Sensex Trades Over 300 Points Higher; Dow Futures Up by 232 Points

Tue, 1 Dec 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 389 points, up 0.9% at 44,539 levels.

Meanwhile, the NSE Nifty is trading up by 102 points.

GAIL and Sun Pharmaceuticals are among the top gainers today. Nestle India and Kotak Bank are among the top losers today.

The BSE Mid Cap index is trading up by 0.8%.

The BSE Small Cap index is trading up by 0.9%

On the sectoral front, stocks from all sectors are trading in green with stocks from the real estate sector witnessing most of the buying interest.

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

Nasdaq Futures are trading up by 105 points (up 0.9%) while Dow Futures are trading up by 232 points (up 0.8%).

The rupee is trading at 73.46 against the US$.

Gold prices are trading down 0.2% at Rs 47,705 per 10 grams.

In global markets, gold prices edged higher today supported by a weak dollar. The dollar index was down 0.05%, making gold cheaper for holders of other currencies.

Tracking an upward trend in global rates, gold prices edged higher in Indian markets. On MCX, February gold futures rose 0.3% to Rs 48,070 per 10 grams. In the previous session, gold futures had slipped 0.4%.

Note that gold prices have been on a downward path since hitting record highs of Rs 56,200 in August. In November alone, gold prices fell about Rs 2,500 per 10 grams.

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.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is JSW Steel.

Domestic steel major JSW Steel is in the process of acquiring land at Jagatsinghpur in Odisha where it has proposed to set up a 13.2 million tonnes per annum (MTPA) greenfield steel plant along with a 900 MW power plant for captive usage with an investment amount of Rs 537 billion.

The land is on the same site near the port of Paradip where South Korean steel giant POSCO was keen to set up a 12 MTPA steel plant.

Earlier in 2005, the Odisha government and POSCO had signed a Memorandum of Understanding (MoU) in this regard. However, the company had to abandon its proposed Rs 520 billion project due to multiple reasons from delay in environmental clearances to protests by locals.

The pact ultimately expired in 2010 and was not renewed again.

After POSCO shelved its plan to set up the steel plant, JSW Group approached the Odisha government for the land. Subsequently, all statutory clearances given to POSCO were transferred to JSW Steel.

In December 2019, the hearing for the company's project was held. The hearing was conducted peacefully and successfully with the integrated project being passed unopposed with almost the same investment that POSCO was looking for.

The company expects work to start soon on the Rs 537 billion project.

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

At the time of writing, JSW Steel share price was trading up by 1% on the BSE.

Speaking of the stock markets, in his very first video, Brijesh Bhatia, Research Analyst for Fast Profits Report, talks about his proprietary greed and fear index.

In the video below, Brijesh explains how the index is indicating to book some profits in this market.

Tune in here to find out more:

Moving on to news from the FMCG sector...

Sandeep Kataria Becomes First Indian To Be Appointed as Global CEO Of Bata

On November 30, footwear giant Bata announced the appointment of Sandeep Kataria as CEO, effective immediately.

This makes Kataria the first Indian to be elevated to the global role of Bata. He takes over from Alexis Nasard, who is stepping down after almost five years in the role.

With 24 years of experience at Unilever, Yum Brands, Vodafone in India and Europe before joining Bata India as CEO in 2017, Kataria has been directly involved in leading businesses and powerhouse brands that command impressive consumer following and global reach.

Over the past few years, the Bata India team delivered exceptional growth in footwear volumes, revenues and profits. It also strengthened Bata's customer measures in a highly competitive footwear market.

The Bata Group and Bata India both stand to benefit greatly from Sandeep's extensive experience.

How this change in leadership pans out for the company remains to be seen. Meanwhile, stay tuned for all the updates from this space.

And 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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