Sensex Trades 365 Points Lower; Dow Futures Down By 194 Points

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

The BSE Sensex is trading down by 365 points, down 0.9%, at 40,320 levels.

Meanwhile, the NSE Nifty is trading down by 104 points.

Adani Ports & SEZ and HDFC Life are among the top gainers today. JSW Steel and Hero MotoCorp are among the top losers today.

The BSE Mid Cap index is trading down by 1%

The BSE Small Cap index is trading down by 0.4%

On the sectoral front, all sectors are trading in red with stocks from the metal sector and energy sector witnessing most of the selling pressure.

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

Nasdaq Futures are trading down by 56 points (down 0.5%), while Dow Futures are trading down 194 points (down 0.7%).

Gold prices are trading down by 0.4% at Rs 50,630 per 10 grams.

Note that in recent weeks, gold prices have remained in a narrow range, after losing momentum since hitting a record high of Rs 56,200 per 10 grams in August.

Yet, gold prices are up about 30% so far this year in Indian markets. Most of these gains are seen as gold is seen as an inflation hedge amid unprecedented pandemic-driven stimulus across the world.

The rupee is trading at 73.75 against the US$.

Moving on to stock-specific news...

Among the buzzing stocks, today is Nestle India.

The company's net sales rose on the back of improving demand in the first quarter of operations after the government eased lockdown curbs and its factories limped back to normal capacities.

Domestic sales rose 10.2% YoY while its exports rose 9.4% YoY to Rs 1.6 billion. The company also saw an increase of 15% YoY in its operating profit and an expansion of 1.1% in its operating margin.

However, the company saw its profit decline by 1% YoY. This bottom line fell because the profit was boosted in the year-ago quarter after the government cut corporate tax rates.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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