Share markets in India are presently trading on a positive note tracking global cues. The BSE Sensex is trading up by 133 points while the NSE Nifty is trading up by 46 points.
The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.4%.
Barring telecom stocks and IT stocks, all sectoral indices are trading in green with stocks in the metal sector and automobile sector witnessing most of the buying interest.
The rupee is trading at 70.76 against the US$.
The domestic currency opened at a nearly six-week high against the US$ tracking gains in its Asian peers.
In early trade today, the rupee traded at 70.66 versus previous close of 70.84. The rupee is up for the seventh consecutive session today.
Investors are awaiting India's retail inflation data and factory output data, due later today.
Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...
To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?
In news from the commodity space, gold prices rose today after the US central bank decided to keep rates unchanged and added that more rate changes were unlikely in 2020.
After cutting rates three times earlier this year, the US Fed left its benchmark rate at the target range of between 1.5% and 1.75%.
The Fed in a policy statement said that "the committee judges the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the symmetric 2% objective."
The policymakers added that they would continue monitoring global developments in deciding whether interest rates need to change.
Chairman Jerome Powell told reporters that the committee might consider widening reserves management-related treasuries purchases to include short-term coupon-bearing securities, if necessary, to ease liquidity strains in money markets.
Gold and Silver prices gained support after the US$ slipped reacting to the FOMC outcome. On Wednesday, gold closed above US$ 1,470 and silver prices closed above US$ 16.80 per troy ounce.
Speaking of gold, 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.
Here's what Ankit Shah wrote about this in one of the editions of The 5 Minute WrapUp...
Meanwhile, Vijay Bhambwani talks about how gold has been relied upon by humankind for 3000 years in one of his videos.
If you consider street inflation, your fixed deposits are giving negative yields. In times like these, Vijay considers gold as a safe haven.
So, is it the time to buy gold?
Tune in to find out...
Moving on to news from the pharma sector, Cadila Healthcare has launched affordable oral anti-diabetic agent, Vinglyn (Vildagliptin) & Vinglyn M (Vildagliptin plus metformin).
The drug belongs to the class of oral anti-diabetic agents, known as DPP4 inhibitors, which have shown promise in achieving glycaemic control without deterioration in beta cell function and are one of the recent advancements in diabetes care and management.
Meanwhile, Avenue Therapeutics, an associate company of Cipla, has submitted a new drug application to the US Food and Drug Administration (USFDA) for IV tramadol for the management of moderate to moderately severe pain in adults in a medically supervised health care setting.
Cadila Healthcare share price and Cipla share price are presently trading up by 0.8% and 2.2%, respectively.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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