Sensex Opens in Green; Metal Stocks Gain

Thu, 13 Aug 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.4% while the Hang Seng is flat. The Nikkei 225 is trading up by 1.9%.

Meanwhile, the S&P 500 jumped on Wednesday among global indices but finished just short of its February record closing high, in a broad rally led by tech-related stocks.

Back home, Indian share markets have opened in green today.

The BSE Sensex is trading up by 120 points.

The NSE Nifty is trading lower by 48 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.7%.

BSE Small Cap index is also trading higher by 0.7%.

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

BSE Metal Index is witnessing buying interest, with Hindalco and JSW Steel among the top gainers today.

Moving on, the rupee is currently trading at 74.73 against the US$.

Gold prices are currently trading down by 0.6% at Rs 52,254.

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 haven assets.

Gold had tumbled on Tuesday, 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.

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.

Moving on to the stock specific news...

Indigo is among the top buzzing stocks today.

As per an article in a leading financial daily, private equity firm Westbridge Capital bought a 1.4% stake in InterGlobe Aviation, which runs India's biggest airline IndiGo, for Rs 5.6 billion through an open market transaction.

As per the block deal data on the BSE, Jwalamukhi Investment Holdings, an arm of Westbridge Capital, bought 5.4 million shares from Kotak Mahindra (International) Ltd at an average price of Rs 1,028 apiece.

Earlier this week, the board of directors of Indigo approved raising up to Rs 40 billion through a qualified institutional placement offering.

Indigo share price opened the day up by 4.1%.

From the beginning of the year, InterGlobe Aviation has fallen 22% against a drop of 7% in the benchmark index, Sensex. From March lows, the stock gained 35% while Sensex was up 50%.

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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