Share markets in India continued to witness selling pressure and are presently trading on a negative note.
Benchmark indices plunged today tracking trends in US markets that tanked overnight.
The Nasdaq plunged 5% overnight and the S&P 500 fell 3.5%. Those were the steepest Wall Street losses since June, but traders said a correction was overdue given recent frothy gains.
A fast rise in Covid-19 cases and further contraction in services output also kept investors worried.
The BSE Sensex is trading down by 481 points at 38,500 levels.
Meanwhile, the NSE Nifty is trading down by 132 points.
Axis Bank and ICICI Bank are among the top losers today. Meanwhile, Maruti Suzuki and TCS are among the top gainers today.
The BSE Mid Cap index is trading down by 0.5%.
The BSE Small Cap index is trading down by 0.4%.
On the sectoral front, banking stocks and finance stocks are witnessing most of the selling pressure.
The rupee is trading at 73.33 against the US$.
Gold prices are currently trading up by 0.3% at Rs 50,836.
Speaking of stock markets, the right investing process helps you win in the long term. It might offer some unexpected and undesirable results but lets you farewell when you average the outcomes in the long term.
As per Richa Agarwal, any investment process should be judged not based on individual outcomes. Instead, it should have stood the test of the time.
Her smallcap service Hidden Treasure has had a fair share of failures in. But sticking to a disciplined process meant to Hidden Treasure's internal rate of return (IRR) of 24.38% since inception. This compares favorably 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.
Moving on to stock-specific news...
KEC International is among the top buzzing stocks today.
Shares of the company gained 2% before paring gains after the company said it has secured new orders of Rs 14 billion across its various businesses.
The railways business has secured orders of Rs 1.2 billion for Overhead Electrification (OHE)/Civil, while the Smart Infra business has secured orders of Rs 480 million in the Defence segment in India, it said.
KEC International further said its cables business has secured orders of Rs 900 million for the supply of various types of sables/cabling projects in India and overseas.
Vodafone Idea share price is also in focus today.
Shares of the telecom operator jumped over 4% intraday to hit a 52-week high, ahead of a board meeting planned later during the day.
The board will discuss and possibly finalize fund-raising proposals, a few days after the Supreme Court verdict gave telecom companies 10 years to clear their gross revenue (AGR) dues.
Moving on to news from the IPO space, Route Mobile, a cloud communications service provider, will launch its initial public offering (IPO) next week to raise an estimated Rs 6 billion.
As per reports, the public offer comprises a fresh issue worth Rs 2.4 billion and an offer for sale (OFS) of Rs 3.6 billion by promoters Y Sandipkumar Gupta and Rajdipkumar Gupta.
Additionally, a pre-IPO placement aggregating up to Rs 1 billion may be considered in consultation with the book running lead managers (BRLMs) which will reduce the size of the offer, retrospectively, the draft papers noted.
The company had received approval from the Indian markets regulator in December 2019 to float the IPO.
The cloud communications service provider had initially filed for its IPO in January 2018. Later, it refiled the document in October 2019.
Apart from Route Mobile, the initial share-sale of IT services firm Happiest Minds Technologies will be open for public subscription during September 7-9. The IPO is expected to garner Rs 7 billion.
The grey market premium on the issue of Happiest Minds has risen by Rs 115-125 per share over the IPO price band of Rs 165-166 per share.
Strong and experienced promoters, along with a niche business model and exponential growth prospects are the prime reasons cited for the hefty premium in grey market, said dealers in the unofficial market for unlisted shares.
Ashok Soota, promoter of Happiest Minds, was the founder of midcap IT firm Mindspace, which was later taken over by the Larsen & Toubro group. The industry veteran previously had a long stint in Wipro from 1984 to 1999.
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