Sensex Trades Over 300 Points Lower; Dow Futures Down By 31 Points

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

The BSE Sensex is trading down by 390 points, down 0.8% at 48,644 levels.

Meanwhile, the NSE Nifty is trading down by 134 points.

UPL and Reliance are among the top gainers today. Tata Motors and Tata Steel are among the top losers today.

The BSE Mid Cap index is trading down by 1.9%.

The BSE Small Cap index is trading down by 1.8%.

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

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

Nasdaq Futures are trading down by 20 points (down 0.2%) while Dow Futures are trading down by 31 points (down 0.1%).

The rupee is trading at 73.20 against the US$.

Gold prices are trading up 0.4% at Rs 48,880 per 10 grams.

Gold prices in India extended their recent slide today when they slipped amid weak global cues. On MCX, gold futures fell 0.1% to over one month low of Rs 48,636 per 10 grams, extending their decline to the third day.

In the previous session, gold prices had declined Rs 500 per 10 grams while silver had slumped Rs 1,700 per kg.

Moving on to stock-specific news...

Among the buzzing stocks, today is Wipro.

IT services major Wipro on January 16 said it has completed its Rs 95 billion share buyback program. The buyback saw Azim Premji-affiliated entities tendering 229 million shares worth about Rs 91.5 billion during the process, a regulatory filing said.

"(A total of) 237 million equity shares were bought back under the buyback at a price of Rs 400 per equity share. The total amount utilized in the buyback is Rs 95 billion," it added.

The tendering period for the buyback program opened on December 29, 2020, and closed on January 11, 2021.

While Azim Premji Trust tendered 198.7 million shares, Mr Azim Hasham Premji Partner representing Hasham Traders tendered 10 million shares and Azim Premji Philanthropic Initiatives tendered 5.2 million shares.

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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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