Sensex trades over 300 points higher, Dow futures rise 71 points

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BSE Sensex traded 377 points, up 0.6%, to 62,142 levels.

Meanwhile, the NSE Nifty trades 85 points.

Tech Mahindra and L&T are some of the top winners today. ITC and Eicher Motors are among the big losers today.

The BSE Mid Cap index is trading flat.

BSE Small Cap index trades up 0.2%

On the sector front, stocks in the software sector are seeing most of the buying interest.

In contrast, equities in the real estate sector are feeling most of the selling pressure.

US equity futures are trading higher today, indicating a positive open for Wall Street.

Nasdaq Futures trade 35 points (+ 0.2%) while Dow Futures trade 71 points (+ 0.2%).

The rupee is trading at 75.34 against the US dollar.

Gold prices are trading up 0.3% at ??47,437 for 10 grams.

Gold prices edged up in Indian markets today as a decline in the US dollar and US bond yields provided some support for the precious metal.

On MCX, gold futures rose 0.1% to ??47,319 per 10 grams. In the previous session, gold prices fell by ??741 to ??47,384 per 10 grams, following a sharp drop in global markets on Friday.

The precious metal was also put under pressure by soaring 10-year Treasury yields and the strength of the dollar.

Let’s move on to stock specific news …

Among the buzzing stocks today is IEX.

Indian Energy Exchange (IEX) shares hit their 20% upper circuit limit on stock exchanges today after the company said it would consider issuing free shares.
In a regulatory filing, the company said:

The board of directors of the company is due to meet on Thursday, October 21, 2021 to examine the proposal for the allocation of free capital shares submitted for the approval of the shareholders of the company.

The Board will also review and approve the financial results for the three and six months ended September 2021.

Shares of IEX have climbed 360% in the past year and 55% in the past month.

IEX is the leading power exchange in India, which enjoys a virtual monopoly in energy trading. It has a market share of around 95% in the electricity exchange
Marlet.

We will keep you posted with new updates in this space. Stay tuned.

At the time of this writing, IEX shares were trading up 15.5% on BSE.

Let’s move on to news from the small cap space …

TTK Prestige hits all-time high as board considers stock split

Shares of TTK Prestige climbed 20% on intraday trading today to an all-time high after the company announced plans to consider the stock split proposal on October 27, 2021.

The title surpassed its previous high of ??9,580 affected on July 5, 2021.

A stock split is usually done to make the script more affordable for small retail investors and to increase liquidity.

The existing stocks are divided, but the underlying value remains the same. As the number of shares increases, the price per share decreases.

As of September 30, 2021, TTK Prestige held 13.7 million shares outstanding.

The promoter and the promoter group held 70.4% of the capital, while the remaining 29.6% was held by public shareholders including mutual funds (13.1%), foreign portfolio investors (9.9 %) and individual shareholders (5.1%).

With increased mobility and an optimistic outlook for the Consumer Confidence Index, analysts expect durable consumer goods companies to continue their growth momentum. TTK Prestige is also expected to grow.

It remains to be seen how this will play out. In the meantime, stay tuned for more updates from this space.

Speaking of actions, here is an illustration of the four phases that an action goes through during its life cycle. The cycle repeats after the stock goes through all of these stages.

View full picture

The cycle repeats.

This cycle defines everything in the markets. If you can master this cycle then nothing can stop you from making huge profits.

This article is syndicated from Equitymaster.com

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