Sensex Opens Higher; Axis Bank and Tata Steel Among Top Gainers

Wed, 5 Aug 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 0.4% while the Hang Seng is down 0.1%. The Nikkei 225 is trading down by 0.6%.

Wall Street ended higher after a choppy session on Tuesday, lifted by Apple and energy stocks but limited by declines in AIG and Microsoft while investors awaited more US government stimulus to fight economic fallout from the COVID-19 pandemic.

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

The BSE Sensex is trading up by 291 points.

The NSE Nifty is trading up by 92 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.9%.

BSE Small Cap index is also trading higher by 0.8%.

All sectoral indices are trading in green. BSE Metal Index is witnessing buying interest, with Hindustan Zinc and SAIL among the top gainers.

Moving on, the rupee is currently trading at 75.06 against the US$.

Gold prices are currently trading up by 1.6% at Rs 54,551.

Gold continued its record-breaking run in Indian markets with prices today hitting yet another high.

On MCX, October gold futures were up 0.2% to Rs 53,865 per 10 grams.

In the previous session, gold prices had risen 0.5% or Rs 267 per 10 grams while silver had surged 1.2% or Rs 800 per kg. Gold had hit an intraday high of Rs 53,845 per 10 grams in the previous session.

Speaking of gold, note that international gold prices have already rallied by about 20% since the rate cut in March 2020. Gold rallied almost 10% last month. That's a sharp rise by any standard.

However, if you're thinking that gold won't rally anymore next month, then you must look at this chart.

This is the August month performance of international gold prices for the last 20 years. If history is anything to go by, then August is the month to hold gold rather than to exit.

International gold prices moved up in 15 out of the last 20 years. That's a success ratio of 75%. The average monthly gains of gold in August is 2.84% over the last 20 years.

So, history suggests gold is set for a rally this August.

Moving on to the stock specific news...

HDFC Bank is among the top buzzing stocks today.

The Reserve Bank of India (RBI) has approved Sashidhar Jagdishan as the next chief executive officer of HDFC Bank.

The bank received the RBI's approval letter last night. Jagdishan is currently additional director and head of finance, human resources.

He will take over from Aditya Puri who will step down as the bank's longest serving CEO ever since he took charge 26 years ago. Puri is set to retire by October this year.

HDFC Bank share price opened the day up by 0.5%.

In another development, Axis Bank has set a floor price of Rs 442.2 per equity share for its proposed Rs 150 billion qualified institutional placement (QIP).

The board of the bank had last month approved the fund raise plan. The QIP was okayed by shareholders at the annual general meeting held on 31 July 2020.

Reportedly, the committee may, at its absolute discretion, offer a discount of not more than 5% of the said floor price.

Axis Bank share price opened the day up by 2.1%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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