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- Indian Stock Market News August 10, 2020
Sensex Opens Higher; Healthcare Stocks Lead Mon, 10 Aug 09:30 am
Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.2% while the Hang Seng is down 0.8%.
Among global indices, the S&P 500 retreated from a near six-month high in choppy trading on Friday with data showing a sharp slowdown in US employment growth, while US-China tensions escalated with President Donald Trump's move to ban WeChat and TikTok.
Back home, Indian share markets have opened higher today tracking the positive trend in the global markets and SGX nifty today.
The BSE Sensex is trading up by 284 points.
The NSE Nifty is trading higher by 88 points.
Meanwhile, the BSE Mid Cap index has opened up by 1.2%.
BSE Small Cap index is also trading higher by 1%.
Sectoral indices are trading mixed with BSE Metal Index under pressure.
BSE Healthcare Index is witnessing buying interest, with Divis Lab and Shilpa Medicare are among the top gainers today.
Moving on, the rupee is currently trading at 75.02 against the US$.
Gold prices are currently trading up by 1.4% at Rs 54,789.
Gold prices in India fell sharply on Friday tracking a similar slump in global rates after US job numbers exceeded expectations.
On MCX, October gold futures settled nearly Rs 1,000 lower at Rs 54,876 per 10 grams, after earlier in the session hit a record high of Rs 56,191 per 10 grams.
In global markets, gold prices slumped over 2% on Friday after a decent US jobs numbers snapped its record-breaking rally. Spot gold had hit a record high of US$2,072 this week.
Speaking of gold, note that international gold prices have rallied more than 35% this year as the coronavirus crisis, a weaker dollar and geopolitical risks have sparked a flight to precious metals. Holdings in exchange-traded funds backed by the metal are at a record.
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.
If you want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing. Get trading ideas on gold by India's #1 trader Vijay Bhambwani. 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.
As per an article in a leading financial daily, the Saudi Arabian Oil Co. (Saudi Aramco) said it's still working on a deal to buy a US$15 billion stake in Reliance Industries Ltd's (RIL) oil-to-chemicals business.
Aramco reported a 50% drop in net income for the six months ended 30 June.
RIL had announced plans to sell a 20% stake in its oil-to-chemicals (O2C) business to Saudi Aramco as part of its deleveraging exercise last fiscal.
This July, however, Mukesh Ambani said due to unforeseen circumstances in the energy market, the deal has not progressed as per the original timeline.
How this pans out going forward remains to be seen.
Reliance Industries share price opened the day up 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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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