Sensex Ends 408 Points Higher; Banking and Metal Stocks Witness Buying

Thu, 9 Jul Closing

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Indian share markets witnessed buying interest after a 1-day hiatus and ended on a strong note today.

Benchmark indices recouped losses witnessed yesterday and traded on a positive note throughout the day today with Nifty finishing above the 10,800 level.

Sentiment got a boost after Prime Minister Narendra Modi today said that India is already seeing green shoots of economic recovery as Indians have the spirit to achieve what is believed to be impossible.

PM Modi while addressing the India Global Week 2020 today said "Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green-shoots when it comes to economic recovery."

At the closing bell, the BSE Sensex stood higher by 408 points (up 1.1%).

The NSE Nifty closed higher by 107 points (up 1%).

The SGX Nifty was trading at 10,833, up by 149 points, at the time of writing.

The BSE Mid Cap index ended up by 0.1%.

The BSE Small Cap index ended up by 0.5%.

On the sectoral front, gains were largely seen in the banking sector and finance sector.

Power stocks, on the other hand, witnessed selling pressure.

Asian stock markets ended on a positive note today. As of the most recent closing prices, the Hang Seng ended up by 0.3% and the Shanghai Composite stood higher by 1.4%. The Nikkei ended up by 0.4%.

The rupee is trading at 75.03 against the US$.

Gold prices are trading up by 0.2% at Rs 49,275 per 10 grams.

Speaking of gold, note that the yellow metal is in focus lately.

Gold futures in the US had crossed the US $1,800-an ounce mark earlier, but for the first time in 8 years, even the spot price was above US$ 1,800.

The international bullion was trading higher for the fourth straight session on expectations of more stimuli from the Federal Reserve to combat the effect for the second wave of Covid-19 cases. Cases in the US have crossed the 3-million mark.

Indian gold futures hit an all-time high of Rs 49,045 per 10 grams on Wednesday, taking gains to 25% in 2020 so far after they rallied by a quarter in the whole of 2019.

The yellow metal is also in focus lately after US Federal Reserve Chairman Powell said that output and employment remain far below their pre-pandemic levels and cautioned that the outlook for the economy is "extraordinarily uncertain."

So 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...

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.

As per Vijay Bhambwani, editor of Weekly Cash Alerts at Equitymaster, there are three events which have recently transpired in the gold market.

In his latest video, he shares how these events will impact the price of gold.

Tune in to find out more...

Strides Pharma Science was among the top buzzing stocks today.

Strides Pharma Science said its subsidiary has received approval from the US health regulator to market Butalbital, Acetaminophen, Caffeine, and Codeine Phosphate capsules, used in the treatment of headache.

The company in a statement said that Singapore-based Strides Pharma Global Pte Ltd, a wholly-owned unit of the company, has received approval for the product from the US Food and Drug Administration (USFDA).

The product, which will be marketed by Strides Pharma Inc in the US market, is a generic version of Teva's Fioricet with Codeine capsules, it added.

Butalbital, Acetaminophen, Caffeine, and Codeine Phosphate capsules are indicated for relief from headache. According to IQVIA MAT May 2020 data, the US market for the product is around US$ 10 million.

Strides Pharma Science has now 124 cumulative abbreviated new drug application (ANDA) filings with USFDA of which 87 have been approved and 37 are pending for approval.

Market participants were also tracking Praj Industries share price today.

This came as the company announced it is foraying into the new business of Renewable Chemicals and Materials (RCM) where the products produced from bio-based feedstocks as an alternative to fossil fuels based resources.

As per the company, RCM is estimated to be a US$ 65 billion industry globally and has the potential to cross US$ 200 billion mark growing at a Compounded Annual Growth Rate (CAGR) of 11-12%.

As part of the plan, the company has collaborated with the National Chemical Laboratory (NCL) to explore the opportunities available in the RCM industry. It has also formed a panel of experts and advisors to draw up a blueprint for the RCM programme.

Praj's Bio-Prism portfolio, under which the new initiative has been launched, comprises bio-industrial products including bio-plastics, cellulose-lignin refinery products and specialty chemicals.

These products have applications in automotive, packaging, furnishing, construction, agriculture and food sectors.

We will keep you updated on all the developments form this space. Stay tuned.

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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