Sensex Opens Higher; Banking Stocks Lead

Thu, 28 May 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.3% while the Hang Seng is up 0.3%. The Nikkei 225 is trading up by 2%. US stocks rose on Wednesday, with the S&P 500 closing above 3,000 for the first time since March 5, as the further easing of lockdowns lifted optimism for an economic recovery.

Back home, India share markets opened higher. The BSE Sensex is trading up by 177 points while the NSE Nifty is trading up by 44 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.7% and 0.4% respectively.

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

Moving on, gold prices are currently trading up by 0.5% at Rs 46,531.

The rupee is currently trading at 75.71 against the US$.

The rupee ended a volatile session on Wednesday mildly lower at 75.71 amid weakness in Asian currencies, as the country remained in the fourth phase of a nationwide lockdown to curb the spread of the coronavirus (COVID-19) pandemic.

Weakness in Asian currencies amid a firm dollar overseas pulled the rupee lower however sharp gains in domestic equity markets limited the fall.

At the current level, the rupee is down 6.1% against the dollar so far this year.

After starting the day nearly unchanged at 75.67 against the greenback compared to its previous close of 75.66, the rupee swung between gains and losses within a range of 75.56-75.74 amid strength in domestic equity markets.

The rupee shut shop for the day down 5 paise against the American currency.

Moving on to the news from commodities space. Gold prices rose today as tensions between the United States and China over a Hong Kong security law escalated, while fresh stimulus measures by several economies to mitigate the coronavirus fallout also lent support.

Spot gold was up 0.2% at US$1,711.4 per ounce, after touching a two-week low on Wednesday.

US gold futures fell 0.2% to US$1,723.6.

Speaking of gold prices, despite the recent fall in prices, the most recent contract for gold on MCX is up around 20%, on a year-to-date (YTD) basis. Here's how gold has performed in 2020 so far...

Gold Continues Rally in 2020

Earlier this month, gold prices hit a new high of Rs 47,980 tracking rally in global rates amid increasing US-China tensions and expectations of further stimulus from central banks.

With this, gold rallied to its highest since October 2012, driven by economic damage concerns, US-China tensions, and massive monetary and fiscal stimulus.

Speaking of gold, in one of his videos, Apurva Sheth, lead chartist at Equitymaster, compares gold and bitcoin. He explains, which is the better asset in this difficult economic situation.

Tune in here: Gold or Bitcoin: What Will You Go With?

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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