marginally higher as the passage of a US stimulus bill raised concerns over inflation risks. However, higher US bond yields, which hovered near their highest in more than a year, capped the precious metal's gains.

Note that gold is typically considered a hedge against inflation, but higher bond yields increase the opportunity cost of holding non-yielding bullion.

Tracking a similar global trend, gold prices today edged higher in Indian markets, On MCX, gold futures were up 0.4% to Rs 44,915 per 10 grams. In the previous session, gold had hit a near one-year low when it touched Rs 44,271 per 10 grams at session's low.

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 Tech Mahindra.

IT services firm Tech Mahindra said today that it has acquired a 70% stake in Perigord Asset Holdings, a digital workflow and artwork, labelling and BPO services firm.

This acquisition will help Tech Mahindra to augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors. It will also strengthen the company's presence in the artwork and packaging services space with an integrated platform and services portfolio.

The company will pay 21 million euros for a 70% stake, and the balance 30% over the next four years at a valuation linked to the company's financial performance. Dublin, Ireland headquartered Perigord had revenues of 19.5 million euros as of December 31, 2020, and 380 employees.Additionally, Tech Mahindra will leverage Perigord's expertise and offerings to extend capabilities towards delivering efficiency and automation levers, across sectors including consumer-packaged goods (CPG), medical devices and over the counter (OTC) products.

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The acquisition is a part of Tech Mahindra's long-term growth plan to build presence across key markets in Ireland, Germany, US, and India with enhanced global delivery.

"Healthcare and Lifesciences (HLS) is a key vertical for Tech Mahindra and this acquisition will expand our footprint globally in these domains. Perigord's disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities," said Vivek Agarwal, President - BFSI, HLS and Corporate Development, Tech Mahindra.We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, shares of Tech Mahindra were trading up by 1.2% on the BSE.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares his favourite sector to bet on for the long term, in his latest video for Fast Profits Daily.

A few weeks ago, Brijesh did a video on energy stocks. He said that these stocks are good picks for the short term. The market validated that view.

But what about the long term? Which is the best sector, the one he is most bullish on?

Tune in here to find out more:

Moving on to news from the ipo space...

Kalyan Jewellers to Launch IPO Tomorrow

Kalyan Jewellers India's Rs 11.8 billion initial public offering (IPO) will open for bidding on March 16, 2021. The IPO will close on March 18.

The company has fixed the issue price at Rs 86-87 per share and plans to raise Rs 11.8 billion at the higher end of the price band.

The bidding for anchor investors will open on March 15, 2021.

The public issue, backed by Warburg Pincus, comprises fresh issue of Rs 8 billion and an offer for sale (OFS) amounting to Rs 3.8 billion. Investors can bid for a minimum of 172 shares and in multiples of 172 shares thereafter. A total of 35% of the issue will be reserved for retail investors.

The company will utilise the IPO proceeds to fund its working capital requirements and for general corporate purposes.

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Kalyan Jewellers was started by Kalyanaraman in Kerala in 1993. It counts Bollywood actors Amitabh Bachchan and Katrina Kaif among its brand ambassadors. Post listing, Kalyan Jewellers will compete with some of the biggest jewellery names in India such as Tata Group's Titan, Tribhovandas Bhimji Zaveri and PC Jeweller.

How this IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

Speaking of stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception.

This compares favourably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.

If you are interested in becoming a Hidden Treasure subscriber, here's where you can sign up.

And 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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Stock Market Updates

ADANI TRANSMISSION at All Time High; BSE POWER Index Up 0.9% (Today's Market)

May 7, 2021 01:12 PM

ADANI TRANSMISSION share price has hit an all time high at Rs 1,188 (up 4.1%). The BSE POWER Index is up by 0.9%. Among the top gainers in the BSE POWER Index today are ADANI TRANSMISSION (up 4.1%) and TORRENT POWER (up 0.3%). The top losers include BHEL (down 0.1%) and JSW ENERGY (down 0.2%).

Sensex Trades Marginally Higher, Dow Futures Up by 22 Points (Today's Market)

May 7, 2021 12:30 pm

BSE Sensex is trading up by 180 points, while the NSE Nifty is trading up by 70 points.

Sensex Gains 400 Points, Nifty Tops 14,850; Banking & Metal Stocks Rally (Today's Market)

May 7, 2021 09:30 am

Indian share markets open on a positive note. The BSE Sensex opened up by 405 points, while the Nifty is trading higher by 121 points.

TATA STEEL at All Time High; BSE METAL Index Up 2.5% (Today's Market)

May 7, 2021 09:34 AM

TATA STEEL share price has hit an all time high at Rs 1,147 (up 3.3%). The BSE METAL Index is up by 2.5%. Among the top gainers in the BSE METAL Index today are TATA STEEL (up 3.3%) and JSW STEEL (up 2.0%).

ADANI TRANSMISSION at All Time High; BSE POWER Index Up 0.9% (Today's Market)

May 7, 2021 09:34 AM

ADANI TRANSMISSION share price has hit an all time high at Rs 1,175 (up 2.7%). The BSE POWER Index is up by 0.9%. Among the top gainers in the BSE POWER Index today are ADANI TRANSMISSION (up 2.7%) and SIEMENS (up 0.2%). The top losers include POWER GRID (down 0.5%) and THERMAX (down 0.7%).

ERIS LIFESCIENCES at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

May 7, 2021 09:34 AM

ERIS LIFESCIENCES share price has hit a 52-week high. It is presently trading at Rs 650. BSE 500 Index is up by 0.7% at 20,055. Within the BSE 500, ERIS LIFESCIENCES (up 7.0%) and IRB INFRA (up 5.3%) are among the top gainers, while top losers are VAIBHAV GLOBAL and SRF.

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