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Sensex Jumps 500 Points; Dow Futures Down by 31 Points
Mon, 17 May 12:30 pm | Ayesha Shetty, TM Team

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

The BSE Sensex is trading up by 598 points, up 1.2% at 49,331 levels.

Meanwhile, the NSE Nifty is trading up by 164 points.

SBI and IndusInd Bank are among the top gainers today. Cipla and L&T are among the top losers today.

The BSE Mid Cap index is trading up by 1.2%.

The BSE Small Cap index is trading up by 1.3%.

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

On the other hand, stocks from the metal 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 19 points (down 0.2%) while Dow Futures are trading down by 31 points (down 0.1%)

The rupee is trading at 73.17 against the US$.

Gold prices are trading up by 0.7% at Rs 48,021 per 10 grams.

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In international markets, gold prices rose to their highest level in more than three months, as a dip in US Treasury yields and worries over surging Covid-19 cases in some Asian countries boosted demand for the safe-haven metal.

Spot gold was up 0.6% while US gold futures jumped 0.7%.

In domestic markets, gold prices extended gains for the second consecutive session today tracking the global sentiment. June gold futures were up by Rs 301 or 0.6% at Rs 47,977 per 10 grams on the MCX.

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 Cipla.

Cipla reported a 68% year-on-year (YoY) rise in its consolidated net profit at Rs 4 bn for the quarter ended March, which was sharply below analysts' estimate.

The company's consolidated revenues for the quarter rose 5.2% YoY to Rs 46.1 bn, which was also sharply below the street's estimate.

The drugmaker's bottomline performance was affected by a sharp jump of 50% YoY in tax expenses to Rs 1.3 bn during the quarter. Other income in the quarter also slumped 35.5% YoY to Rs 601 m.

However, the company's consolidated operating profit in the quarter rose 22% YoY to Rs 8 bn with margins expanding 2.4% to 17.3%.

The topline performance was aided by 17% YoY rise in sales from North American market to Rs 10 bn. In the European market, the company's sales grew 7% YoY to Rs 2.5 bn

Back home, the sales performance was muted in the March quarter due to lower demand of Covid-19 treatment related drugs before the onset of the second wave towards the end of the quarter. Sales in India rose merely 4% YoY to Rs 18.1 bn.

"We have significantly expanded our capacity for Covid drugs and have also partnered with global pharma companies and government authorities to bring innovative treatment options to the country," said Umang Vohra, Managing Director and Global Chief Executive Officer at Cipla.

The company's board also approved a final dividend of Rs 5 per share for the financial year ended March.

At the time of writing, shares of Cipla were trading down by 2.9% on the BSE.

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In news from the macroeconomic space...

First Tranche Of Sovereign Gold Bond Scheme 2021-22 Opens For Subscription Today

The first tranche of Sovereign Gold Bonds 2021-22 opens today and will be open for subscription till Friday, 21 May. The bonds will be issued in six tranches from May 2021 to September 2021, the finance ministry has said in a statement.

While the subscription period for 2021-22 Series I will be from 17-21 May, the bonds will be issued on 25 May.

The Reserve Bank of India (RBI) will issue the bonds on behalf of the Government of India.

"The nominal value of the bond based on the simple average closing price for gold of 999 purity of the last three business days of the week preceding the subscription out to Rs 4,777 per gram of gold," the central bank said in a statement last week.

The bonds can be bought by resident individuals, Hindu Undivided Families (HUFs), trusts, universities as well as charitable institutions but with a limit on investment.

The tenor of the bonds is for a period of eight years with an exit option after the fifth year to be exercised on the next interest payment dates.

The government, in consultation with the RBI, has decided to offer a discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode.

These bonds will be sold through banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges i.e NSE and BSE

The minimum permissible investment is 1 gram of gold and the maximum limit of subscription is 4 kg for individual, 4 kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March).

The RBI said that know-your-customer (KYC) norms will be the same as that for the purchase of physical gold. This means that Voter ID, Aadhaar PAN or TAN cards and passport will be required as KYC documents.

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

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

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Stock Market Updates

Sensex Rises Over 100 Points, Dow Futures Trade Flat (Today's Market)

Jun 11, 2021 12:30 pm

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

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

Jun 11, 2021 11:20 AM

CIPLA share price has hit an all time high at Rs 982 (down 0.3%). The BSE HEALTHCARE Index is up by 0.3%. Among the top gainers in the BSE HEALTHCARE Index today are CIPLA (down 0.4%) and SANOFI INDIA (up 0.4%). The top losers include ERIS LIFESCIENCES and IPCA LABS (down 0.1%).

MPHASIS Share Price Up by 5%; BSE IT Index Up 0.8% (Today's Market)

Jun 11, 2021 10:30 AM

MPHASIS share price is trading up by 5% and its current market price is Rs 2,069. The BSE IT is up by 0.8%. The top gainers in the BSE IT Index are MPHASIS (up 5.0%) and ECLERX SERVICES (up 20.0%). The top losers are WIPRO (down 0.4%) and FIRSTSOURCE SOLUTIONS (down 3.6%).

WIPRO at All Time High; BSE IT Index Up 0.5% (Today's Market)

Jun 11, 2021 09:44 AM

WIPRO share price has hit an all time high at Rs 556 (down 0.3%). The BSE IT Index is up by 0.5%. Among the top gainers in the BSE IT Index today are WIPRO (down 1.2%) and L&T INFOTECH (up 1.2%). The top losers include HEXAWARE TECHNOLOGIES and PERSISTENT SYSTEMS (down 0.2%).

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

Jun 11, 2021 09:44 AM

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)

Jun 11, 2021 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 248 points, while the Nifty is trading higher by 75 points.

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