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Sensex Zooms 650 Points, Reclaims 50,000 Mark; Bajaj Finance & IndusInd Bank Top Gainers
Tue, 18 May 09:30 am | Yash Vora, TM Team

Asian share markets rose in early trade today, shrugging off worries about an increase in regional coronavirus infections and a subdued session on Wall Street.

The Hang Seng is trading up by 1.5% while the Shanghai Composite is up 0.1%. The Nikkei zoomed 2.3%.

In US stock markets, technology stocks pulled Wall Street indices lower on Monday, as signs of inflationary pressures building up in the economy kept investors worried about monetary policy tightening.

The Dow Jones Industrial Average ended the day 0.2% lower and the Nasdaq Composite was down 0.4%.

Back home, Indian share markets have opened on a strong note, following the trend on SGX Nifty.

A total of 35 companies, including Tata Motors, Canara Bank, Aarti Industries, Abbott India, Torrent Pharma and Route Mobile are set to release their quarterly earnings today.

The BSE Sensex is trading up by 629 points. Meanwhile, the NSE Nifty is trading higher by 192 points.

Bajaj Finance is among the top gainers today. Bharti Airtel, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened up by 1.4% and 1%, respectively.

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All sectoral indices are trading in green with stocks in the metal sector and power sector witnessing most of the buying interest.

Shares of MRPL and Prism Johnson hit their 52-week highs today.

The rupee is trading at 73.21 against the US$.

Speaking of stock markets, in his latest video for Fast Profits Daily, Vijay Bhambwani talks about why he is bullish on PSU stocks.

Back in October 2020, Vijay had recorded a video on PSU stocks, saying they present very good trading opportunities and also investment opportunities.

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In news from the commodities space, gold prices rose to their highest in more than three months as a weaker US dollar and growing inflationary pressure lifted bullion's appeal as an inflation hedge.

In Indian markets, gold prices for the latest contract on MCX are trading down by 0.1% at Rs 48,413 per 10 grams.

Meanwhile, silver prices are trading up by 0.8% at Rs 73,900 per kg.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund (ETF), said its holdings rose 0.7% to 1,035.93 tonnes on Monday from 1,028.36 tonnes in the prior session.

Among gold ETFs, HDFC Gold ETF and SBI Gold ETF are among the top gainers today.

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In other news, the markets regulator proposed a framework for setting up a spot gold exchange, in a discussion paper released on Monday.

This proposal was first announced by the finance minister in the Union Budget this year.

The watchdog has sought comments on allowing trading in quantities as low as 5 grams, permitting multiple spot exchanges, incentivising trading on the exchange platform, and having a single gold price across country with transportation cost adjusted as premium or discounted from traded price.

Multi Commodity Exchange (MCX), BSE and NSE are together setting up a spot exchange in the GIFT City.

In the discussion paper, the regulator has sought comments on whether the proposed gold spot exchange should be set up by the existing stock exchange either through a separate segment or as a new asset class in existing segment.

To simplify trading, it has proposed to convert physical gold into electronic gold receipt (EGR), which will be issued by regulated vault companies.

The regulator has also sought comments on the minimum quantity of gold tradable.

Post the Budget announcement, the regulator constituted two working groups to come up with the framework. The last date for submitting comments is June 18.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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

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.

Earlier this month, our chartist Brijesh Bhatia shared his views in a video on gold and silver.

Brijesh thinks silver is a better trade for those who are interested in short term profits.

Watch the below video for more details.

Moving on to news from the telecom sector, Bharti Airtel is among the top buzzing stocks today.

Telecom major Bharti Airtel on Monday reported a 11.1% quarter-on-quarter (QoQ) fall in its consolidated net profit to Rs 7.6 bn.

In the December quarter (Q3FY21), profit stood at Rs 8.5 bn.

Net profit fell sequentially despite the company reporting an exceptional gain of Rs 4.4 bn for the quarter and a near-doubling of other income to Rs 839 m.

Bharti Airtel's consolidated revenue from operations fell 3% sequentially to Rs 257.5 bn, which was also below estimates.

Revenue performance was dragged down by company's India mobile operations where sales declined 4.7% to Rs 140.8 bn in the reported quarter.

The company reported an average revenue per user (ARPU) of Rs 145 per user, a 13% sequential fall. It was Rs 166 in Q3FY21.

The company's India's revenues grew 17.5% YoY on a comparable basis and 9.6% YoY on a reported basis.

Commenting on the challenges posed by the second wave of coronavirus, Gopal Vittal, MD and CEO of Bharti Airtel said, "we recognize the criticality of our role as a telecom operator in keeping our customers and nation connected in such times. Our focus continues to be on delivering uninterrupted services and great end user experience while ensuring safety of our employees and partners."

Bharti Airtel share price has opened the day down by 0.2%.

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 Trades Over 200 Points Lower, Dow Futures Up by 16 Points (Today's Market)

Jun 18, 2021 12:30 pm

BSE Sensex is trading down by 267 points, while the NSE Nifty is trading down by 90 points.

Sensex Corrects Over 600 Points; Tata Steel & JSW Steel Fall 4% (Today's Market)

Jun 18, 2021 11:30 am

The BSE Sensex fell over 600 points while NSE Nifty dipped below 14,500 mark.

HINDUSTAN COPPER Share Price Down by 5%; BSE METAL Index Down 2.1% (Today's Market)

Jun 18, 2021 10:04 AM

HINDUSTAN COPPER share price is trading down by 5% and its current market price is Rs 152. The BSE METAL is down by 2.1%. The top gainers in the BSE METAL Index [TOPCOMPANY]. The top losers is HINDUSTAN COPPER (down 5.1%).

GRAPHITE INDIA Share Price Down by 5%; BSE CAPITAL GOODS Index Down 0.4% (Today's Market)

Jun 18, 2021 09:56 AM

GRAPHITE INDIA share price is trading down by 5% and its current market price is Rs 680. The BSE CAPITAL GOODS is down by 0.4%. The top gainers in the BSE CAPITAL GOODS Index are V GUARD INDUSTRIES (up 1.0%) and SKF INDIA (up 0.6%). The top losers is GRAPHITE INDIA (down 5.4%).

GUJ. STATE PETRONET at All Time High; BSE OIL & GAS Index Down 0.7% (Today's Market)

Jun 18, 2021 09:50 AM

GUJ. STATE PETRONET share price has hit an all time high at Rs 328 (up 1.4%). The BSE OIL & GAS Index is down by 0.7%. Among the top gainers in the BSE OIL & GAS Index today are GUJ. STATE PETRONET (up 1.4%) and RELIANCE IND. (up 0.1%). The top losers include CASTROL INDIA (down 0.3%) and BPCL (down 0.4%).

Sensex Opens in Green; IT & FMCG Stocks Lead (Today's Market)

Jun 18, 2021 09:30 am

Indian share markets open marginally higher. The BSE Sensex opened up by 167 points, while the Nifty is trading higher by 37 points.

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