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Sensex Opens Over 500 Points Higher; Metal and Banking Stocks Rally
Fri, 8 May 09:30 am | Rini Mehta, TM Team

Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.6% while the Hang Seng is up 0.9%. The Nikkei 225 is trading up by 1.8%. Wall Street's indices climbed on Thursday, with the Nasdaq erasing losses for 2020, following a clutch of upbeat earnings reports led by PayPal as investors looked past more weak jobs data caused by the coronavirus-induced economic downturn.

Trends on SGX Nifty indicated a positive opening for the index in India with a 91 points gain.

India share markets opened higher. The BSE Sensex is trading up by 542 points while the NSE Nifty is trading up by 158 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.9% and 0.6% respectively.

All sectoral indices are trading in green with metal stocks and banking stocks witnessing maximum buying interest.

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Note that the coronavirus impact has shaken markets worldwide. For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

Good Time to Start Investing Now?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets. In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

Moving on, the rupee is currently trading at 75.57 against the US$.

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Gold prices are currently trading up 1.7% at Rs 46,161.

Gold prices in India edged lower in yesterday's trade though it remained in a narrow range.

On MCX, June gold futures fell about Rs 30 to Rs 45,340 per 10 gram, extending losses to the third day.

Gold prices had fallen about Rs 426 per 10 gram in the previous session. Silver futures also gave up early gains and were down 0.1% to 41,803 per kg.

In global markets, gold prices edge higher today after a sharp fall in the previous session.

Spot gold climbed 0.3% to US$1,690.19 per ounce, after a 1% fall in the previous session. Despite bleak economic data, the dollar's strength is weighing on gold.

The US dollar today touched a more than one-week high against a basket of major currencies. Besides firmer dollar, some bullion refineries restarted have production, easing supply-side concerns.

Moving on to mutual funds sector. Investors pumped Rs 837.8 billion in equity-oriented mutual fund (MF) schemes in FY20, registering a decline of 25% from the Rs 1.11-trillion inflows in the preceding year.

However, this was the sixth successive year of net inflows in equity mutual funds, according to data by the Association of Mutual Funds in India.

The flows into equity funds in the last fiscal were lower than the flows in 2018-19 primarily because of the equity markets displaying volatility, which made some investors take a break from making fresh equity investments.

Net inflows in these funds were Rs 1.7 trillion in FY18, Rs 703.7 billion in FY17, Rs 740.2 billion in FY16, and Rs 710.3 billion in FY15. However, they had witnessed a net outflow of Rs 92.7 billion in FY14.

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

IRCON INTERNATIONAL Share Price Up by 11%; BSE CAPITAL GOODS Index Up 1.7% (Today's Market)

Jul 6, 2020 03:32 PM

IRCON INTERNATIONAL share price is trading up by 11% and its current market price is Rs 102. The BSE CAPITAL GOODS is up by 1.7%. The top gainers in the BSE CAPITAL GOODS Index are IRCON INTERNATIONAL (up 11.3%) and HINDUSTAN AERONAUTICS (up 10.1%). The top losers are V GUARD INDUSTRIES (down 0.2%) and GRAPHITE INDIA (down 0.5%).

PROCTER & GAMBLE HEALTH Share Price Up by 5%; BSE HEALTHCARE Index Down 0.2% (Today's Market)

Jul 6, 2020 03:32 PM

PROCTER & GAMBLE HEALTH share price is trading up by 5% and its current market price is Rs 4,311. The BSE HEALTHCARE is down by 0.2%. The top gainers in the BSE HEALTHCARE Index are PROCTER & GAMBLE HEALTH (up 5.1%) and DISHMAN CARBOGEN AMCIS LTD (up 7.9%). The top losers are GRANULES INDIA and STRIDES PHARMA SCIENCE (down 0.3%).

ASHOK LEYLAND Share Price Up by 5%; BSE AUTO Index Up 2.9% (Today's Market)

Jul 6, 2020 03:32 PM

ASHOK LEYLAND share price is trading up by 5% and its current market price is Rs 52. The BSE AUTO is up by 2.9%. The top gainers in the BSE AUTO Index are ASHOK LEYLAND (up 5.5%) and M&M (up 7.7%). The top losers is BAJAJ AUTO (down 1.2%).

GODREJ AGROVET LTD Share Price Up by 14%; BSE 500 Index Up 1.2% (Today's Market)

Jul 6, 2020 03:26 PM

GODREJ AGROVET LTD share price is trading up by 14% and its current market price is Rs 493. The BSE 500 is up by 1.2%. The top gainers in the BSE 500 Index are GODREJ AGROVET LTD (up 13.8%) and HINDUSTAN AERONAUTICS (up 11.4%). The top losers are AJANTA PHARMA and STRIDES PHARMA SCIENCE .

BHARAT ELECTRONICS Share Price Up by 6%; BSE CAPITAL GOODS Index Up 1.8% (Today's Market)

Jul 6, 2020 03:24 PM

BHARAT ELECTRONICS share price is trading up by 6% and its current market price is Rs 104. The BSE CAPITAL GOODS is up by 1.8%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 5.6%) and HINDUSTAN AERONAUTICS (up 11.4%). The top losers are GRAPHITE INDIA (down 0.3%) and CARBORUNDUM UNIVERSAL (down 0.7%).

Sensex Surges 450 Points; HDFC Bank & IndusInd Bank Top Gainers (Today's Market)

Jul 6, 2020 12:30 pm

The BSE Sensex is trading up by 468 points, while the NSE Nifty is trading up by 160 points.

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Jul 6, 2020 03:33 PM

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