Sensex Tanks Over 300 Points, Dow Futures Trade Flat

Wed, 2 Jun 12:30 pm

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

The BSE Sensex is trading down by 344 points, down 0.7% at 51,591 levels.

Meanwhile, the NSE Nifty is trading down by 74 points.

Adani Ports & SEZ and SBI Life are among the top gainers today. ITC and Tech Mahindra are among the top losers today.

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

The BSE Small Cap index is trading up by 1%.

On the sectoral front, stocks from the real estate sector, are witnessing most of the buying interest.

On the other hand, stocks from the software sector, are witnessing most of the selling pressure.

US stock futures are trading lower today, indicating a negative opening for Wall Street.

Nasdaq Futures are trading down by 7 points (down 0.1%) while Dow Futures are trading flat.

The rupee is trading at 73.17 against the US$.

Gold prices are trading up by 0.3% at Rs 49,140 per 10 grams.

Gold prices in India edged lower today, tracking a downtick in global rates. On MCX, gold futures slipped 0.2% to Rs 49,363 per 10 grams. In the previous session, gold had risen to over a four-month high of Rs 49,700 per 10 grams.

Note that in India, gold rates have jumped about Rs 5,000 in the past two months amid a global rebound. Still, the precious metal is down about Rs 7,000 from its last year's record high of Rs 56,200.

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 Gujarat Gas.

Shares of Gujarat Gas surged 7% on the BSE in intra-day trade today after the company reported a strong set of numbers for the March 2021 quarter.

The stock of the integrated oil and gas firm was trading close to its 52-week high level of Rs 580, touched on 9 April 2021.

For the March 2021 quarter, the company reported a 28.6% year-on-year (YoY) increase in revenue at Rs 34.3 bn as sales volume jumped 22% YoY.

The company's net profit also increased by 42.3% YoY to Rs 3.5 bn while its earnings before interest, taxes, depreciation and amortization (EBITDA) rose 29.9% YoY to Rs 5.5 bn on account of better operating leverage.

The company's gas sales volumes have shown a robust growth trajectory. The average gas sales volume for the quarter was at 12.1 million metric standard cubic meters per day (mmscmd), up by 22% compared to the same period last year.

ln the industrial and compressed natural gas (CNG) category, the gas sales volume grew by 24% YoY and 16% YoY, respectively, and 5% and 11% sequentially.

The management said the restrictions imposed to curb the outbreak of the recent Covid-19 wave had an impact on the natural gas demand mainly from CNG, industrial and commercial categories.

As restrictions are being lifted gradually in many of the company's operating areas, natural gas demand is likely to improve.

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

At the time of writing, Gujarat Gas shares were trading up by 5.5% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about how you should go about making your investments when inflation is going up, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the energy sector...

Adani Enterprises Shares Hit Record High After Surging Over 7%

Shares of Adani Enterprises Limited (AEL), the flagship company of the Adani group, hit a fresh intraday high today after surging over 7%.

The company's stock has surged over 13% in the past two trading sessions, surpassing the previous intraday high of Rs 1,390 it touched on 1 June.

AEL has a diversified business portfolio which includes solar cell and module manufacturing, agro-processing, commodities trading, fuelling of ships and shipping.

It may be noted that the market capitalization of AEL is rapidly growing, and has also boosted the net worth of industrialist Mr Gautam Adani, who is now Asia's third-richest man. He briefly became Asia's second-richest man last month.

In May, shares of AEL surged over 13% on the BSE, higher than the 6.5% gain in Sensex.

The sharp rally in May was a result of the company's March quarter performance that helped the company's market capitalization cross Rs 1.5 tn. As of Wednesday, AEL's m-cap stands at Rs 1.6 tn.

How the stock performs in the coming months 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!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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