After opening the day on a strong note, the Indian share markets have continued the momentum and are presently trading higher. All sectoral indices are trading in green, with stocks in the metal sector & consumer durables sector leading the pack of gainers, up by 2.8% & 1.8% respectively.
The BSE Sensex is trading higher by 291 points (up 0.9%) while the NSE Nifty is trading higher by 97 points (up 1%). The BSE Mid Cap index is trading higher by 1.1% while BSE Small Cap index is trading up by 1.4%. Gold prices, per 10 grams, are trading at Rs 28,259 levels. Silver price, per kilogram is trading at Rs 37,002 levels. Crude oil is trading at Rs 3,666 per barrel. The rupee is trading at 64.28 to the US$.
Vedanta share price surged over 5.1% after the company said it proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating to Rs 5 billion.
Meanwhile, M&M share price rallied 3.4% on BSE hitting a fresh 52-week high of Rs 1,480 after the company announced that it plans to increase prices of its passenger and commercial vehicles by up to 3% with effect from 1 January 2018.
In the news from crypto currency space, Fed Chair Janet Yellen weighed in on Bitcoin during the latest Fed policy meeting.
Yellen noted that Bitcoin is a highly speculative asset. She further added the cryptocurrency plays a very small role in the payments system and that it's not a stable store of legal tender.
In this report, we reveal four proven strategies to picking multibagger stocks.
Well over a million copies of this report have already been claimed over the years.
Go ahead, grab your copy today. It's Free.
Note that the Indian government is also in a hurry to find out how to create safeguards against it being used as a medium for illicit and illegal activities and breach of laws against money laundering.
Reports showed that the income-tax authorities in India have conducted surveys on brokers of Bitcoin across the country owing to suspicion of tax evasion.
Time travel to 2013 and Bitcoin was trading at a mere US$100. In fact, even during August this year, the cryptocurrency traded at around US$4,000 levels, as can be seen from the chart below:
Fast forward to today, Bitcoin is seen trading at an all-time high of around US$17,000.
Bitcoin and cryptocurrencies are a curious bunch. They have no central bank backing and have not yet been regulated. Yet, these seem to have found favour among a large number of people, with demand growing every day. There are over 800 cryptocurrencies in existence today, with new ones being added to the list every day.
While the world of digital currencies is intriguing, it can get very confusing for the layman. Our team member, Ankit Shah, Research Analyst, has decided to study cryptocurrencies and help our readers understand them.
Here's Ankit's take in a recent edition of Equitymaster Insider:
Ankit has also released a premium guide for Equitymaster Insider subscribers, titled Bitcoin 101 which contains everything you need to know about bitcoins and other digital currencies.
If you haven't been receiving Ankit's insights, get on the Insider's list now.
In other news, as per an article in the Economic Times, India may soon have its first national employment policy. The policy is said to outline a comprehensive road map for creation of quality jobs across sectors through economic, social and labour policy interventions.
As per the news, the policy is likely to be announced in the upcoming Budget. The policy will include incentives for employers to create more jobs, reforms to attract enterprises and help for medium and small scale industries, which are major job providers.
The above move is aimed at addressing the crucial issue of job creation in the country.
The above development can come as a welcome breather for India, which is staring at a job crisis.
One shall note that India also faces threat from demographic disaster. Over 30% of India's youth is unemployed.
One shall keep an eye out for how the trend plays out in the next few months.
For investors, it becomes especially important to prepare oneself and one's portfolio for any negative surprises that stem out of this scenario of joblessness in India.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Equitymaster requests your view! Post a comment on "Sensex & Nifty Trade Higher; M&M & Bajaj Auto Top Gainers". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!