Sensex Opens Flat; Metal and Power Stocks Drag

Tue, 22 Sep 09:30 am

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Asian stock markets are lower today after US equities slid on concerns over coronavirus restrictions and prospects for economic stimulus.

The Shanghai Composite is off 0.4%, while the Hang Seng is down 0.5%.

In the US, the Dow Jones Industrial Average plunged over 500 points. The S&P 500 lost 1.2%, while the Nasdaq Composite closed just 0.1% lower after a late-day surge in tech stocks.

Federal Reserve Chairman Jerome Powell said the US economy is improving, but has a long way to go before a full recovery from the pandemic. He repeated earlier remarks that more is required from both fiscal and monetary policy to prevent the health crisis from causing long-term damage to the economy.

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

The BSE Sensex is trading down by 49 points.

The NSE Nifty is trading lower by 5 points.

Bajaj Finserv is among the top loser today. Meanwhile, HCL Technologies and Tech Mahindra are among the top gainers today.

The BSE Mid Cap index has opened down by 1.3%. The BSE Small Cap index is trading lower by 1.2%.

Sectoral indices are trading mixed with stocks in the metal sector and power sector witnessing maximum selling pressure. IT stocks are trading in green.

Moving on, the rupee is currently trading at 73.38 against the US$.

Gold prices are currently trading up by 0.1% at Rs 50,517.

On the Multi-Commodity Exchange (MCX), October gold contracts are trading higher by 0.1% at Rs 50,517 per 10 grams.

Gold fell to its lowest in nearly two weeks on Monday hurt by a stronger dollar, while investors looked to US Federal Reserve policymakers' speeches this week for clues on further stimulus measures.

Spot gold dropped 1% to US$ 1,930.4 per ounce, having declined to its lowest since September 9 at US$ 1,928.1.

Market participants expect the yellow metal to remain volatile.

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 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.

Tune in here:

Moving on to the stock specific news...

L&T is among the top buzzing stocks today.

Larsen & Toubro (L&T) has declared 100% completion & readiness for commissioning of the 99-MW Singoli-Bhatwari Hydroelectric Power Plant.

The commissioning of this plant along the iconic Char Dham route will be a major boost to the state of Uttarakhand, with the plant's capability of providing over 400 million units of renewable energy per annum.

The plant houses 3 units of Voith Turbine generators of 33 MW each, equipped with a state-of-the-art switchyard and controlled via the latest Supervisory Control and Data Acquisition (SCADA) technology.

The wet commissioning process starts with machine spinning of the turbines initially without generation of electricity and upon due testing, eventual synchronization with the grid for supply of electricity.

Grid synchronization and charging of the transmission lines is expected in approximately a month and is timed during the inauguration of the plant.

L&T share price opened the day down by 0.2%.

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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