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Sensex Opens Lower; Metal Stocks Under Pressure
Wed, 12 Aug 09:30 am | Rini Mehta, TM Team

Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.6% while the Hang Seng is down 0.4%. The Nikkei 225 is trading up by 0.2%.

Meanwhile, among global indices, US stocks closed lower on Tuesday, with the S&P 500 and Dow snapping a seven-day streak of gains and falling late in the session on growing uncertainty about breaking a stalemate in Washington over a fiscal stimulus deal.

Back home, Indian share markets have opened lower today.

The BSE Sensex is trading down by 226 points.

The NSE Nifty is trading lower by 67 points.

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

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

Sectoral indices are trading mixed with BSE Metal Index under pressure.

BSE Power Index is witnessing buying interest, with KEC and BHEL among the top gainers today.

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

Gold prices are currently trading down by 5.5% at Rs 51,929.

Gold and silver prices crashed in India today, tracking a similar move in global rates.

On MCX, October gold futures fell 5% to Rs 52,390 per 10 grams, their second decline in three days. Silver futures on MCX fell 7% to Rs 69,980 per kg.

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In the previous session, gold prices had edged 0.4% higher while silver had surged 2%

On Friday, gold had slumped nearly 1,000 per 10 grams. Last week, gold had hit a record high of Rs 56,191 in Indian markets amid a global rally.

In global markets, gold prices plunged today, pressurized by a stronger dollar and profit-taking. Expectations of a US stimulus deal also boosted risk appetite. Spot gold was down 4.2% to US$1,941.7 per ounce, from last week's record of US$2,072.50.

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 it time to book profits in gold and silver?

In this video below, India's no. 1 trader, Vijay Bhambwani tells what he thinks you should do with your bullion holdings.

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NEW: 5 Pandemic-Proof Smallcaps You Should Know About...

Moving on to the stock specific news...

Adani Ports and Special Economic Zone is among the top buzzing stocks today.

The company has reported a 26.2% year-on-year decline in consolidated profit at Rs 7.6 billion for 1QFY21, impacted by the lockdown.

Consolidated revenue from operations fell 18% to Rs 22.3 billion compared to same period last year as cargo throughput dropped YoY.

During July, Adani Ports handled cargo volumes of 18.3 million tonne, a growth of 6% YoY and 31% month-on-month.

The management stated that this trend makes them confident that worst is behind and going forward cargo volume in FY21 is expected to stabilize.

The shift from road to rail and increase in services enabled Adani Logistics to achieve a revenue of Rs 2 billion, up 10% YoY.

At operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 24.5% YoY and margin declined 530 bps to 60.8%.

Adani Ports share price opened the day up by 2.2%.

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


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Stock Market Updates

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Sep 22, 2020 03:35 PM

GSK PHARMA share price is trading down by 5% and its current market price is Rs 1,696. The BSE HEALTHCARE is up by 0.3%. The top gainers in the BSE HEALTHCARE Index are FDC LTD. (up 3.8%) and THYROCARE TECHNOLOGIES (up 3.3%). The top losers are GSK PHARMA (down 5.4%) and J.B.CHEMICALS (down 7.6%).

REDINGTON Share Price Down by 6%; BSE 500 Index Down 0.9% (Today's Market)

Sep 22, 2020 03:35 PM

REDINGTON share price is trading down by 6% and its current market price is Rs 117. The BSE 500 is down by 0.9%. The top gainers in the BSE 500 Index are CENTRAL BANK (up 14.6%) and MAHINDRA CIE AUTO. (up 6.9%). The top losers are REDINGTON (down 5.9%) and APL APOLLO TUBES (down 5.0%).

CHOLAMANDALAM FINANCIAL HOLDINGS Share Price Down by 7%; BSE 500 Index Down 1.2% (Today's Market)

Sep 22, 2020 03:15 PM

CHOLAMANDALAM FINANCIAL HOLDINGS share price is trading down by 7% and its current market price is Rs 407. The BSE 500 is down by 1.2%. The top gainers in the BSE 500 Index are CENTRAL BANK (up 13.3%) and MAHINDRA CIE AUTO. (up 7.6%). The top losers are CHOLAMANDALAM FINANCIAL HOLDINGS (down 6.6%) and TEAMLEASE SERVICES (down 5.2%).

M&M FINANCIAL SERVICES Share Price Down by 6%; BSE 500 Index Down 1.2% (Today's Market)

Sep 22, 2020 02:49 PM

M&M FINANCIAL SERVICES share price is trading down by 6% and its current market price is Rs 125. The BSE 500 is down by 1.2%. The top gainers in the BSE 500 Index are CENTRAL BANK (up 9.6%) and GSK CONSUMER (up 5.1%). The top losers are M&M FINANCIAL SERVICES (down 5.7%) and JOHNSON CONTROLS - HITACHI AC (down 5.1%).

GMR INFRA Share Price Down by 6%; BSE 500 Index Down 1.3% (Today's Market)

Sep 22, 2020 02:47 PM

GMR INFRA share price is trading down by 6% and its current market price is Rs 23. The BSE 500 is down by 1.3%. The top gainers in the BSE 500 Index are CENTRAL BANK (up 9.0%) and GSK CONSUMER (up 5.1%). The top losers are GMR INFRA (down 5.7%) and JOHNSON CONTROLS - HITACHI AC (down 5.1%).

Indian Indices Continue to Trade Lower; Maruti Suzuki & ONGC Fall Over 3% (Today's Market)

Sep 22, 2020 12:30 pm

The BSE Sensex is trading down by 241 points, while the NSE Nifty is trading down by 88 points.

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