Sensex Trades Over 700 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 751 points, down 1.5% at 50,138 levels.

Meanwhile, the NSE Nifty is trading down by 191 points.

Hindalco and JSW Steel are among the top gainers today. Mahindra & Mahindra and Axis Bank are among the top losers today.

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

The BSE Small Cap index is trading down by 0.5%.

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

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

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

Nasdaq Futures are trading down by 49 points (down 0.4%) while Dow Futures are trading down by 31 points (down 0.1%)

The rupee is trading at 72.37 against the US$.

Gold prices are trading up by 0.4% at Rs 46,375 per 10 grams.

Gold prices today edged higher in Indian markets, tracking higher global rates. On MCX, gold futures rose 0.3% to Rs 46,340 per 10 grams, after sliding to eight-month lows of Rs 45,861 in the previous session.

Moving on to stock-specific news...

Among the buzzing stocks, today is Torrent Power.

Torrent Power has emerged as the highest bidder for the sale of a 51% stake in power distribution companies in Dadra & Nagar Haveli, and Daman & Diu.

The bidding for the distribution business of the union territories was undertaken as part of the government's initiative to privatize distribution utilities to usher in efficiency, the company said in an exchange filing.

Torrent Power currently distributes nearly 16.6 billion units to more than 3.7 million customers in Gujarat, Maharashtra, and Uttar Pradesh.

"With the addition of Dadra & Nagar Haveli, and Daman & Diu, Torrent will distribute nearly 25 billion units to over 3.8 million customers and cater to a peak demand of more than 5,000 megawatts (MW)," the filing said.

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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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