Sensex, Nifty End at Fresh Record Highs; Metal & Finance Stocks Witness Buying

Tue, 17 Nov Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended at fresh record highs.

Extending a record-breaking spree, benchmark indices registered sharp gains as global stock markets rose with investors cheering the news of another promising coronavirus vaccine and optimism about world recovery.

Moderna became the second drug maker after Pfizer to announce promising trial data in the development of a Covid-19 vaccine.

At the closing bell, the BSE Sensex stood higher by 315 points (up 0.7%).

The NSE Nifty closed higher by 94 points (up 0.7%).

Tata Steel and SBI were among the top gainers today.

The SGX Nifty was trading at 12,902, up by 120 points, at the time of writing.

The BSE Mid Cap index ended up by 1.1%. The BSE Small Cap index ended up by 0.9%.

On the sectoral front, gains were largely seen in the metal sector and finance sector.

Oil & gas stocks, on the other hand, witnessed selling pressure.

Asian stock markets ended higher today as investors weighed renewed optimism about a Covid-19 vaccine against the coronavirus' continued spread.

As of the most recent closing prices, the Hang Seng ended up by 0.1% and the Nikkei ended up by 0.4%.

US futures retreated after the S&P 500 closed at an all-time high after Moderna reported vaccine results.

Nasdaq Futures are trading up by 37 points (up 0.3%), while Dow Futures are trading down by 59 points.

The rupee is trading at 74.52 against the US$.

Gold prices are trading up by 0.1% at Rs 50,862 per 10 grams.

Domestic gold and silver prices struggled today after a sharp fall last week. On Multi Commodity Exchange (MCX), december gold rose 0.2% to Rs 50,955 per 10 gram while silver futures were steady at Rs 63,700 per kg.

Gold prices had edged about 0.2% lower in previous day's truncated session as MCX remained closed during the morning session due to a holiday.

Last week, gold prices fell about Rs 1,200 tracking a similar trend in overseas markets as optimism over covid vaccine put pressure on gold prices.

In global markets, gold prices were steady today. Concerns over spiking coronavirus cases in the US and Europe offset pressure from vaccine optimism after Moderna said its experimental vaccine was 94.5% effective in preventing Covid-19 based on interim data from a late-stage trial.

In global markets, gold fell as much as 1.3% yesterday on the back of above news.

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.

In one of his videos, India's #1 trader, Vijay Bhambwani talks about whether you should buy gold now. Vijay shares what implications the recent fall in gold prices could have for gold as an investment.

Tune in here to find out more:

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

In news from the finance sector, the finance ministry on Monday invited bids from actuarial firms for arriving at the embedded value of Life Insurance Corporation (LIC) ahead of its stake sale.

The government is planning to sell minority stake in LIC and list it on the bourses. It has already appointed Deloitte and SBI Caps as pre-IPO transaction advisors.

In the bid notice, the Department of Investment and Public Asset Management (DIPAM) said LIC needs to develop an Indian Embedded Value (IEV) reporting framework for necessary disclosures for the proposed initial public offering (IPO).

Embedded value is a common valuation measure used to estimate the consolidated value of shareholders' interest in an insurance company.

The last date for submission of bids is December 8.

The government has budgeted to collect Rs 2.10 trillion from stake sales this fiscal. This includes Rs 1.20 trillion from CPSE disinvestment and Rs 900 billion from selling stake in financial institutions.

So far this fiscal, the government has been able to mop up Rs 61.4 billion from CPSE disinvestment.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on to stock specific news...

Piramal Enterprises was among the top buzzing stocks today.

On Friday, the company has asked the Committee of Creditors (CoC) to reject Adani Properties' proposal to bid for the entire portfolio of the troubled NBFC Dewan Housing Finance Corporation (DHFL) or it would withdraw from the process.

This comes after Adani Properties, in a letter to the CoC, said it intends to revise its bid for DHFL, and bid for the entire portfolio instead of just the wholesale and SRA assets.

Adani Properties is believed to have proposed that it would offer more than Oaktree Capital, which is currently the sole bidder for the entire book with an offer of Rs 310 billion.

Piramal Enterprises has strongly protested the move, calling Adani's proposal to change its bid after the deadline disruptive and vitiated.

Piramal Enterprises share price ended the day down by 3%.

Market participants were also tracking telecom stocks today.

Shares of telecom service providers were in focus amid hopes of tariff hike in the forthcoming months.

Among individual stocks, Vodafone Idea share price rallied 12% to Rs 10.20 in the early morning deal after media report suggested that Vi is considering increasing tariffs 15-20% by the end of the year or early next year.

Reports state that this is on the expected lines as Vodafone Idea is struggling with cash burn and aiming fund raise.

Bharti Airtel share price also shot up 3% to Rs 495, its highest level since September 21, 2020.

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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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

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