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Sensex Trades Over 500 Points Lower, Dow Futures Down by 24 Points
Wed, 24 Mar 12:30 pm | Ayesha Shetty, TM Team

Share markets in India are presently trading on a negative note.

The BSE Sensex is trading down by 586 points, down 1.2% at 49,466 levels.

Meanwhile, the NSE Nifty is trading down by 168 points.

Asian Paints and Cipla are among the top gainers today. Hindalco and Tata Steel are among the top losers today.

The BSE Mid Cap index is trading down by 0.6%.

The BSE Small Cap index is trading down by 0.5%.

On the sectoral front, stocks from the banking sector, are witnessing most of the selling pressure.

On the other hand, stocks from the healthcare sector and power sector, are witnessing most of the buying interest.

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US stock futures are trading mixed today.

Nasdaq Futures are trading up 33 points (up 0.3%) while Dow Futures are trading down 24 points (down 0.1%)

The rupee is trading at 72.56 against the US$.

Gold prices are trading up by 0.3% at Rs 44,792 per 10 grams.

In global markets, gold prices were higher today despite a stronger US dollar. Spot gold was up 0.3% as the precious metal was able to attract buy-on-dips demand amid a fall in US bond yields and surge in coronavirus cases in some parts of the world.

Gold prices in India rose today after a two-day fall while silver edged higher, tracking positive global cues. On MCX, gold futures today rose 0.4% to Rs 44,835 per 10 grams while silver gained 0.3% to Rs 65,190 per kg.

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.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Discover Now: One Stock for Potentially Life-changing Gains

Moving on to stock specific news...

Among the buzzing stocks today is Hero MotoCorp.

Two-wheeler maker Hero MotoCorp on March 23, 2021 said it will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021, in order to partially offset the impact of higher commodity costs.

"The price hike has been necessitated to partially offset the impact of increased commodity costs," Hero MotoCorp said in a filing to BSE.

The price increase across the range of two-wheelers will be up to Rs 2,500, and the exact quantum of the increase will vary on the basis of the model and the specific market, it added.

The company has accelerated its cost-savings programme to ensure minimal impact on the customer, Hero MotoCorp said.

Hero MotoCorp, formerly Hero Honda, is an Indian multinational motorcycle and scooter manufacturer based in New Delhi, India. The company is the largest two-wheeler manufacturer in the world, and also in India, where it has a market share of about 46% in the two-wheeler category.

We will keep you posted on more updates from this space. Stay tuned.

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At the time of writing, shares of Hero MotoCorp were trading up by 0.2% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about how to invest during high inflation, in one of his latest videos for Fast Profits Daily.

In the video below, Vijay shares the best stocks you can buy to safeguard your portfolio.

Tune in here to find out more:

Moving on to news from the energy sector...

Saudi Aramco Remains In Discussion To Pick Stake In Reliance Unit

Saudi Aramco remains in discussion with Reliance Industries for a potential deal to buy a 20% stake in its oil-to-chemical (O2C) unit, Morgan Stanley said on March 22, 2021 citing the Saudi firm's analyst call post announcing 2020 earnings.

Reliance Chairman and CEO, Mukesh Ambani had in August 2019 announced talks for the sale of a 20% stake in the oils-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to conclude by March 2020 but has been delayed.

Besides refineries and petrochemical plants, the O2C business also comprises a 51% stake in the fuel retailing business. It, however, does not include the upstream oil and gas producing assets such as the flagging KG-D6 block in the Bay of Bengal.

Reliance had in 2019 put US$ 75 billion as the value of O2C business after signing a non-binding letter of intent with Saudi Aramco.

Aramco buying a 20% stake in the O2C business would allow Reliance to build financial muscle as it carves out space for itself in the highly competitive omnichannel retail. It would also allow Aramco to have a stake in one of the best refineries in the world.

Reliance refineries are one of the most complex in the world, allowing it to earn a significant premium to the benchmark Singapore gross refining margin. Its petrochemical complexes rank among the biggest in the world, whose dependency on outside raw materials is minimal. It has leadership positions both in the domestic polymer and polyester markets.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

And 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!

Read the latest Market Commentary


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Stock Market Updates

ADANI TRANSMISSION at All Time High; BSE POWER Index Up 0.9% (Today's Market)

May 7, 2021 01:12 PM

ADANI TRANSMISSION share price has hit an all time high at Rs 1,188 (up 4.1%). The BSE POWER Index is up by 0.9%. Among the top gainers in the BSE POWER Index today are ADANI TRANSMISSION (up 4.1%) and TORRENT POWER (up 0.3%). The top losers include BHEL (down 0.1%) and JSW ENERGY (down 0.2%).

Sensex Trades Marginally Higher, Dow Futures Up by 22 Points (Today's Market)

May 7, 2021 12:30 pm

BSE Sensex is trading up by 180 points, while the NSE Nifty is trading up by 70 points.

Sensex Gains 400 Points, Nifty Tops 14,850; Banking & Metal Stocks Rally (Today's Market)

May 7, 2021 09:30 am

Indian share markets open on a positive note. The BSE Sensex opened up by 405 points, while the Nifty is trading higher by 121 points.

TATA STEEL at All Time High; BSE METAL Index Up 2.5% (Today's Market)

May 7, 2021 09:34 AM

TATA STEEL share price has hit an all time high at Rs 1,147 (up 3.3%). The BSE METAL Index is up by 2.5%. Among the top gainers in the BSE METAL Index today are TATA STEEL (up 3.3%) and JSW STEEL (up 2.0%).

ADANI TRANSMISSION at All Time High; BSE POWER Index Up 0.9% (Today's Market)

May 7, 2021 09:34 AM

ADANI TRANSMISSION share price has hit an all time high at Rs 1,175 (up 2.7%). The BSE POWER Index is up by 0.9%. Among the top gainers in the BSE POWER Index today are ADANI TRANSMISSION (up 2.7%) and SIEMENS (up 0.2%). The top losers include POWER GRID (down 0.5%) and THERMAX (down 0.7%).

ERIS LIFESCIENCES at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

May 7, 2021 09:34 AM

ERIS LIFESCIENCES share price has hit a 52-week high. It is presently trading at Rs 650. BSE 500 Index is up by 0.7% at 20,055. Within the BSE 500, ERIS LIFESCIENCES (up 7.0%) and IRB INFRA (up 5.3%) are among the top gainers, while top losers are VAIBHAV GLOBAL and SRF.

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