Sensex Ends 225 Points Higher; Metal and Banking Stocks Witness Buying

Tue, 11 Aug Closing

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Extending gains to the fourth consecutive session, Indian share markets witnessed buying interest throughout the day today and ended higher.

At the closing bell, the BSE Sensex stood higher by 225 points. Meanwhile, the NSE Nifty stood higher by 52 points.

Axis Bank and IndusInd Bank were among the top gainers today.

SGX Nifty was trading at 11,339, up by 47 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended their day down by 0.2%.

Sectoral indices ended on a mixed note with stocks in the metal sector and banking sector witnessing buying interest.

Meanwhile, healthcare stocks witnessed selling pressure.

Asian stock markets ended on a mixed note today as relations between Washington and Beijing worsened. As of the most recent closing prices, the Hang Seng was up 2.1% and the Shanghai Composite stood lower by 1.2%. The Nikkei ended up by 1.9%.

The rupee is trading at 74.90 against the US$.

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Moving on, market participants were tracking Shree Cement share price.

Shares of the company slipped over 4.5% after its consolidated net profit dropped 13.5% on a YoY basis to Rs 3,303.5 million for the June quarter of FY21.

In comparison, the company had posted a profit of Rs 3,820 million in the year-ago quarter.

In news from the commodity space, domestic gold and silver prices fell today tracking a similar move in global rates.

On MCX, October gold futures fell over 2.5% to Rs 53,520 per 10 grams. Silver futures on MCX fell over 3.5% to Rs 72,500 per kg.

In the previous session, gold prices had edged 0.4% higher while silver had surged 2% or nearly Rs 1,500 per kg.

Last week on Friday, gold had slumped nearly 1,000 per 10 gram. Gold had also hit a record high of Rs 56,191 last week in Indian markets amid a global rally.

In global markets, gold fell today as the dollar firmed after Beijing slapped sanctions on US officials in the latest flare-up in tensions between Washington and Beijing, with investors also keeping a close watch on negotiations over a US stimulus plan.

China on Monday imposed sanctions on 11 US citizens, including lawmakers from President Donald Trump's Republican Party, after Washington's sanctions on Hong Kong and Chinese officials last 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.

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Moving on to news from the engineering sector, KEC International was among the top buzzing stocks today.

Shares of KEC International surged nearly 8% today after the company, in its June quarter result announcement, said it was confident of delivering a good performance in the financial year 2020-21 (FY21).

For the first quarter of the fiscal year 2020-21 (Q1FY21), the company reported an 8.4% year-on-year (YoY) drop in its revenue at Rs 22.1 billion against Rs 24.1 billion in Q1FY20.

The company said the revenue in the month of April was impacted significantly due to Covid-19 disruption. However, numbers for May and June were better than the corresponding months of last year.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 2 billion, down 22% against Rs 2.5 billion in the year-ago period. EBITDA margin was at 8.8% against 10.4% in Q1FY20.

The company's profit before tax (PBT) came in at Rs 960 million, down 30% YoY while net profit slipped 20% to Rs 710 million against Rs 890 million in the previous year quarter.

To know more, you can read KEC International's latest result analysis on our website.

And 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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