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Sensex Trades Over 300 Points Lower, Dow Futures Down by 128 Points
Wed, 12 May 12:30 pm | Ayesha Shetty, TM Team

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

The BSE Sensex is trading down by 328 points, down 0.7% at 48,833 levels.

Meanwhile, the NSE Nifty is trading down by 89 points.

Tata Motors and NTPC are among the top gainers today. SBI Life and HUL are among the top losers today.

The BSE Mid Cap index is trading down by 0.1%.

The BSE Small Cap index is trading up by 0.1%.

On the sectoral front, stocks from the power sector, are witnessing most of the buying interest.

On the other hand, stocks from the software sector, are 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 74 points (down 0.6%) while Dow Futures are trading down by 128 points (down 0.4%)

The rupee is trading at 73.42 against the US$.

Gold prices are trading up by 0.04% at Rs 47,615 per 10 grams.

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Gold prices were trading lower in the domestic market today following a muted trend in international spot prices as a rise in the US treasury yields and a firmer dollar dented the metal's safe-haven appeal.

On the Multi-Commodity Exchange (MCX), June gold contracts were trading lower by 0.6% at Rs 47,640 for 10 grams.

The dollar index was up 0.1%, making gold more expensive for other currency holders. The US currency slipped to a more than two-month low in the previous session after worries about rising inflation threatened to erode its value.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

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Moving on to stock specific news...

Among the buzzing stocks today is Siemens.

Shares of Siemens were up 8% in early trade today as the company posted an over 90% rise in consolidated net profit at Rs 3.3 bn for the March quarter, mainly on the back of higher revenues. The company had posted a consolidated net profit of Rs 1.8 bn in the quarter ended March 2020.

Total income of the company rose to Rs 35.4 bn in the March quarter from Rs 27.2 bn in the same period a year ago with revenue from continuing operations up by 29.6% at Rs 33 bn.

The company follows the October to September financial year.

Siemens registered new orders from continuing operations of Rs 33.1 bn during the quarter, registering a 16.9% increase over the same period last year. The order backlog stands at a healthy Rs 126.7 bn, it added.

"Order growth has been robust across all our businesses. There has been increased demand in our power transmission, digital grid and distribution systems businesses. Our digital industries segment saw growth in the machine tool and process automation businesses.

The March-end quarter demonstrated a steady revival in the economy with both private and public sectors beginning to invest in anticipation of future growth," Siemens Managing Director and Chief Executive Officer Sunil Mathur said.

Stating that the second surge of the pandemic has impacted human lives in an unprecedented manner, Mathur said a cross-functional Siemens India Task Force Team has been working since March 2020 to coordinate the implementation of concrete measures to support employees at this difficult time.

"In addition, the company is providing testing kits, oxygen concentrators, oxygen generators etc to hospitals around the country as our small contribution to society," he added.

As one of the world's biggest producers of energy-efficient, resource-saving technologies, Siemens is a pioneer in infrastructure and energy solutions, automation and software for industry and is a leader in medical diagnosis.

Siemens also provides business-to-business financial solutions, rail automation and wind power solutions.

We will keep you posted on updates from this space. Stay tuned.

BREAKING: It's Good Time to Invest in Gold, but Just Don't Go Blindfolded

At the time of writing, shares of Siemens were trading up by 4.8% on the BSE.

Speaking of stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, talks about the worst sector in the stock market and why you should avoid it, in one of his latest videos for Fast Profits Daily.

Tune in here to find out more:

In news from the banking sector...

State Bank of India's Padmakumar M Nair Named as CEO of Proposed Bad Bank

Padmakumar M Nair of State Bank of India (SBI) will be the Chief Executive Officer of the National Asset Reconstruction Company (NARCL), a proposed entity for taking over bad loans of lenders, predominantly public sector banks.

NARC, also called a 'bad' bank, is expected to be operational in June 2021.

Nair, a career banker with SBI, has been Chief General Manager (CGM) in the stressed assets resolution group (SARG) of the bank since April 2020.

Prior to his elevation in 2020, he worked as General Manager in the SARG from 2017. He has worked mostly in the corporate banking segment in the last two decades.

Besides formation and establishing the structure of the company, he and his team would be involved in framing rules for making offers and acquisition of bad assets from banks.

The Indian Banks' Association (IBA) is spearheading work on the finer details of the proposed 'bad' bank. The equity structure or holding of lenders, including non-banking financial companies (NBFCs) such as Power Finance Corporation and REC, in the bad bank is also being worked out by the IBA. An HR consultancy firm is helping the IBA with the selection of team members.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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Stock Market Updates

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BSE Sensex is trading up by 187 points, while the NSE Nifty is trading up by 36 points.

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CIPLA at All Time High; BSE HEALTHCARE Index Up 0.3% (Today's Market)

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CIPLA share price has hit an all time high at Rs 979 (up 0.3%). The BSE HEALTHCARE Index is up by 0.3%. Among the top gainers in the BSE HEALTHCARE Index today are CIPLA (up 0.3%) and ABBOTT INDIA (up 0.2%). The top losers include SUN PHARMA ADV. RES. (down 0.1%) and WOCKHARDT (down 0.1%).

Sensex Opens 250 Points Higher; Coal India & Power Grid Top Gainers (Today's Market)

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