Sensex Trades Marginally Lower, Dow Futures Up by 142 Points

Mon, 13 Sep 12:30 pm

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Share markets in India are presently trading marginally lower.

The BSE Sensex is trading down by 161 points, down 0.3%, at 58,144 levels.

Meanwhile, the NSE Nifty is trading down by 38 points.

Coal India and Hindalco are among the top gainers today. Reliance and SBI Life are among the top losers today.

The BSE Mid Cap index is trading up by 0.1%

The BSE Small Cap index is trading up by 0.6%.

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

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

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

Nasdaq Futures are trading up by 36 points (up 0.2%) while Dow Futures are trading up by 142 points (up 0.4%)

The rupee is trading at 73.63 against the US$.

Gold prices are trading up by 0.1% at Rs 46,864 per 10 grams.

Gold prices struggled in Indian markets today amid subdued global cues. Gold prices edged up 0.1% to Rs 46,872 per 10 grams but still hovered near a one-month low. In the previous session, gold had dropped 0.4%.

In global markets, gold struggled today after a sharp decline in the previous week. Investors remained cautious ahead of a crucial US consumer price reading due later this week. Spot gold was flat at US$ 1,787.4 per ounce, after falling 2.1% in the previous week.

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 Punjab National Bank.

Punjab National Bank's (PNB) board of directors has approved capital raising of upto Rs 60 bn via bonds.

The bank will raise this capital through issuance of Basel III additional Tier-1 (AT-1) bonds or Tier-II bonds or a combination of both in one or more tranches.

PNB has been from time to time raising AT-1 (Basel III compliant) capital bonds. It maybe recalled that the bank had last year set out to raise capital to the tune of Rs 140 bn from the market.

In May this year, PNB had raised Rs 18 bn via a Qualified Institutional Placement (QIP) by selling 530 m shares on a private placement basis to investors like LIC, BNP Paribas and Societe Generale.

Given that AT-1 bonds carry lot of risk, the market regulator had earlier stipulated that the banks' deemed residual maturity of AT-1 bonds (Basel III compliant) should be valued as 100-year debt from 1 April 2021.

However, the regulator had relaxed this norm following opposition from the finance ministry. It has now said that the maturity of AT-1 bonds would be 10 years until 31 March 2022.

This would be raised to 20 years and 30 years over the subsequent six month period and from April 2023 onwards, the residual maturity of AT-1 bonds will be considered as 100 years from the date of bond issuance.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Punjab National Bank shares were trading up by 0.1% on the NSE.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani, talks about a huge change in the markets which could lead to huge profits, in one of his videos for Fast Profits Daily.

Moving on to news from the platform business space...

Zomato Shuts Down Nutraceutical Business

After shutting down its grocery delivery service, online food delivery firm Zomato has pulled the plug on another business - nutraceuticals.

The company has decided to shut it at a time when the government is trying to get stricter about private label norms for marketplace businesses in the country.

While the company confirmed the development, it declined to share further details.

Nutraceuticals are defined as any food-related product which provides medical or health benefits. This could range from food to beverages or even tablets with a claim of prevention or cure of chronic diseases.

Citing a huge opportunity, Zomato had made a plunge in the segment and named Gaurav Gupta, Chief Operating Officer as the head of this division for five years.

The company also shut down its grocery business given the gaps in order fulfillment, poor customer experience, and increasing competition from rivals.

It said that its investment in Grofers will generate better outcomes than its in-house grocery effort.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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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