Sensex Surges 500 Points, Nifty Tops 18,500; Metal & Power Stocks Rally

Mon, 18 Oct 09:30 am

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Asian share markets are trading on a negative note today as China's gross domestic product (GDP) grew slower-than-expected.

The Nikkei fell 0.2% while the Hang Seng is trading lower by 0.5%. The Shanghai Composite is down 0.4%.

In US stock markets, Wall Street indices climbed on Friday after Goldman Sachs capped a strong earnings season for big banks, while a surprise rise in retail sales raised optimism about economic recovery.

The Dow Jones Industrial Average jumped 1.1% in its best weekly performance since 25 June 2021. The S&P 500 climbed 0.8% to notch its best week in 2-1/2 months, and the Nasdaq Composite added 0.5%.

Back home, Indian share markets have opened on a strong note, following the trend on SGX Nifty.

Market participants will track shares of Craftsman Automation, Route Mobile, and Tata Coffee as these companies are scheduled to announce their September quarter results today.

The BSE Sensex is trading up by 523 points. Meanwhile, the NSE Nifty is trading higher by 149 points.

Tata Steel and Infosys are among the top gainers today. Bajaj Auto, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.8% and 1%, respectively.

All sectoral indices are trading in green with stocks in the metal sector and power sector witnessing most of the buying.

Shares of Avenue Supermarts and Bajaj Finserv hit their 52-week highs today.

The rupee is trading at 75.20 against the US$.

Gold prices are trading up by 0.2% at Rs 47,305 per 10 grams.

Meanwhile, silver prices are trading up by 0.3% at Rs 63,489 per kg.

Gold edged up today, recouping some losses after a steep sell-off in the previous session as US bond yields and the dollar softened, restoring some of the precious metal's appeal.

Crude oil prices hit new multi-year peaks, continuing their recent surge amid a global energy shortage, with US crude at a fresh seven-year high and Brent at a three-year high.

Speaking of stock markets, in his latest video, Rahul Shah talks about why a simple portfolio beat quality bluechips by 2x.

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In news from the commodity space, gold imports zoomed to US$ 24 bn during April-September 2021 due to higher demand in the country, according to data from the Commerce Ministry.

Imports of the safe-haven metal were US$ 6.8 bn in the corresponding period last year.

A significant jump in the gold imports has led to record widening of India's trade deficit to US$ 22.6 bn during September this fiscal as against US$ 2.96 bn in the year-ago period.

Meanwhile, gold exchange-traded funds (ETFs) attracted Rs 4.5 bn in September 2021.

This was sharply higher than the net inflow of Rs 240 m recorded in the previous month. In July, the category saw a net withdrawal of Rs 615 m.

With September's additions, the gold ETF category has received a net inflow of Rs 35.2 bn so far. The segment witnessed just one month of net outflows, which was in July.

Reportedly, the inflow may continue in coming months due to strong demand on the back of festival season.

The latest inflows also helped in pushing the number of folios in the category by over 14% to 2.5 m in September from 2.1 m in the preceding month.

Note that investments into gold ETFs have been witnessing a steady uptick since August 2019.

However, despite these inflows, the assets under management (AUM) of gold ETFs dropped to Rs 163.4 bn at the end of September 2021 from Rs 163.5 bn at August 2021.

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.

Moving on to stock specific news...

Dixon Technologies is among the top buzzing stocks today.

Dixon Technologies has started manufacturing 5G millimetre waves smartphones which will be the first set of devices in the segment to be exported from India.

The domestic electronics manufacturing firm has set up a manufacturing unit with an annual capacity of 7 m 5G millimetre (mm) phones and is setting up another factory with annual capacity of 30 m smartphones in Noida.

The Orbic Myra 5G UW smartphone, which can operate in high frequency bands, is also the first smartphone that has been partly designed in India, Dixon Technologies executive chairman Sunil Vachani said.

The company has bagged a contract from US-based Orbic which sells smart devices for US-based telecom operators.

The 5G millimetre phone can theoretically provide speed of up to 5 gigabit per second (gbps) on a phone which is over 250 times faster compared to top speed of 4G mobile connection recorded in India.

Reports also suggest that 5G millimetre smartphones have supported speed of around 2 gbps which is around 90 times faster than the top speed recorded by telecom regulator TRAI in India on 4G network.

The company will start exporting this month and is expected to ship 2 m units overseas next year.

Dixon Technologies share price has opened the day up by 3.1%.

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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