Sensex Opens Over 500 Points Up; Banking and Finance Stocks Rally

Mon, 31 Aug 09:30 am

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Asian stock markets are broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.8% while Hong Kong's Hang Seng is up 1.5% and China's Shanghai Composite is up 0.7%.

Meanwhile, Wall Street advanced on Friday, with technology stocks driving the S&P 500 to its sixth record closing high since confirming a bull market on August 18. The Nasdaq also set an all-time closing high and the blue-chip Dow is now in positive territory year-to-date.

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 505 points.

The NSE Nifty is trading higher by 130 points.

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

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

Sectoral indices are trading mixed with BSE Finance Index witnessing maximum buying interest.

Among the top gainers in the finance index include Bank of India and Geojit Financial Services.

Moving on, the rupee is currently trading at 73.11 against the US$.

Gold prices are currently trading up by 1.1% at Rs 51,448.

Gold prices rose on Monday to their highest level in nearly two weeks, as demand was boosted by a weaker dollar and the US Federal Reserve's new policy framework suggested that interest rates would remain low for some time.

Spot gold was up 0.4% at US$1,971.7 per ounce, after hitting its highest since 19 August at US$1,976 in early Asian trade. However, gold is down nearly 0.2% so far this month.

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...

RBL Bank is among the top buzzing stocks today after it was reported that its chief executive Vishwavir Ahuja has sold around 18% of the bank's shares held by him, to retire personal debt taken to exercise stock options.

He sold 18,92,900 shares of RBL Bank on 27 & 28 of August for approx. Rs. 385.2 million.

The sale has been driven primarily with the need to extinguish personal debt obligations and related servicing burden, undertaken over the last few years mainly to exercise and purchase vested ESOPs (and pay associated tax), as well as to take care of some pressing family commitments, the bank stated.

The sale represents approximately 18% of his/family's total holdings and Mr. Ahuja continues to retain 80,10,000 shares (approx 1.6% holding) of RBL bank post the sale of these shares.

RBL Bank share price opened the day up by 1.4%.

Reliance Industries is also among the top buzzing stocks today.

Future Group lenders have been saved from a US$2.2 billion hit on their exposure to the conglomerate after the company announced its sale of all its businesses to Reliance Industries for Rs 247.1 billion on Saturday.

Post the deal Mukesh Ambani's Reliance Retail Ventures will hold 13.1% stake in Kishore Biyani's Future Enterprises Ltd.

Reliance will also take over the group's debt of Rs 125 billion.

Reliance Industries share price opened the day up by 1.4%.

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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