Sensex Opens Flat; Telecom and Consumer Durable Stocks Gain

Fri, 11 Sep 09:30 am

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Asian stock markets are higher today with shares in Hong Kong leading the region. The Hang Seng is up 0.5% while Japan's Nikkei 225 is up 0.3% and China's Shanghai Composite is up 0.3%.

US stocks closed lower after a choppy trading session on Thursday as heavyweight tech-related stocks resumed their decline following a sharp rebound the previous session.

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

The SGX Nifty was trading lower in the early morning session.

The BSE Sensex is trading up by 52 points.

The NSE Nifty is trading higher by 19 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.5%.

BSE Small Cap index is also trading higher by 0.3%.

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

BSE IT index is trading in the red.

Moving on, the rupee is currently trading at 73.43 against the US$.

Gold prices are currently trading up by 0.7% at Rs 51,774.

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.

To know more about gold, just visit our Youtube Playlist on gold investing.

Moving on to the stock specific news...

Reliance Industries is among the top buzzing stocks today after it was reported that Reliance has initiated talks to sell a 40% stake in unit Reliance Retail Ventures Ltd (RRVL) to Amazon.

Such a deal could accelerate consolidation in India's organized retail market. Reliance is willing to sell as much as 40% in the retail unit to Amazon for US$20 billion, the reports noted.

If the deal is concluded, it will bring together the largest offline and online retailers in India and will be positive for both. Reliance can benefit via an increase in its addressable user base for JioMart via access to existing 140 million active users of Amazon.

Amazon can benefit by leveraging Reliance Retail's established offline network for online orders and strengthening its fashion play through addition of Ajio, Reliance's fashion portal.

In a statement, Reliance Industries, however, cautioned the media against publishing speculative news about potential transactions.

How this pans out remains to be seen. We will keep you updated on the developments from this space.

Reliance Industries share price opened the day down by 0.6%.

In the news from banking sector.

Yes Bank yesterday said that it has fully repaid Reserve Bank of India (RBI) the entire Rs 500 billion of Special Liquidity Facility it had availed.

The special liquidity line was extended to Yes Bank in March when it was coming out of the moratorium to make up for any large deposit withdrawals.

Its window was first given for a three-month period and later extended till mid-September.

The Chairman stated that since Yes Bank's reconstruction in March, it had received strong customer liquidity inflows, and that deposits were accruing on a monthly basis now.

Addressing investor queries on whether the bank was going to be merged with State Bank of India eventually, he said that no such plans were afoot. He added that neither the bank nor any authority had discussed such a proposal as far as he knew.

Yes Bank share price opened the day up by 3.9%.

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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