Sensex Trades Flat; Bharti Airtel & Maruti Suzuki Top Losers

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

The BSE Sensex is trading down by 29 points, at 38,800 levels.

Meanwhile, the NSE Nifty is trading down by 8 points.

Bharti Airtel is the top loser in NSE. Meanwhile, the top gainers in NSE today include HCL Tech and Kotak Mahindra Bank.

The BSE Mid Cap index is trading down by 0.7%. The BSE Small Cap index is trading down by 0.4%.

On the sectoral front, telecom stocks are witnessing selling pressure. Meanwhile, IT stocks are trading in green.

US stock futures are trading lower today. Nasdaq Futures are trading down by 73 points (down 0.7%), while Dow Jones Industrial Average Futures are trading down by 190 points (down 0.6%).

The rupee is trading at 73.33 against the US$.

Gold prices are currently trading down by 0.4% at Rs 51,505.

Moving on to stock-specific news...

HCL Technologies is among the top buzzing stocks today.

Shares of the company hit a fresh record high of Rs 849.70, up 4% on the BSE in the early trade today after the company announced its intent to acquire IT company DWS Limited, a leading Australian IT, business, and management consulting group, for $158.2 million.

The acquisition is expected to be completed by December 2020.

"The acquisition is a step towards enhancing HCL Techs' presence in the Australia and New Zealand region. The acquisition helps HCL expand its coverage of clients and use the acquired customer base to offer its expanded portfolio of services," HCL Tech said in a BSE filing.

Earlier this week, the IT major raised its outlook for the September quarter in a mid-quarter update.

On September 14, HCL Technologies said it expects the revenue and the operating margin for the July-September quarter (Q2FY21) to be meaningfully better than the top end of the guidance it had provided in July 2020.

The company further said the earnings before interest and tax margin for the current quarter is expected to be between 20.5% and 21%.

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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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