Sensex Trades Higher; Tata Motors & Tata Steel Top Gainers

Tue, 27 Aug 12:30 pm

   Previous Close   

   Pre-Open   

   09:30 am   

   Closing   

Share markets in India are presently trading on a positive note. Sectoral indices are trading on a mixed note with stocks in the capital goods sector, automobile sector and power sector witnessing maximum buying interest, while IT stocks and telecom stocks are trading in red.

The BSE Sensex is trading up by 196 points while the NSE Nifty is trading up by 69 points. The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 1.3%.

The rupee is trading at Rs 71.72 against the US$.

In news from the commodity space, gold and silver prices in India are steady today after hitting record highs yesterday.

On MCX, October gold futures were flat at Rs 38,845 per 10 grams, after they hit a new high of Rs 39,340 on Monday. September silver futures on MCX also remained flat at Rs 45,055, off its Monday's record high of Rs 45,376.

In global markets, spot gold prices eased off to six-year highs after US President Donald Trump predicted a trade deal with China after positive gestures by Beijing.

Note that gold prices in India have rallied around 20% this year amid a hike in import duty, weaker rupee and a firm global trend.

Reports state that gold will likely get support from buying by global central banks. Many countries have been adding to their gold reserves as growth slows and trade and geopolitical tensions rise, and they seek diversify away from the dollar.

Speaking of Gold, Tanushree Banerjee shares some interesting information on the Sensex to Gold (per 10 grams) ratio going back 15 years.

Have a look at the chart below:

Sensex versus Gold in Fairly Valued Zone

Here's what she wrote about it in today's edition of The 5 Minute WrapUp...

• While the ratio has been quite volatile, the average ratio turns out to be 1.
  
  In other words, whenever the Sensex has risen at a much faster pace than gold prices, its fall has also been equally precipitous. The reason behind this volatility is not hard to find.
  
  Stock markets are more amenable to manipulation than gold prices are.
  
  Thus, if the Sensex to gold price ratio is way more than one, it could be a signal the Sensex is overvalued.
  
  Alternatively, if it is way below one, it could mean that Sensex is undervalued.
  
  The ratio stands at around 1.09 currently, indicating that the Sensex is trading pretty close to its fair value!

Thus, even though the market correction seems overdone in mid and smallcaps, the bluechips, particularly those in the Sensex, aren't undervalued yet.

Moving on to news from the IT sector, Infosys on Monday said a board committee is considering closure of the Rs 82.6 billion buyback offer, with the company utilizing almost full size of the issue approved.

In a regulatory filing, Infosys said "the Buyback Committee of the company will, on August 26, 2019, consider proposals, including but not to limited to, the closure of the Buyback, pursuant to the terms of the Public Announcement, in view of the fact that the company has utilised 99.999999% of the maximum buyback size (excluding transaction costs)".

In January, the company had announced that it would buy back shares of the company for an amount aggregating up to Rs 82.6 billion at a price not exceeding Rs 800 per equity share.

Meanwhile, a US district court has refused to hold a fresh trial in a case where it had cleared Tata Consultancy Services (TCS) of discrimination against local employees.

The court last week denied the motion by three former TCS workers who had questioned the verdict of a California jury in November. The jury had rejected claims that the Indian IT firm preferred to staff its US offices with Indians instead of Americans.

During the trial, TCS had presented proof that the non-south Asians in question were fired because they had refused to relocate or were challenging to work with, among other reasons.

The company later said that decisions on hiring and retention of employees were made "irrespective of their background or national origin".

Note that TCS had earlier tried to get the case dismissed, but a federal judge denied the request, leading to a court trial last year.

Infosys share price and TCS share price are presently trading down by 2.2% and 1.3%, respectively.

To know more about the companies, you can read Infosys' 2018-19 annual report analysis and TCS' 2018-19 annual report analysis on our website.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers