Sensex & Nifty Remain Range bound; Gold Prices Dip

Thu, 1 Dec 01:30 pm

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The Indian share markets continue to trade listless during the noon trading session despite positive Asian markets. Sectoral indices are trading mixed with healthcare and consumer durables stocks witnessing maximum buying interest. While banking, metal and realty stocks are trading lower.

The <BSE Sensex is trading> higher by 22 points while the NSE Nifty is trading higher by 2 points. The BSE Mid Cap index is trading down by 0.5% and BSE Small Cap index is trading down by 0.1%. Gold prices, per 10 grams, are trading at Rs 28,300 levels. Silver price, per kilogram is trading at Rs 40,100 levels. Crude oil is trading at Rs 3,428 per barrel. The rupee is trading at 68.53 to the US$.

According to a leading financial daily, Gold has dropped to its lowest price in nearly 10 months today as the dollar held firm around 9.5 month highs against the yen. The growing odds of a US interest rate hike also added pressure. The metal has been under constant pressure after President-elect Donald Trump's policy plan signaled faster inflation.

Subsequent to Trump's victory, the gold has headed back down more sharply. It had its initial rise in the futures market when Trump looked like he was going to win. But since then, it's reversed course. Since the elections, Gold prices prices have corrected.

Gold Prices Under Pressure

Higher interest rates and a higher dollar affected the prices of gold. The bearish developments prompted some investors to lighten up on the gold positions they had built up during the course of the year. This selling pressure led to further decline of gold prices. Moreover, Since Nov 8, the US 10-year bond yield increased by as much as 45 basis points which is from 1.85% to 2.3%. At the same time, the US Dollar Index surged nearly 2% to 100.57, the highest level in 14 years.

Reportedly, a slowing economy, with deflation, would be the biggest reason for weak gold prices. Moreover, India and China are the biggest buyers of gold, together consuming about 50% of the total. After the Modi government forced the exchange of all Rs 500 and Rs 1000 notes to clamp down on the illegal businesses, gold has declined steadily since then. Gold imports are down 59% year-to-date from the same period last year.

Speaking about the Demonetisation measure in India, Vivek Kaul, has shared a special report on what the war on black money means to you. Be sure to grab a copy of Demonetisation - The Good, Bad and Ugly.

Meanwhile, Rahul Shah, Co-head of Research has spoken about the yellow metal's performance over the years. He has also offered insights on gold's wealth-creation potential in our recent edition of The 5 Minute WrapUp. Here's an excerpt:

"You see, the value investing legends are evaluating gold as an investment asset. And from that vantage point, gold does lose some of its luster. But real beauty of gold is that, through the millennia, it has held its value better than any other monetary asset. No fiat currency in history has outlast gold."

Moving on to the news from stocks in information technology sector. Wipro's share price surged by 0.5% after it was reported that Wipro is selling its EcoEnergy business division to Chubb Alba Control Systems Ltd for US$70 million (Rs 4.8 billion). Chubb Alba Control Systems is the Indian arm of the US-based United Technologies Corporation (UTC).

Reportedly, the unit provides solutions for energy efficient and management to enterprise clients. In October, Wipro had announced that EcoEnergy division won a deal with restaurant chain owner Specialty Restaurants to provide energy efficiency services.

In a bid to sharpen focus on its core IT business, Wipro decided to divest this division. Since business carried out by EcoEnergy was not core and strategic to overall IT business of the company, the company stated.

Notably, With Rs 676-million revenue and Rs 156-million net worth, the energy division accounted for 0.1% of the company's turnover in last fiscal (2015-16). The sale is expected to be closed by 2017 subject to regulatory approvals and customary closing conditions.

India is an information technology powerhouse. In an extremely challenging global economy, western corporations are now expecting Indian IT firms to deliver a more compelling value proposition in terms of growth prospects. Going forward, whether the Indian IT firms are up to the task will be the key thing to watch out for.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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