Indian Indices Trade Lower; Tata Steel & HDFC Bank Top Losers

Mon, 27 Jan 12:30 pm

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Share markets in India are presently trading lower amid weakness in global equities as investors grew anxious about the economic impact of China's spreading virus outbreak.

Asian markets fell today as fears over the global economic impact of the China virus hurt the sentiment. Oil prices also plunged more than 2% today, extending last week's sell-off.

Sectoral indices are trading mixed with stocks in the metal sector and telecom sector witnessing selling pressure, while healthcare stocks and realty stocks are witnessing buying interest.

The BSE Sensex is trading down by 186 points (down 0.5%), while the NSE Nifty is trading down by 54 points (down 0.4%).

The BSE MidCap index and the BSE SmallCap index are trading up by 0.6%.

The rupee is currently trading at Rs 71.39 against the US$.

In news from the commodity space, gold prices gained in Indian markets today, lifted by higher global rates. February gold futures rose 0.5% to Rs 40,560 per 10 gram, extending gains to the third day.

Tracking gold, silver prices also edged higher. Silver futures gained 0.8% to Rs 47,291 per kg.

In global markets, gold rates rose 0.6% to US$ 1,586 an ounce as concerns over the spread of coronavirus in China spurred investors to buy the safe-haven metal.

China's health authorities on Sunday said coronavirus transmission ability is getting stronger as the death toll reached 80 and the number of infected rose over 2,000.

The US Centers for Disease Control and Prevention confirmed a second US case of the coronavirus in the country, denting appetite for riskier assets.

Note that gold prices had jumped to a more than two-week high on Friday as the latest updates on the coronavirus dented risk sentiment, and prompted a flight into safe-haven assets.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2% to 900.6 tonnes on Thursday.

Gold dealers are now awaiting the budget, which will be presented on February 1. In last year's budget, the government had raised import tax on gold to 12.5% from 10% earlier.

According to reports, the commerce ministry has sought a reduction in gold import duty to boost the jewellery sector.

Speaking of gold, 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.

Here's what Ankit Shah, the editor of daily premium newsletter Equitymaster Insider (requires subscription) wrote about this in one of the editions of The 5 Minute WrapUp...

• "In fact, gold has delivered double-digit gains in 10 of the last 15 years.
  
  During the entire 15-year period, gold has shot up 555% (compounded annual return of 12.1%).
  
  During the same period, the Sensex surged 511% (compounded annual return of 12.0%). If you include dividends, the Sensex returns would be higher than gold by a couple of percentage points.
  
  One must note that the Sensex returns are not representative of the broader market returns. Moreover, gold was a no-brainer. You didn't have to study financial statements, business models and forecast future earnings growth to get a double-digit return on your investment."

Meanwhile, Vijay Bhambwani talks about how gold has been relied upon by humankind for 3000 years in one of his videos.

If you consider street inflation, your fixed deposits are giving negative yields. In times like these, Vijay considers gold as a safe haven.

So, is it the time to buy gold?

Tune in to find out...

Moving on, shares of APL Apollo Tubes surged over 8% in early trade today after the company reported a strong performance in the December quarter (Q3FY20).

The company's consolidated net profit zoomed over 6-fold to Rs 832 million from Rs 129 million in the year-ago quarter.

The stock of the country's leading branded steel tubes manufacturer was trading at its 52-week high level on the BSE.

The company's net revenues rose 25% year-on-year (YoY) to Rs 21.2 billion on the back of strong volume growth. Sales volume increased 52% YoY to 4.80 lakh tons from 3.14 lakh tons.

Earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to Rs 1.7 billion compared to Rs 0.6 billion in the previous year's quarter.

EBITDA per ton stood at Rs 3,440/ton against Rs 1,981/ton in corresponding quarter of previous fiscal.

The company's management said that healthy volume growth during the quarter was led by strong demand across product categories. Strong volume contribution from Apollo Tricoat Tubes also assisted overall volume growth during the quarter.

APL Apollo Tubes share price is presently trading up by 5.4%.

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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Indian Share Market Update: Top Gainers and Losers