Share markets in India are presently trading on a flat note.
Benchmark indices opened on a positive note today tracking an overnight rally in US stocks and positive Asian shares although border tension with China kept sentiment jittery.
The BSE Sensex is trading down by 56 points, at 39,000 levels.
Meanwhile, the NSE Nifty is trading down by 8 points.
ICICI Bank is the top loser in NSE. Meanwhile, the top gainers in NSE today include Bharti Infratel and Titan.
The BSE Mid Cap index is trading up by 0.6%. The BSE Small Cap index is trading up by 0.9%.
On the sectoral front, banking stocks are witnessing selling pressure. Meanwhile, IT stocks and consumer durable stocks are trading in green.
Aviation stocks are among the top gainers today after the central government permitted Indian airlines to increase the number of passenger flights to 60% of their pre-COVID capacity.
The rupee is trading at 73.32 against the US$.
Gold prices are currently trading down by 0.1% at Rs 50,781.
Speaking of stock markets, a 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.
The service's performance did suffer in the short term after the 2018 crash in small caps. However, the long term track record and the post-COVID rebound underscores the strength of stock-picking process.
In news from the macroeconomic space, activity in India's crippled services industry fell for a sixth straight month in August as coronavirus restrictions continued to hurt business operations and demand, causing the longest streak of job losses on record, an industry survey showed.
This survey adds to the gloom in the service sector, an engine of economic growth and jobs, suggesting a long and painful road to recovery after the economy shrank nearly a quarter in April-June.
Although the IHS Markit Services Purchasing Managers' Index increased to 41.8 in August from July's 34.2, it remained well below the 50-mark separating growth from contraction.
August was the sixth straight month the index was sub-50, the longest such stretch since a 10-month run to April 2014.
A composite index, which measures both services and factory activity, improved to 46.0 in August from July's 37.2, cushioned by a better manufacturing performance, but remained well below the neutral 50 level.
A Reuters poll also showed the Indian economy is likely to suffer its worst 12-month performance since 1979 for the fiscal year that ends March 2021, contracting 6.0%, pushing millions more into poverty.
We will keep you updated on the latest developments from this space. Stay tuned.
Moving on to stock-specific news...
Rossari Biotech is among the top buzzing stocks today.
Shares of the company gained as much as 5% today after Plutus Wealth Management LLP acquired 3 lakh shares of the company at Rs 773.82 per share.
The stock has gained about 18% in the last two trading days. It is trading at its highest level since its listing on July 23, 2020.
The market price of Rossari Biotech has more-than-doubled against its issue price of Rs 425 per share.
On Wednesday, Plutus Wealth Management LLP bought 300,000 equity shares of the specialty chemicals maker at Rs 773.82 per share on the NSE, the bulk deal data shows.
Rossari Biotech raised Rs 5 billion through its initial public offer (IPO), which had received massive investor interest with the IPO getting subscribed 79.37 times.
For the April-June quarter (Q1FY21), the company reported 419 basis points margin improvement primarily on account of higher realizations witnessed in certain product categories and is transitory in nature.
Rossari Biotech share price is presently trading up by 0.8%.
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