Sensex Opens Over 220 Points Up; Realty and Banking Stocks Rally

Thu, 31 Oct 09:30 am

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Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.2% while the Hang Seng is up 1.2%. The Shanghai Composite is trading down by 0.1%. Overnight, US markets ended higher with the S&P 500 closing at a record for the second time in three sessions, after the US Federal Reserve decided to cut interest rates by a quarter of a percentage point.

Back home, India share markets opened higher. The BSE Sensex is trading up by 226 points while the NSE Nifty is trading up by 65 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.6%.

Except telecom stocks, all sectoral indices have opened the day in green with realty stocks and bank stocks witnessing maximum buying interest.

The rupee is currently trading at 70.82 against the US$.

In the news from the commodities space. Gold prices on Wednesday rose Rs 87 to Rs 38,842 per 10 grams in the national capital on firm global trends and a weaker rupee.

On Tuesday, gold had closed at Rs 38,755 per 10 grams.

Spot gold prices for 24 karats in Delhi were quoted Rs 87 up on a weaker rupee and firm trade in global markets. The spot rupee was trading almost 11 paise weaker against the dollar during the day.

The rupee depreciated by 11 paise to 70.95 against the US dollar in morning trade on Wednesday, as investors were cautious ahead of the US Federal Reserve's interest rate decision.

Silver prices also gained Rs 450 to Rs 47,220 per kg, from Rs 46,770 per kg, in the previous trade.

In the international market, gold was trading higher at US$ 1,489.5 per ounce and silver at US$ 17.8 an ounce.

Speaking of stock markets and gold, gold has always been a staple investment for Indian households.

There are various opinions on what proportion of the portfolio could be allocated to the yellow metal.

Stocks versus Gold Over Past 5 Years

Here's what co-head of research at Equitymaster, Tanushree Banerjee wrote in one of the edition of The 5 Minute WrapUp:

• "The magical metal will be no match for the Indian mettle over the next decade.
  
  So, by all means buy some gold for inflation hedge.
  
  But don't lose sight of the Rebirth of India opportunity."

Also, watch Vijay Bhambwani talk about investing opportunities in gold.

In the news from the chemicals sector. Tata Chemicals share price is in focus as it reported it second quarter results yesterday.

The company's consolidated net profit rose 6.9% to Rs 4.4 billion on 4.1% increase in net sales to Rs 30.8 billion in Q2 September 2019 over Q2 September 2018.

Consolidated EBITDA grew 5% to Rs 6.4 billion in Q2 September 2019 as against Rs 6 billion in Q2 September 2018.

Consolidated EBITDA margin improved to 21% in Q2 September 2019 over 20% in Q2 September 2018.

In consolidated books, the company's net borrowings (including lease liabilities) stood at Rs 22.6 billion and cash and cash equivalent was at Rs 37.9 billion.

To know more, you can read Tata Chemical's Q1FY20 result analysis and its 2018-19 Annual Report Analysis on our website.

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

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