Sensex Ends Flat; Telecom and Healthcare Stocks Witness Selling

Thu, 13 Aug Closing

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Indian share markets erased the opening gains and ended marginally lower for the second consecutive day today.

At the closing bell, the BSE Sensex stood lower by 59 points.

The NSE Nifty closed down by 7 points.

SGX Nifty was trading at 11,319, up by 8 points, at the time of writing.

The BSE Mid Cap index ended the day up by 1.6%. The BSE Small Cap index ended up by 0.8%.

Sectoral indices ended on a mixed note with stocks in the healthcare sector and telecom sector witnessing selling pressure.

Consumer durables stocks, on the other hand, witnessed buying interest.

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Nikkei ended 1.78% higher, while the Shanghai Composite ended 0.04% higher. The Hang Seng ended down by 0.1%.

The rupee is trading at 74.83 against the US$.

Gold prices are trading down by 0.3% at Rs 52,080 per 10 grams.

Moving on, GAIL was among the top buzzing stocks today.

This came as GAIL (India) reported a 56.43% year-on-year (YoY) fall in net profit at Rs 6.5 billion for the quarter ended June 30. The figure stood at Rs 15 billion in the corresponding quarter last year.

Consolidated revenue of the company declined 34% YoY to Rs 121.8 billion. The company said that performance was impacted due to nationwide lockdown. However, it added that the same is expected to reach to normal levels during upcoming period in FY 2020-21.

Segment wise, revenue from natural gas marketing declined 37.83% YoY to Rs 116.3 billion.

Likewise, topline from transmission services and city gas slipped 12% and 35% YoY, respectively.

However, revenue from petrochemicals increased 9.79% YoY to Rs 12.2 billion.

Lemon Tree Hotels share price was also in focus today after the company announced its debut in Dwarka, Gujarat, with the launch of the 109 key hotel - Lemon Tree Premier, Dwarka.

The company stated that the hotel features 109 well-appointed rooms and suites, a multi-cuisine vegetarian coffee shop-Citrus Cafe, banquet facilities, Conference facility Spa, etc.

For the quarter ended June 2020, Lemon Tree Hotels reported a weak set of numbers due to the Covid-19-induced lockdown. The company's revenue from operations declined 71.1% YoY. Net loss of the company came in at Rs 418.7 million as against the net loss of Rs 16.7 million in the corresponding quarter of the previous fiscal.

Moving on to news from the commodity space, gold prices witnessed marginal fall today.

On MCX, gold futures prices fell 0.3% to Rs 52,080 per 10 grams.

In global markets, gold held above US$ 1,900 an ounce following wild swings as investors weighed the outlook for the metal's record-setting rally, tracking moves in bond yields, a weaker dollar, as well as an uptick in risk appetite.

Spot bullion steadied, while futures dropped after US stocks briefly surpassed their all-time closing high, curbing demand for safe haven assets.

Gold had tumbled on Tuesday this week, then swung in a wide arc on Wednesday, as last-week's rally likely spurred some technical selling and profit-taking.

Even with the correction in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

Last week, gold had hit a record high of Rs 56,191 in Indian markets amid a global rally.

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.

Tune in here:

To know more about gold, just visit our Youtube Playlist on gold investing.

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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