Sensex Opens Higher ahead of RBI Policy Decision; IT Stocks Gain

Thu, 6 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 0.9% while the Hang Seng is down 1.7%. The Nikkei 225 is trading down by 0.3%.

Wall Street's main indices rose on August 5 after Disney delivered a surprise quarterly profit, with sentiment aided by signs that a coronavirus fiscal relief package was imminent.

Back home, Indian share markets have opened higher ahead of the RBI policy meeting outcome.

The BSE Sensex is trading up by 175 points.

The NSE Nifty is trading up by 55 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.5%.

BSE Small Cap index is also trading higher by 0.4%.

All sectoral indices are trading in green. BSE IT Index is witnessing buying interest, with Genesis International and 8K Miles Soft among the top gainers.

Moving on, the rupee is currently trading at 74.80 against the US$.

Gold prices are currently trading up by 1% at Rs 55,098.

On MCX, gold futures hit a new high of Rs 55,390 per 10 gram after it rose 1.4%.

In the previous session, gold futures on MCX had rallied about Rs 900 or 1.7%, hitting Rs 54,612 at intra-day high.

In global markets, gold prices hit a new high by rising above the important US$2,000 mark. A weaker dollar, expectations of more stimulus and rising coronavirus cases boosted the safe-haven demand of gold.

Spot gold was up 0.2% at US$2,022.4 per ounce after rising above US$2,030 in early session. US gold futures rose 0.9% to US$2,039.

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...

Bharti Airtel is among the top buzzing stocks today.

Bharti Airtel announced a multi-year strategic pact with Amazon Web Services (AWS), the cloud services arm of the retail giant to deliver Cloud solutions to large as well as small and medium enterprise (SME) customers in India.

Reportedly, it is a 50:50 strategic partnership.

According to the reports, the public Cloud services market in India is likely to touch US$7.1 billion in 2024, rising at a compound annual growth rate (CAGR) of 20.3% from US$3.4 billion in 2020.

In addition, Airtel Cloud will leverage AWS' innovation and transformation services across analytics, data warehousing, Internet of Things (IoT), and machine learning (ML) to help customers adopt new services and migrate to the Cloud from legacy infrastructure.

Bharti Airtel 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.

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