Sensex Opens Higher; Consumer Durables and Power Stocks Lead

Tue, 15 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 flat while the Hang Seng is down 0.4%. The Nikkei 225 is trading down by 0.6%.

US stocks ended sharply higher on Monday as signs of progress in developing a COVID-19 vaccine and a spurt of multibillion-dollar deals lifted investor optimism.

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

The BSE Sensex is trading up by 201 points.

The NSE Nifty is trading higher by 50 points.

Titan, Sun Pharma and ICICI Bank are among the top gainers today.

Meanwhile, the BSE Mid Cap index has opened up by 0.4%.

BSE Small Cap index is also trading higher by 0.6%.

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

BSE Telecom index is trading in the red.

Moving on, the rupee is currently trading at 73.39 against the US$.

Gold prices are currently trading up by 0.7% at Rs 51,687.

Domestic gold and silver futures moved higher tracking global spot rates, supported by weakness in the US dollar as investors looked forward to the Federal Reserve's policy meeting this week for cues.

The gold and silver contracts had risen to as high as Rs 51,736 and Rs 68,720 respectively during the session.

In the international market, gold prices moved higher, as weakness in the dollar made the precious metals less expensive for those dealing in other currencies.

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 our latest episode of Investor Hour Podcast, Jim Rogers joins Rahul Goel to talk about gold and more....

In the podcast, he tells that he was buying gold and silver and would buy even more. He believes you can get rich with investments in gold and silver.

He is buying stocks too...but not the ones you might expect.

In this freewheeling chat, Jim also talked about China, his view on the US dollar, the opportunities in agriculture, the bubble in tech stocks, bonds, bitcoin...and more.

Listen in to the podcast here.

You can also watch the podcast video here:

Moving on to the stock specific news...

SAIL is among the top buzzing stocks today after the company posted a consolidated net loss of Rs 12.3 billion for the first quarter ended June 30, mainly on account of reduced income.

The company had posted Rs 1 billion net profit in the year-ago quarter.

During the quarter under review, the company said its net profit declined to Rs 93.5 billion from Rs 150 billion in the April-June period of the preceding fiscal.

Its total income stood at Rs 113.3 billion as against Rs 148.9 billion a year ago.

The company said the pandemic outbreak and measures to contain it have caused significant disturbance and slowdown of economic activities. Consequently, the company's manufacturing operations had to be scaled down during the said quarter.

Though the operations resumed in the later part of the quarter with limited availability of workforce and disrupted supply chain, the restrictions imposed adversely impacted the sales volume and realization.

SAIL share price opened the day down by 1.5%.

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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