Sensex Trades Marginally Higher; Dow Futures Up By 42 Points

Tue, 5 Jan 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up 88 points, up 0.2% at 48,265 levels.

Meanwhile, the NSE Nifty is trading up by 16 points.

Axis Bank and HDFC are among the top gainers today. Hindalco and Tata Motors 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 0.5%.

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

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

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

Nasdaq Futures are trading up by 21 points (up 0.2%) while Dow Futures are trading up by 42 points (up 0.1%).

The rupee is trading at 73.09 against the US$.

Gold prices are trading flat at Rs 51,429 per 10 grams.

In global markets, gold prices eased today after a 2.5% jump in the previous session. The US dollar strengthened today from a two-year low ahead of Senate runoff elections in Georgia.

In Indian markets, gold prices were mixed today, a day after the precious metal had surged following a global rally. On MCX, gold futures were down 0.03% to Rs 51,410 per 10 grams after a Rs 1,200 surge in the previous session.

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 KNR Constructions.

In a regulatory filing, KNR Constructions said that it has been awarded an order worth Rs 6 billion including GST, by Project Director, Highways (FAC), Chennai-Kanyakumari Industrial Corridor Project, Chennai.

The order includes upgrading Cheyyur-Vandavasi Polur Road (SH-115) and construction of bypasses for Vandavasi town and one realignment for Maruthadu Village.

The order also includes maintenance of the entire project stretch design length of 109.3 kilometres for 7 years in Tamil Nadu on Engineering, Procurement and Construction (EPC) Mode.

The order is to be completed within a period of 39 months from the appointed date.

At the time of writing, KNR Constructions share price was trading up by 3.3% on the BSE.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani, talks about whether you can expect a market correction in January, in one of his latest videos for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the mining sector...

MOIL Says Resource Base of 7.6 Million Tonnes of Manganese Ore Established in Gujarat

Mineral Exploration Corporation (MECL) in a tripartite with Manganese Ore India Limited (MOIL) and Gujarat Mineral Development Corporation (GMDC) has completed exploratory work and has established a sizeable resource base of 7.6 million tonnes of manganese ore in the Pani area.

MECL's report suggests the availability of a good grade of the ore that has potential and viability for manganese mining. To explore the entire area and to establish the structure of the deposit, further exploration activities have also been taken up by MECL.

This may generate additional resources of manganese ore from the same area, MOIL said in a statement issued on January 4, 2021.

MOIL said it is now preparing a techno-economic feasibility report based on the first phase report of MECL for underground mining operations in the long run. As the property seems to be viable, a joint venture will be formed between MOIL and GMDC with a shareholding of 51% and 49% respectively, in terms of the Memorandum of Understanding (MoU) already signed.

Based on the results of exploration and feasibility of mining ascertained after exploration activities, an expected investment of about Rs 2.5 billion will be taken, MOIL added.

MOIL is engaged in the exploration, exploitation and marketing of manganese ore and products, such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The company operates through three segments - mining, manufacturing and power generation.

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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