Sensex Trades Over 500 Points Higher, Dow Futures Up by 22 Points

Wed, 7 Apr 12:30 pm

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

The BSE Sensex is trading up by 569 points, up 1.2% at 49,770 levels.

Meanwhile, the NSE Nifty is trading up by 163 points.

Power Grid Corporation of India and JSW Steel are among the top gainers today. Adani Ports & SEZ and Tata Consumer Products are among the top losers today.

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

The BSE Small Cap index is trading up by 1.1%.

On the sectoral front, all sectors are trading in green with stocks from the telecom sector, witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up 20 points (up 0.2%) while Dow Futures are trading up 22 points (up 0.1%)

The rupee is trading at Rs 74.16 against the US$.

Gold prices are trading up 0.6% at Rs 46,202 per 10 grams.

Gold prices edged lower in Indian markets, a day after clocking sharp gains. On MCX, gold futures were down 0.3% to Rs 45,767 per 10 grams. In the previous session, gold had jumped Rs 600 or 1.3% per 10 grams.

Note that gold prices in India have rebounded from one-year low levels of Rs 44,100 hit last week, helped by a rebound in global rates and coronavirus concerns.

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?

Moving on to stock specific news...

Among the buzzing stocks today is Reliance.

Reliance Industries-owned Reliance Jio (RJIL) on April 6, 2021, announced the signing of a definitive agreement for the trading of right to use spectrum in the 800 Mhz band with Bharti Airtel in Andhra Pradesh, Delhi and Mumbai.

The aggregate value for the right to use this spectrum is Rs 15 billion, inclusive of present value of associated deferred payment liability of Rs 4.6 billion, subject to any transaction related adjustments.

With this trading of right to use spectrum, RJIL will have 2X15MHz of  spectrum in the 800MHz band in Mumbai circle and 2X10 MHz of spectrum in the 800 MHz band in Andhra Pradesh  and  Delhi,  thereby  further  consolidating  its  spectrum  footprint  in  these circles," Jio said in a statement.

"With the enhanced spectrum footprint, especially contiguous spectrum, and superior infrastructure deployed, RJIL has further increased its network capacity," it added.

The transaction is subject to the requisite regulatory and statutory approvals.

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

At the time of writing, shares of Reliance were trading up by 2.1% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about the tricks and mind games the market plays and how you can stay one step ahead, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the macroeconomic space...

RBI's Monetary Policy Committee Leaves Repo Rate Unchanged At 4%

The Reserve Bank of India's (RBI's) six-member monetary policy committee, headed by Governor Shaktikanta Das, announced the outcome of its bi-monthly monetary policy review today.

Given the rise in the spread of coronavirus and the imposition of fresh restrictions to contain the virus spread, the RBI decided to maintain status quo on the benchmark repo rate, the rate at which the central bank lends short-term funds to banks, at 4%. It also kept the accommodative monetary stance unchanged today to nurture a fragile economic recovery.

The policy announcement, the first for the fiscal, came days after the government maintained the RBI's target to ensure inflation within the 2-6% band for five more years.

It also fulfilled a long-standing demand of bond market participants of having an open market operations (OMO) calendar of sorts, through which the central bank would commit its periodic support to the market.

RBI Governor Shaktikanta Das said in his monetary policy statement for April that the RBI will pre-announce a secondary market government securities (G-Sec) acquisition programme to commit its support to the market. For the first quarter, it will buy bonds worth Rs 1 trillion from the secondary market, starting April 15, when it will buy bonds worth Rs 250 billion.

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

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!

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