Gold Prices, Global Stock Market Drivers, and Top Stocks in Action Today

Tue, 27 Aug Pre-Open

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On Monday, Indian share markets ended their trading session on a strong note fueled by the possibility of resumption in trade talks between the US and China as well a slew of measures announced by Finance Minister Nirmala Sitharaman to boost economic growth.

The BSE Sensex closed higher by 793 points to end the day at 37,494. Yes Bank and HDFC were among the top gainers.

While the broader NSE Nifty ended up by 229 points to end at 11,058.

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

Top Stocks in Action Today

Puravankara share price will be in focus today as the company is planning to enter into co-living segment and develop its first project, comprising over 1,000 beds, in Mumbai. The company has identified a project in Goregaon, Mumbai to enter into this growing segment.

PVR share price will also be in focus today as National Company Law Tribunal (NCLT) has approved the merger of PVR with SPI Cinemas. NCLT has approved the scheme on August 23, 2019 at New Delhi.

Market participants will also track Amara Raja Batteries share price.

Reportedly, the company has set up Electric Vehicle (EV) battery charging and battery swapping stations along with a fleet of e-autos in Tirupati. The initiative is undertaken in collaboration with Tirupati Municipal Corporation, as a part of its smart city program.

Yuan Slumps to 11-Year Low

China's yuan slumped to a fresh 11-year low against the US$ as the Sino-US trade war sharply escalated, threatening to inflict more damage on the world's largest economies and weigh further on global growth.

The onshore yuan fell 0.6% in early trade to 7.15 per dollar, its weakest since February 2008 and its second biggest one-day drop of the month. The offshore yuan fell to a record low of 7.185 before regaining some ground to around 7.159.

So far this month, the yuan has fallen 3.6% as trade tensions between Beijing and Washington worsened, sparking fears of a global currency war.

China's central bank had been trying to stabilize the yuan in recent weeks after allowing a sudden slide in its value in early August following new US tariff threats.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Gold, Silver Continue Momentum

Gold and silver prices in India extended their record run amid a rally in precious metal prices. News agency IANS reported gold touching a new high of Rs 40,000 per 10 gram in Mumbai.

On MCX, October gold futures stood firm, rising to a new high of Rs 39,340 per 10 grams before paring some gains. Silver September futures on MCX also hit a new life-time high of Rs 45,342 per kg.

Reports state that escalating trade tensions between US and China and fears of a global recession pushed gold prices to new highs in global markets.

In global markets, spot gold prices rose over 1% to US$ 1,544.23 per ounce - their highest since April 2013, getting a boost from a slide in bond yields.

Global Stock Market Drivers

Global stock markets clawed themselves off their lows on Monday, but sentiment remained fragile after the latest flare-up in the US-China trade war sent investors scrambling into government bonds and battered emerging market currencies.

US President Donald Trump said China has asked to restart trade talks, hours after Beijing's top negotiator publicly called for calm in response to a weekend of tit-for-tat tariff increases that sent global stocks plunging.

The president said the US would accept the Chinese invitation and return to the negotiations. Earlier, China's top trade negotiator, Vice Premier Liu had used an appearance in China to call for a de-escalation in tensions.

Liu said that China welcomes all foreign investors, including those from United States. He added that policy makers will keep building a favorable environment and protecting property rights. S&P 500 futures stabilized after Liu's comments.

As per the economic schedule released by Vijay Bhambwani, editor of Weekly Cash Alerts, here are the important events to look forward to:

• India's RBI Monetary & Credit Information Review.
• Germany GDP Q2 quarter-on-quarter (Q-o-Q).
• India's Crude Oil Inventory.
• Japan's Core CPI, Jobs Data, Retail Sales.

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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