Share markets in India are presently trading on a strong note.
Benchmark indices edged higher today tracking gains in Asian peers and US stock futures on hopes that President Donald Trump could be discharged from the hospital later in the day, where he was admitted for treatment of coronavirus.
Investors are waiting for the outcome of a Supreme Court hearing due later in the day in which a batch of petitioners have sought a waiver of interest on deferred EMIs during the moratorium period.
The BSE Sensex is trading up by 412 points, up 1%, at 39,100 levels.
Meanwhile, the NSE Nifty is trading up by 114 points.
Top gainers in NSE today include TCS and Wipro.
The BSE Mid Cap index is trading up by 0.1%.
The BSE Small Cap index is trading up by 0.5%.
On the sectoral front, gains are largely seen in the IT sector and banking sector.
US stock futures are trading higher today. Nasdaq Futures are trading up by 109 points (up 1%), while Dow Futures are trading up by 233 points (up 0.8%).
Gold prices are trading down by 0.3% at Rs 50,300 per 10 grams.
The rupee is trading at 73.13 against the US$.
In latest developments from the IPO space, shares of Angel Broking got listed today at a discount as compared to the issue price of the IPO.
Angel Broking share price got listed at Rs 275 as compared to issue price of Rs 306 apiece.
Analysts had expected the stock to start the first trading day with a discount to its issue price, given the muted revenue growth despite robust client additions.
Note that Angel Broking is the seventh IPO to list since July, after Rossari Biotech, Mindspace Business Parks REIT, Route Mobile, Happiest Minds Technologies, Chemcon Speciality Chemicals and Computer Age Management Services.
The initial public offer of Angel Broking, which closed on September 24, was subscribed nearly 4 times.
Motilal Oswal Financial Services, JM Financial, IIFL Securities and ICICI Securities are Angel Broking's listed competitors.
Moving on to news from the metal sector, Vedanta is among the top buzzing stocks today.
The company posted a 23.5% drop in its quarterly profit as lockdown restrictions hit production and demand.
In a statement on Saturday, the company said that group net income slumped to Rs 10.3 billion in the three months to June from Rs 13.5 billion a year earlier. Sales fell 25.9% to Rs 156.9 billion.
Vedanta's Hindustan Zinc reported a 23% drop in June-quarter profit on lower prices and production. Vedanta owns 65% stake in Hindustan Zinc.
In other news, Vedanta Resources (VRL) announced to kick-start the Reverse Book Building (RBB) process in order to delist shares of Vedanta from the stock exchanges.
The bidding will start on October 5 and close on October 9.
Governance advisory firm Stakeholders Empowerment Services (SES) has advised shareholders of Vedanta to ignore floor price, book value and 52-week low price as the same does not reflect the true value of the company's shares.
SES termed the delisting proposal of VRL as being opportunistic and unfair as the offered price is well below the fair value of Vedanta.
The governance firm also raised concerns over recent activity of promoters for raising resources.
Vedanta has not distributed dividend amounting to Rs 45 billion received from Hindustan Zinc triggering doubts that such actions are meant to shore up Vedanta's cash.
Hindustan Zinc also raised Rs 32.5 billion by issuing NCDs despite no sign of sudden slump in its business.
Vedanta share price is presently trading down by 0.4%.
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.
As per Apurva Sheth, the secret behind the rally in metals is nothing else but its greed and fear cycle. The greed phase in metal stocks will last till September 2021.
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.
Comments
Log in or sign up to join the conversation.