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Sensex Opens Lower; Banking and Finance Stocks Lag

Fri, 31 Jul 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1% while the Hang Seng is up 0.2%. The Nikkei 225 is trading down by 1.9%.

The S&P 500 and Dow closed lower on Thursday after data painted a worrying economic picture on a crucial day for corporate earnings reports, while Donald Trump exacerbated investor nervousness by floating the possibility of delaying the US presidential election.

The SGX Nifty is trading positive in the morning session.

Back home, Indian share markets have opened the day on a negative note.

The BSE Sensex is trading down by 170 points.

The NSE Nifty is trading down by 47 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.2%.

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

Sectoral indices are trading mixed. BSE Bankex is witnessing selling pressure.

BSE IT Index is witnessing buying interest, with Majesco and Tanla Solutions among the top gainers.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap stocks.

In her latest video, Richa Agarwal, lead smallcap analyst at Equitymaster, talks about a zero-loss strategy that maximizes returns in volatile stock markets.

Tune in here:

Moving on, the rupee is currently trading at 74.87 against the US$.

Gold prices are currently trading down by 0.4% at Rs 52,972.

Gold prices today moved lower in Indian markets, their first loss in 10 days.

On MCX, August gold futures were down 0.2% to Rs 53,065 per 10 grams. In nine days, the precious metal has soared about Rs 5,500 per 10 grams or about 11%, tracking a global rally.

In the previous session, gold had risen 1.4% or Rs 730 per 10 grams, hitting a new high of Rs 53,399 during the session.

In the global markets, gold rally has taken a breather after a nine-day rally that pushed the prices to new high. Spot gold was down 0.3% at US$ 1,965.9 an ounce. On Tuesday, it had hit an all-time high of US$ 1,981.

So, is this the right time to buy gold or silver? And how can one go about investing in this precious metal?

We answer these questions in our Youtube Playlist on gold investing. Get trading ideas on gold by India's #1 trader Vijay Bhambwani. And find out the right way to profitably trade gold now.

Moving on to the stock specific news...

Reliance Industries is among the top buzzing stocks today after Reliance Jio reported a 182.8% rise in year-on-year net profit to Rs 25.2 billion for the quarter ended in June.

Reliance Jio, a subsidiary of Reliance Industries posted a net revenue growth of 34% YoY.

The total customer base of Reliance Jio has increased to 398.3 million as of June 30. The average revenue per user (ARPU) grew 7.5%.

The nationwide COVID-19 lockdown and work-from-home boosted data consumption during this quarter. The total wireless data traffic rose 30.2% YoY to 14.2 billion GB during the quarter.

Note that, Jio Platform raised Rs 1,520.6 crore from thirteen investors which includes Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm.

Once the investments are complete, Reliance Industries would hold 66.5% equity stake in Jio Platform on a fully diluted basis, the reports noted.

Reliance Industries share price opened the day down by 0.4%.

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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