Sensex Trades Over 400 Points Higher; Dow Futures Up by 62 Points

Tue, 3 Nov 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 498 points, up 1.2%, at 40,256 levels.

Meanwhile, the NSE Nifty is trading up by 153 points.

Hindalco and ICICI Bank are among the top gainers today . UPL and NTPC are among the top losers today.

The BSE Mid Cap index is trading up by 0.7%.

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

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

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

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

Nasdaq Futures are trading up by 34 points (up 0.3%), while Dow Futures are trading up by 212 points (up 0.8%).

The rupee is trading at 74.33 against the US$.

Gold prices are trading up 0.4% at Rs 50,900 per 10 grams.

In global markets, gold prices were steady today after a sharp rise in the previous session as investors remained cautious ahead of the US presidential elections. Tracking this volatility, gold prices in domestic markets edged lower.

Note that gold prices are now down Rs 6,000 in Indian markets from their August highs. However, the precious metal may benefit from safe-haven buying amid increasing challenges to global economy

To know more about gold, visit our YouTube Playlist on gold investing.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani explains why crude oil and natural gas prices are moving in opposite directions, in his latest video for Fast Profits Daily.

In the video below, Vijay talks about how this strange situation developed in the energy market and what is the best approach for a trader.

So, how did this happen? Should you trade this move? If not, then why?

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is Tata Motors.

On November 2, automobile major Tata Motors reported a 27% year-on-year (YoY) growth in its total domestic sales to 49,669 units for the month of October. The company had sold 39,152 vehicles in the year ago period.

Passenger vehicle sales during the month surged 79% YoY whereas total commercial vehicle sales grew by 2% YoY. Commercial vehicle sales were mainly driven by exports which grew 20% YoY.

Note that the last time the company posted higher sales than posted in October 2020, was back in July 2012. Sales in the month of September were noteworthy as well at 21,200 units, and Tata Motors has outperformed that base at 11.3% having gained 2,398 units month-on-month (MoM).

After reporting a boost in sales last quarter, Tata Motors has started the new quarter with its strong foot forward. The company expects sales to continue as Diwali approaches.

The ongoing festive season has long been a harness for the Indian automobile industry where people plan their big purchases during this period. This has propelled manufacturers to introduce new cars and variants, as well as curate financing offers to make the most of increased footfalls.

Though there was some skepticism regarding vehicle purchases due to the pandemic, retail activity has continued to bolster numbers as the lock down was lifted.

At the time of writing, Tata Motors share price was trading up by 1.3% on the BSE.

Speaking of the automobile sector, note that the sector has rebounded sharply from its March lows.

Have a look at the chart below:

Healthcare sector is at the top, followed by the automobile sector.

According to Apurva Sheth, Senior Research Analyst at Equitymaster, the auto index entered the greed phase in September 2019 and will stay there until December 2021.

This means there is still a lot of fuel left for auto stocks.

How automobile stocks perform in the coming months remains to be seen. Stay tuned for more updates from this space.

Moving on to news from the mining sector...

NMDC Board to Consider Share Buyback

State-owned mining major National Mineral Development Corporation (NMDC) on November 2 said its board will meet next week to consider a proposal to buy back shares. The company said its board will also approve the financial result for the quarter ended September

NMDC is an Indian public sector mineral producer owned by the Government of India, under the administrative control of the Ministry of Steel.

It is India's largest iron ore producer and exporter, producing more than 35 million tonnes of iron ore from three mechanized mines in Chhattisgarh and Karnataka.

According to a regulatory filing, a meeting of the Board of Directors of the company is scheduled to be held on November 10, to consider the proposal for buyback of the fully paid-up equity shares of the company of face value of Rs 1 each.

Note that a buyback is done with the objective of returning surplus cash to the holder of equity shares of the company.

The firm did not give details of the proposal.

We will keep you updated on all the news from this space. Stay tuned.

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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