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Sensex Gains 300 Points; Nifty Hits Fresh Record High
Fri, 10 Jan 12:30 pm | Monish Vora, TM Team

Share markets in India have extended early gains and are presently trading on a strong note. Benchmark indices edged higher today tracking global equities that rose in a relief rally following a de-escalation in tensions between the US and Iran.

The broader NSE Nifty went past the crucial 12,300-mark, and hit a fresh record high of 12,311. It surpassed the previous record level of 12,293.90.

All sectoral indices are trading in green with stocks in the metal sector and realty sector witnessing most of the buying interest.

The BSE Sensex is trading up by 287 points while the NSE Nifty is trading up by 85 points. The BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 1%.

The rupee is trading at 71.12 against the US$.

In news from the commodity space, Gold prices in India extended their recent losses, tracking a decline in global rates. February gold futures fell 0.4% to Rs 39,680 per 10 gram, declining for the third day in a row.

Note that earlier this week, gold prices had surged to a record high of Rs 41,293 per 10 gram.

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In global markets, gold prices declined today as apparent easing in US-Iran tensions boosted investors' appetite for riskier assets. Gold rates fell to US$ 1,551 after a steep decline in the previous session.

In other news, investors infused Rs 160 million in gold exchange-traded funds (ETFs) in 2019, after pulling out money from safe-haven assets in the last six years.

Data from the Association of Mutual Funds in India (Amfi) showed that asset under management (AUM) of gold funds surged 26% to Rs 57.7 billion at the end of December 2019 from Rs 45.7 billion at the end of December 2018.

As per Amfi data, investors put in a net sum of Rs 160 million in 14 gold-linked ETFs last year, while they pulled out Rs 5.7 billion in 2018.

The safe haven asset had witnessed an outflow of Rs 7.3 billion, Rs 9.4 billion, Rs 8.9 billion, Rs 16.5 billion and Rs 18.2 billion in 2017, 2016, 2015, 2014 and 2013, respectively.

Speaking of gold, how lucrative gold has been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

Gold Has Been a Shining Long-Term Investment

Gold Has Been a Shining Long-Term Investment

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...

  • In fact, gold has delivered double-digit gains in 10 of the last 15 years.

    During the entire 15-year period, gold has shot up 555% (compounded annual return of 12.1%).

    During the same period, the Sensex surged 511% (compounded annual return of 12.0%). If you include dividends, the Sensex returns would be higher than gold by a couple of percentage points.

    One must note that the Sensex returns are not representative of the broader market returns. Moreover, gold was a no-brainer. You didn't have to study financial statements, business models and forecast future earnings growth to get a double-digit return on your investment.

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.

Tune in to find out more...

Moving on to news from the IT sector, shares of Infosys climbed as much as 2% ahead of its December quarter (Q3FY20) results due later in the day.

The company is scheduled to release its quarterly numbers after market hours today.

Reports state that the IT major is expected to post revenue growth of 0.9% to 2.1% on a sequential basis for the quarter ended December 31.

Meanwhile, the law firm, Shardul Amarchand Mangaldas which had been hired to investigate a complaint by a whistleblower group against Infosys CEO and CFO is expected to submit its report to the board today.

Reports state that an announcement regarding the findings of the probe panel's report is likely to be made during the press conference being held to declare the third quarter results of the company.

Apart from this, market participants will also watch the company's commentary on digital growth rates, stress segments in the banking, financial services and insurance (BFSI), retail, and consumer packaged goods (CPG) segments, and progress on initiatives to manage attrition.

Infosys share price is presently trading up by 1.5%.

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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Feb 20, 2020 11:29 AM