Sensex Trades Over 700 Points Lower; Dow Futures Down by 31 Points

Mon, 22 Feb 12:30 pm

   Pre-Open   

   Momentum Moves   

   SGX Nifty   

   09:30 am   

   12:30 pm   

   Closing   

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

The BSE Sensex is trading down by 751 points, down 1.5% at 50,138 levels.

Meanwhile, the NSE Nifty is trading down by 191 points.

Hindalco and JSW Steel are among the top gainers today. Mahindra & Mahindra and Axis Bank are among the top losers today.

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

The BSE Small Cap index is trading down by 0.5%.

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

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

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

Nasdaq Futures are trading down by 49 points (down 0.4%) while Dow Futures are trading down by 31 points (down 0.1%)

The rupee is trading at 72.37 against the US$.

Gold prices are trading up by 0.4% at Rs 46,375 per 10 grams.

Gold prices today edged higher in Indian markets, tracking higher global rates. On MCX, gold futures rose 0.3% to Rs 46,340 per 10 grams, after sliding to eight-month lows of Rs 45,861 in the previous session.

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 Torrent Power.

Torrent Power has emerged as the highest bidder for the sale of a 51% stake in power distribution companies in Dadra & Nagar Haveli, and Daman & Diu.

The bidding for the distribution business of the union territories was undertaken as part of the government's initiative to privatise distribution utilities to usher in efficiency, the company said in an exchange filing.

Torrent Power currently distributes nearly 16.6 billion units to more than 3.7 million customers in Gujarat, Maharashtra, and Uttar Pradesh."With the addition of Dadra & Nagar Haveli, and Daman & Diu, Torrent will distribute nearly 25 billion units to over 3.8 million customers and cater to a peak demand of more than 5,000 megawatts (MW)," the filing said.Torrent Power has an aggregate installed generation capacity of 3,879 MW, comprising 2,730 MW of gas-based capacity, 787 MW of renewable capacity and 362 MW of coal-based capacity. We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Torrent Power share price was trading up by 4.3% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about what effect your lunchtime has on your trading profits, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the media sector...

Jagran Prakshan Shines on Buyback Plan

The board of directors of Jagran Prakashan has scheduled a meeting to be held on March 2, 2021, to consider a proposal for the buyback of its shares, the company said in an exchange filing.

Jagran Prakashan is a media and communications company with interests in print, digital, radio, out-of-home (OOH) and activation.

In its latest quarterly results, the company reported a net profit of Rs 822 million in Q3FY21, up by 6.9% year-on-year (YoY) from Rs 773 million in Q3FY20.

Revenue of the company came in at Rs 3.5 billion for the quarter as against Rs 4.5 billion in the year ago period whereas operating profit came in at Rs 1.2 billion."Print media has come out of the crisis much stronger than ever before on the strength of its ability to provide original and credible content despite impediments such as rumour-based restrictions on distribution of newspaper. I am also pleased to report that the print and radio industries both have been embraced by new advertisers. These advertisers are welcome addition to our already large bouquet of advertisers and will immensely help in reaching pre-Covid level revenues faster," Gupta added.

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

Note that since the lows in March 2020, the smallcap index has gained more than 100%.

While caution is indeed warranted, Richa Agrawal, Research Analyst at Equitymaster thinks there is still a lot more steam left to this smallcap rally.

Despite rallying more than 100% since the March 2020 lows, Richa believes small-cap stocks are set

for a massive up move in 2021 and beyond. Here's what she wrote in a recent edition of Profit Hunter...

• The P/E for smallcap index doesn't make sense. There are thousands of listed small companies. Some have negative earnings. The base is not a valid data to work with.
  
  That said, the closest proxy to relative valuations is the Smallcap to Sensex ratio,
  
  Historically, this ratio has averaged 0.43x. In the previous mega runs of the smallcap index, this ratio has gone as high as 0.75x.
  
  In January 2018, when smallcaps peaked, the ratio was at 0.58x.
  
  Guess where this ratio is now after a 100% run up in the smallcap index?
  
  0.38.
  
  It's lower than the median over 2 decades.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

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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