Sensex Trades Flat, Dow Futures Up By 39 Points

Share markets in India are presently trading flat.

The BSE Sensex is trading up by 17 points, flat at 51,954 levels.

Meanwhile, the NSE Nifty is trading down by 7 points.

ONGC and Bajaj Auto are among the top gainers today. Tata Steel and JSW Steel are among the top losers today.

Both the BSE Mid Cap index and BSE Small Cap index are trading down by 0.5%.

On the sectoral front, stocks from the metal sector, are witnessing most of the selling pressure.

On the other hand, stocks from the energy sector, are witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 23 points (up 0.2%) while Dow Futures are trading up by 39 points (up 0.1%)

The rupee is trading at 72.75 against the US$.

Gold prices are trading up by 0.6% at Rs 49,121 per 10 grams.

Gold prices edged higher in Indian markets today, supported by positive global cues. August gold futures on MCX were up 0.2% to Rs 49,469 per 10 grams. In the previous session, gold had risen 0.5%.

Moving on to stock-specific news...

Among the buzzing stocks, today is Magma Fincorp.

Magma Fincorp has appointed Mr Adar Poonawalla as its Chairman as part of a management overhaul after the Poonawalla-controlled Rising Sun Holdings acquired a controlling stake in it.

Rising Sun invested Rs 34.5 bn in the non-banking finance company earlier this month. Magma will soon be rebranded as Poonawalla Group company.

The company also reported widening of net losses to Rs 6.3 bn in the March quarter from Rs 350 m loss in the year-ago period on account of aggressive provisioning to cover stressed assets.

The company's revenue shrunk to Rs 4.5 bn from Rs 5.3 bn over the same period.

It cleaned its balance sheet by writing off all default accounts beyond the 90 days past due in the SME lending business, beyond 180 days past due in the vehicle finance business, and over 730 days past due in the affordable housing finance business.

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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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