Sensex Opens Flat; Telecom Stocks Gain

Wed, 2 Sep 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1% while the Hang Seng is down 0.9%. The Nikkei 225 is trading up by 0.3%.

Among global indices, the S&P500 and the Nasdaq hit new highs on Tuesday with techniology leading the charge as Apple, Zoom Video soared. On the macro front, better-than-expected data on US manufacturing sector data gave optimism about economic recovery.

Back home, Indian share markets have opened the day on a flat note.

The BSE Sensex is trading up by 6 points.

The NSE Nifty is trading higher by 8 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.1%.

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

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

Among the top gainers in the telecom index include Vodafone Idea and Bharti Infratel.

BSE Bankex is trading in the red.

Moving on, the rupee is currently trading at 73 against the US$.

Gold prices are currently trading down by 0.3% at Rs 51,502.

Globally, gold prices edged higher today as the dollar weakened, although upbeat US manufacturing data lifted hopes about global economic recovery and curbed demand for the safe-haven metal.

Spot gold was up 0.1% at US$1,971.1 per ounce, after hitting its highest since 19 August at US$1,991.9 on Tuesday.

US gold futures were steady at US$1,978.9.

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, 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...

Vodafone Idea is among the top buzzing stocks.

The Supreme Court's AGR ruling has dealt Vodafone Idea a massive blow, although the troubled telco is still expected to survive.

Vodafone Idea shares are down about 15% yesterday compared to where they were just ahead of the ruling.

While the telco may just survive for now, its journey will get even more painful, the reports noted.

The Supreme Court has asked telcos to pay 10% of the AGR dues upfront and has set a 10-year payment timeline for the rest of the amount.

The annual outgo on account of the AGR dues is estimated at around Rs 75 billion.

The company's actions will now determine whether it plans to merely survive, which will mean continued erosion in market share, or fight back with a sizeable fund infusion.

Vodafone Idea share price opened the day up by 9%.

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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