Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.4% while the Hang Seng is up 0.8%. The Nikkei 225 is trading up by 1.8%.
Wall Street stocks closed higher on Monday and the S&P 500 was poised to clinch its biggest quarterly percentage gain since 1998 as investors hoped for a stimulus-backed economic rebound, while a surge in Boeing shares helped boost the blue-chip Dow.
Back home, Indian share markets opened on a positive note.
The BSE Sensex is trading up by 180 points. The NSE Nifty is trading up by 78 points.
Meanwhile, the BSE Mid Cap index has opened up by 0.7%.
BSE Small Cap index is trading higher by 0.3%.
All sectoral indices are trading in green with BSE Telecom witnessing maximum buying interest.
Moving on, the rupee is currently trading at 75.50 against the US$.
Gold prices are currently trading down by 0.1% at Rs 48,244.
Speaking of gold, 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.
Here's what we wrote about this in one of the editions of The 5 Minute WrapUp...
In one of his videos, Vijay Bhambwani, editor of Fast Profits Daily explains why this year's US presidential elections could be bullish for gold.
As per him, the US presidential cycle may not be as predictable this time as it usually is. But there is good money to be made if you can play this trend correctly.
He shows a simple way to profit from this important event.
Tune in here: This Year's US Presidential Cycle Could Be Bullish for Gold and Silver.
Moving on to the stock specific news...
Future Retail and Piramal Enterprises are among the top buzzing stocks today.
As per an article in a leading financial daily, Reliance Industries Ltd (RIL) is reportedly closing in on a deal that would see it acquire a controlling stake in Kishore Biyani's Future Group.
This move will provide RIL the much-needed firepower to become number one physical retail player across segments such as groceries, fashion and general merchandise.
Future Retail has around 1,388 stores across various formats, including Big Bazaar, Fashion at Big Bazaar (FBB), ezone, and Foodhall, the reports noted.
At least three major entities promoted by Biyani, Future Retail, Future Lifestyle Fashions and Future Supply Chain Solutions would be merged, and the complete business will then be taken over by RIL.
Negotiations between RIL and Future Group have reportedly reached a decisive phase, and RIL wants to sign an agreement before the upcoming AGM on July 15.
We will keep you updated on developments from this space.
Future Retail share price opened the day up by 1.5%.
Ruchi Soya shares are in focus today after the company reported a net loss of Rs 412.5 million for the quarter ended March 31, as against a profit of Rs 321.1 million in the corresponding period a year ago.
The total income was up 1% compared to the year-ago period. Ruchi Soya shares fell as much as 5% yesterday.
Revenue from the oil business grew 4.5%, whereas that from seed extraction and food products units declined 33.3% and 0.9% respectively.
However, profit for the full financial year grew 100 times. Revenue increased 2.7% in FY20.
The company stated that the coronavirus (COVID-19) pandemic in the country and around the globe is causing significant disturbance and slowdown of economic activity.
Measures taken to contain the spread of the coronavirus have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown.
Though the distribution and supply chain network has been impacted but the company is ensuring the movement of edible oils and soya food products to the end consumers.
However, the company's operations are not much impacted due to COVID-19 pandemic
Note that, in the morning session yesterday, shares of Ruchi Soya were stuck in the lower circuit at Rs 1,432 on the BSE compared to their previous close of Rs 1,507.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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