Share markets in India are presently trading on a negative note.
The BSE Sensex is trading down by 329 points (down 0.8%), at 38,951 levels.
Meanwhile, the NSE Nifty is trading down by 78 points (down 0.7%).
Hindalco is the top loser in NSE. Meanwhile, the top gainers in NSE today include Dr Reddy's Laboratories and HCL Technologies.
The BSE Mid Cap index is trading down by 0.5%. The BSE Small Cap index is trading down by 0.6%.
On the sectoral front, metal stocks and realty stocks are witnessing maximum selling pressure.
The rupee is trading at 73.73 against the US$.
Gold prices are currently trading down by 0.7% at Rs 51,468.
Over the last three weeks, gold is trading in a narrow range since hitting record highs of Rs 56,200 last month.
Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?
The chart below shows the annual returns on gold over the last 15 years...
As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.
HCL Technologies is among the top buzzing stocks today.
HCL Technologies share price hit a fresh 52-week high of Rs 817.45 apiece today. The stock surpassed its previous all-time high of Rs 809.85 apiece touched earlier this week.
Buying interest was seen as yesterday, HCL Technologies and Google Cloud announced the expansion of their strategic partnership to bring HCL's Actian portfolio, starting with Actian Avalanche, to Google Cloud.
The company in a press release informed that Actian Avalanche is a high-performance hybrid cloud data warehouse designed to power an enterprise's most demanding operational analytics workloads.
HCL's Actian Avalanche hybrid cloud data warehouse has been deployed by Fortune 500 customers to deliver powerful insights to manage business complexities for a variety of use cases, including fraud detection, real-time offers and market basket analysis.
Earlier this week, in a mid-quarter update, HCL Tech informed that it has seen a strong execution during the quarter to date, and continues to execute the plan this month. The company said that the revenue growth for the current quarter is expected to exceed 3.5% sequentially in constant currency.
Moving on to news from the IPO space...
Happiest Minds Technologies shares surged on making their stock market debut today to trade at a price of Rs 383 per share. This meant a premium of Rs 217 on the upper band of the issue price of Rs 165-66 per share.
The stock was listed on the bourses at a price of Rs 351 per share. Happiest Minds shares began trading 131% higher from the issue price.
Happiest Minds Technologies IPO was subscribed 151 times with all portions being oversubscribed by the investors. Non-Institutional Investors (NII) had bid the most for the stock. The Bengaluru based Information Technology company, backed by 77-year old entrepreneur Ashok Soota, was commanding a grey market premium of Rs 140 per share till yesterday.
Strong and experienced promoters, along with a niche business model and exponential growth prospects are the prime reasons cited for the hefty premium in the grey market.
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.
In other news, the public offer of Computer Age Management Services' (CAMS) will hit the primary market on Monday, September 21.
The firm has set the price band for the issue at Rs 1,229-1,230 per share. The initial public offering (IPO) will be an offer for sale (OFS) of 1,82,46,600 shares by NSE Investments which at the upper limit of the price band suggests an issue size of Rs 22.4 billion.
The anchor allotment will be announced on Friday and the IPO will close on Sep 23.
CAMS claims to be India's largest registrar and transfer agent with a market share of 69.4%, based on mutual funds' average assets under management, as of November 2019.
It offers integrated services for receipt, verification and processing of financial and non-financial transactions for the BFSI (banking, financial services and insurance) sector, largely the mutual fund industry.
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