Sensex Opens Higher; Capital Goods Stocks Gain

Fri, 28 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 0.1% while the Hang Seng is up 0.6%. The Nikkei 225 is trading up by 0.4%.

Meanwhile, the S&P 500 and the Dow advanced but the Nasdaq closed lower on Thursday as investors digested the US Federal Reserve's new strategy to adopt an average inflation target and restore the United States to full employment, as well as a promising development in the fight to contain the coronavirus pandemic.

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

The BSE Sensex is trading up by 187 points.

The NSE Nifty is trading higher by 55 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.6%.

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

All sectoral indices are trading in green with BSE Capital Goods Index witnessing maximum buying interest.

Among the top gainers in the capital goods index include GMR Infra and BHEL.

Moving on, the rupee is currently trading at 73.90 against the US$.

Gold prices are currently trading down by 1.7% at Rs 50,902.

Gold and silver prices edged lower in Indian markets today after posting strong gains in the previous session.

On MCX, October gold futures were down 0.2% to Rs 51,665 per 10 grams. Silver futures fell 1% to Rs 66,821 per kg. In the previous session, gold had rebounded, snapping a five-day losing streak.

Gold futures had surged Rs 900 per 10 grams while silver had jumped Rs 3,500 per kg.

In global markets, gold prices were steady after posting strong gains in the previous session. Spot gold was steady at US$1,952.1 per ounce, supported by a weaker US dollar.

Among other precious metals, silver dropped 0.8% to US$27.3 per ounce, platinum rose 0.6% to US$934.3.

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.

So, is it time to buy or hold gold and silver at current levels? Or should you buy platinum?

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...

GMR Infra is among the top buzzing stocks today.

The company announced a strategic restructuring of its business verticals, including a spin-off and the listing of its airports business.

The company's board has approved the proposal for a vertical demerger. This will see the non-airport business of GMR, which includes energy, urban infrastructure, and EPC services, demerged into GMR Power and Urban Infra Ltd (GPUIL) as a going concern, along with the amalgamation of GMR Power Infra Ltd. GIL, meanwhile, will become a pure-play airports company.

Reportedly, the restructuring is a step in the right direction towards creating pure plays in different businesses of the group, thereby attracting sector-specific global investors and unlocking value for the current shareholders of GMR Infra.

This will also pave the way for focused growth and sustained value creation for all stakeholders over a period of time.

The scheme will create a mirror shareholding of GMR in GPUIL, with all existing shareholders of GMR becoming shareholders of GPUIL in the same proportion.

GMR Infrastructure share price opened the day up by 4.3%.

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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