Sensex Opens Lower; Banking and Energy Stocks Under Pressure

Mon, 3 Aug 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 0.8% while the Hang Seng is up 1.2%. The Nikkei 225 is trading up by 1.9%.

The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest US companies, but the Dow and S&P finished with smaller gains as uncertainty about the government's next round of coronavirus aid kept economic worries on the radar.

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 300 points.

The NSE Nifty is trading down by 69 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.1%.

BSE Small Cap index is also trading higher by 0.2%.

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

BSE Healthcare Index is witnessing buying interest, with Panacea Biotech and Dishman Carbogen among the top gainers.

Speaking of stock markets, in his latest video, co-head of research, Rahul Shah talks about how you can make winning penny stock investments with the help of few simple ratios.

He talks about the most critical data points that are needed to make successful penny stock investments.

Tune in to find out more:

Moving on, the rupee is currently trading at 74.91 against the US$.

Gold prices are currently trading up by 1.3% at Rs 53,828.

Gold's spot and futures prices opened the week by hitting records, with metal for immediate delivery closing in on US$2,000 an ounce as the search for haven assets continued amid the coronavirus pandemic.

Spot bullion surged 11% in July, the biggest monthly gain since 2012, as investors weighed a weaker dollar and record low US real yields.

The health crisis has prompted unprecedented amounts of stimulus being unleashed to shore up economies including lower rates, which are a boon for non-interest-yielding gold.

How gold performs in the coming days remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

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.

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...

Godrej Agrovet is among the top buzzing stocks today after the company reported a 29.7% increase in its consolidated net profit at Rs 1 billion in the first quarter of FY21.

Net income declined by 8.8% YoY. Expenses also remained lower 10.5% YoY.

Recently, the company had announced purchase of an additional 0.9% stake in its subsidiary, Godrej Maxximilk.

With this, Godrej Agrovet's total shareholding in Godrej Maxximilk has increased from 74% to 74.9%.

Meanwhile, UPL also announced its Q1FY21 results. Consolidated net revenue in Q1FY21 declined by 0.9% YoY.

EBITDA rose by 39.6% YoY. The consolidated net profit came in at Rs 6.5 billion which rose by 84.5%, as compared to Q1FY20, when it had reported Rs 3.5 billion.

Godrej Agrovet share price opened up by 3.6% while, UPL share price opened the day down by 1.9%.

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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