Sensex Trades Over 300 Points Lower; Dow Futures Down By 10 Points

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

The BSE Sensex is trading down by 323 points, down 0.7% at 45,780 levels.

Meanwhile, the NSE Nifty is trading down by 109 points.

Nestle India and Britannia are among the top gainers today. UPL and UltraTech Cement are among the top losers today.

The BSE Mid Cap index is trading down by 0.9%

The BSE Small Cap index is trading down by 0.8%.

On the sectoral front, barring the FMCG sector, all sectors are trading in red with stocks from the finance 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 52 points (down 0.4%) while Dow Futures are trading down by 10 points (flat).

The rupee is trading at 73.66 against the US$.

Gold prices are trading down by 0.2% at Rs 49,150 per 10 grams.

Gold prices struggled in Indian markets today as US lawmakers were unable to reach a breakthrough in stimulus talks. February gold futures on MCX were flat at Rs 49,250 per 10 grams. In the previous session, gold futures had slumped 1.8% or Rs 920 per 10 grams.

Moving on to stock-specific news...

Among the buzzing stocks, today is IRCTC.

The government is planning to sell up to a 20% stake in Indian Railway Catering and Tourism Corporation (IRCTC) through an offer-for-sale that opens for subscription today.

The offer for sale in IRCTC opens today for non-retail investors and tomorrow for retail investors.

The government proposes to sell up to 24 million equity shares of IRCTC, representing up to 15% stake, with an option to additionally sell 8 million shares, representing 5% of the total issued and paid-up equity share capital.

The floor price for the offer is Rs 1,367.

In all, the Government of India will sell 32 million shares, which is expected to garner Rs 43.7 billion for the exchequer starved of funds due to the Covid-19 crisis.

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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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