Sensex Ends 304 Points Higher; Energy and Automobile Stocks Witness Buying

Wed, 7 Oct Closing

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After opening the day on a flat note, Indian share markets turned bullish and witnessed buying interest throughout the day to end higher.

Gains were largely seen in index heavyweights Reliance Industries and TCS.

Reliance Industries share price gained over 4% after announcing that the Abu Dhabi Investment Authority would invest Rs 55.1 billion into Reliance Retail Ventures for 1.2% stake, while TCS share price hit a 52-week high of Rs 2,770 as the IT major is scheduled to announce its Q2 results today.

At the closing bell, the BSE Sensex stood higher by 304 points (up 0.8%).

The NSE Nifty closed higher by 76 points (up 0.7%).

Titan and Bajaj Auto were among the top gainers today.

The SGX Nifty was trading at 11,760, up by 91 points, at the time of writing.

The BSE Mid Cap index ended down by 0.6%. The BSE Small Cap index ended down by 0.4%.

On the sectoral front, gains were largely seen in the energy sector and auto sector.

Cement stocks were in focus today, with Ambuja Cement and ACC rising as much as 4% on expectation of improved demand from the urban market and in infrastructure in the coming days due to relaxation of lockdown measures.

Asian stock markets ended on a positive note. As of the most recent closing prices, the Hang Seng ended up by 1.1% and the Nikkei ended on a flat note.

US stock futures are trading higher today, indicating a positive opening for Wall Street indices. Nasdaq Futures are trading up by 64 points (up 0.6%), while Dow Futures are trading up by 166 points (up 0.6%).

Speaking of stock markets, in our latest episode of Investor Hour Podcast, Mark Faber talks about global stock markets, gold, investing in Indian stocks and a lot more.

Dr Faber is bullish on India and owns Indian stocks via an ETF. He believes India is a top destination for global investors and that will not change.

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Moving on, the rupee is trading at 73.33 against the US$.

Gold prices are trading down by 0.8% at Rs 50,123 per 10 grams.

Domestic gold prices fell for the second day, tracking a decline in global rates after US President Donald Trump suspended stimulus talks with Democrats.

On MCX, December gold futures fell 1% to Rs 50,008 per 10 gram while silver futures fell 1.5% to Rs 59,658.

In the previous session, gold prices had declined 0.3% amid a choppy trade.

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.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

So, is the rally over? Will gold and silver prices fall?

India's #1 trader Vijay Bhambwani doesn't think so. Vijay believes the bull market still has a long way to go.

In his latest video, he tells you why. Tune in here to find out more.

In news from the pharma sector, shares of healthcare services companies witnessed huge buying interest today amid expectation of strong earnings in the July-September quarter (Q2FY21).

Shares of Thyrocare Technologies, Metropolis Healthcare and Dr Lal PathLabs hit their respective record highs today, surging as much as 20% in intraday trade.

Thyrocare Technologies share price soared 20%, surging as much as 38% in the past two trading days after the company said it reported nearly 37% year-on-year (YoY) and over 100% sequential growth in aggregate revenue for the quarter ended September 2020 (Q2FY21).

Metropolis Healthcare share price rallied nearly 9%. The stock has gained 18% in the past three trading days after the company said it has achieved the highest ever quarterly revenue in Q2FY21.

The company said that revenue for Q2FY21 has nearly doubled from Q1FY21 and has grown by around 25% from Q2FY20 levels.

Moving on to news from the retail sector, Titan Company was among the top buzzing stocks today.

Shares of Titan surged 6% today after the company said its jewellery business did very well in the Q2FY21, with a recovery rate of around 98% (excluding sale of raw gold), compared to the revenue of the corresponding quarter in the last year.

"The walk-ins have been improving with conversion rates and average ticket size being higher compared to same period of last year," the company said in its quarterly update.

The company further said that it is now gearing up to gain well from the upcoming festival season which is expected to further uplift the mood of the consumers.

The company continued to sell excess gold in its inventory and the quarter had a sale of Rs 3.9 billion of raw gold. This has helped improve the cash flow of the division significantly, the Tata group company said.

Titan Company share price ended the day up by 4.2%.

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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