Sensex Opens Flat; Power and Energy Stocks Drag

Tue, 7 Jul 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.9% while the Hang Seng is down 0.3%. The Nikkei 225 is trading down by 0.6%.

US stocks rose sharply on Monday as a rebound in US services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States.

Back home, Indian share markets opened higher.

The BSE Sensex is trading up by 21 points. The NSE Nifty is trading up by 1 point.

Meanwhile, the BSE Mid Cap index has opened up by 0.4%.

BSE Small Cap index is also trading higher by 0.3%.

Sectoral indices are trading mixed. BSE Realty is witnessing maximum buying interest.

BSE Power Index is trading in the red.

Moving on, the rupee is currently trading at 74.64 against the US$.

Gold prices are currently trading up by 0.4% at Rs 48,225.

Internationally, gold markets went back and forth during the trading session on Monday, as we continue to see a lot of back and forth in this market overall.

Gold took a step back from the US$1,800 an ounce level after momentum in the US service sector accelerated more than expected in June.

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...

Gold Has Been a Shining Long-Term Investment

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

As per Vijay Bhambwani, editor of Weekly Cash Alerts at Equitymaster, the recent developments in bullion market may put some short-term pressure on gold prices.

In his latest video, he shares his thoughts on gold, especially in view of three events which have recently transpired in the gold market.

You can tune in here: These 3 Recent Events Will Impact the Price of Gold.

Moving on to the stock specific news...

Shriram Transport Finance is among the top buzzing stocks today.

Commercial vehicles financier Shriram Transport Finance Co Ltd (STFC) has fixed a price of Rs 570 per share for its proposed rights issue, through which the lender plans to raise up to Rs 15 billion.

The rights issue share price is an 18% discount on the closing price of Rs 697.5 of STFC's scrip on BSE on Monday.

Reportedly, the investors holding 26 shares as on the record date of 10 July, will be eligible for three rights offering. The full amount of the issue price of Rs 570 per rights equity share will be payable on application.

The lender added that its promoter entities will be subscribing to the entire portion of rights shares they are eligible for.

Shriram Transport Finance share price opened the day flat.

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!

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