Sensex Opens Strong; Power and Metal Stocks Lead

Fri, 21 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 0.5% while the Hang Seng is up 0.7%. The Nikkei 225 is trading up by 0.3%.

Among global indices, Nasdaq ended at a record high yesterday, with the S&P 500 and Dow also rising, as gains in heavyweight tech stocks outweighed downbeat data that affirmed the Federal Reserve's view of a difficult road to economic recovery.

Back home, Indian share markets have opened the day on a higher note tracking the positive trend in SGX Nifty.

The BSE Sensex is trading up by 282 points.

The NSE Nifty is trading higher by 83 points.

Meanwhile, the BSE Mid Cap index has opened up by 1%.

BSE Small Cap index is also trading higher by 0.9%.

Sectoral indices are trading in green with BSE Power Index witnessing maximum buying interest.

Among the top gainers in the metals index include BHEL and Adani Transmission.

Moving on, the rupee is currently trading at 75.03 against the US$.

Gold prices are currently trading down by 0.9% at Rs 52,151.

Gold and silver prices continued to decline for the second in Indian markets.

On MCX, October gold futures were down Rs 700 to Rs 51,915 per 10 grams. Tracking gold, silver futures were also down Rs 900 to Rs 67,028 per kg.

In the previous session, gold had slumped 1.8% or Rs 950 per 10 gram while silver had crashed 2% or Rs 1,400 per kg.

Gold prices have been volatile in India after hitting a new high of Rs 56,191 per 10 grams.

In global markets, gold rates today recovered some ground after slumping more than 3.5% to a near one-week low in the previous session.

Today, spot gold was up 0.5% at US$1,940 per ounce.

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.

Even with the recent volatility in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic. Earlier this month, gold had hit a record high of Rs 56,191 in Indian markets amid a global rally.

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...

Indian Overseas Bank is among the top buzzing stocks after the bank reported a standalone net profit of Rs 1.2 billion for the June quarter of FY21 as provisions declined and other income rose.

The bank had reported a net loss at Rs 3.4 billion during corresponding quarter previous year.

The bank's net interest income grew 9.6% year-on-year (YoY) to Rs 14.1 billion for the quarter ended 30 June over Rs 12.9 billion in the same quarter last year.

The bank's other income rose 39.1% YoY during the quarter under review. Its total provisions fell 16.3% during the June quarter.

Indian Overseas Bank's asset quality improved in the June quarter with gross bad loan ratio percentage of bad loans to total advances falling 863 basis points (bps) YoY to 13.9%. Its net non-performing asset (NPA) ratio was down 594 bps on a YoY basis to 5.1% in Q1FY21.

The bank's total advances were at Rs 1.2 trillion in Q1FY21, a decrease of 6.97% over the same period last year. Total deposits stood at Rs 2.3 trillion, an increase of 1.98% over 30 June last year.

Indian Overseas Bank share price opened the day up by 4.6%.

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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