Indian share markets ended their day-long volatile session on a positive note today.
Benchmark indices witnessed gains in the last hour of trading with the Nifty ending above 10,100 level.
Sectoral indices ended on a mixed note with stocks in the banking sector and realty sector witnessing buying interest.
Meanwhile, auto stocks witnessed selling pressure.
At the closing bell, the BSE Sensex ended the day up by 290 points.
Meanwhile, the NSE Nifty stood higher by 69 points.
SGX Nifty was trading at 10,110, up by 98 points, at the time of writing.
The BSE Mid Cap index and the BSE Small Cap index ended up by 0.8% and 0.9%, respectively.
Asian stock markets ended on a mixed note today. As of the most recent closing prices, the Hang Seng was down 0.03% and the Shanghai Composite stood lower by 0.42%. The Nikkei ended up by 0.15%.
European stock markets were trading lower at the time of writing.
The rupee is trading at 75.57 against the US$.
Sugar stocks were witnessing buying interest today.
Dwarikesh Sugar touched its 52-week high.
Dhanuka Agritech also touched its 52-week high today.
The above gains were seen as the companies posted a strong set of numbers for the quarter ended March 2020.
Dwarikesh Sugar reported a 37% year-on-year (YoY) jump in net profit at Rs 442.6 million and 118% YoY jump in revenue from the operations at Rs 4,617 million in Q4FY20.
Dhanuka Agritech's consolidated net profit rose 46% YoY at Rs 390 million, while revenue rose 18.1% YoY at Rs 2,275.7 million.
In news from the real estate sector, the Supreme Court today ordered the Reserve Bank of India (RBI) to direct banks to release the remaining amount of loans in the stalled-Amrapali project that had been sanctioned.
Loans, declared non-performing assets (NPAs), are also to be released while banks and financial institutions have been directed to restructure loans given to the customers.
The move ensures speedy completion of the stalled projects for which funds will now be available.
Meanwhile, in its order, the apex court also said that the Noida authority cannot charge more than a maximum interest rate of 8% from builders.
The Supreme Court in July last year had ordered the cancellation of Amrapali Group's registration under real estate law RERA and ousted it from its prime properties in the NCR. It had ordered a probe by the ED into allegations of money laundering and to look into the charge of FEMA violation by JP Morgan.
In news from the commodity space, gold was witnessing buying interest today. Gains for the yellow metal were seen tracking positive trend seen in the international spot prices as global equity markets eased after a recent rally.
In the morning trade today, the June gold contracts on MCX were trading higher by 0.13% at Rs 46,650 per 10 grams.
Internationally, gold prices rose today on the back of a weak US dollar and safe haven appeal for the yellow metal as investors await clarity on the state of the economy and further stimulus from the US Federal Reserve's policy meeting.
Gold prices gained more than 1% yesterday.
Going forward, experts are of the view that the yellow metal is likely to remain volatile ahead of the outcome of the Fed policy meeting.
Gold has been witnessing volatility during the past few days due to the rally seen in equities as economies globally recover from lockdown. However, a weak dollar and US-China trade tensions are expected to support gold prices in the near term.
Back home, lockdown restrictions have lifted to a large extent from Monday. This has eased concerns over the impact of the COVID-19 pandemic on the economy, thus diminishing the appeal of safe-haven gold.
We will keep you updated on how gold performs in the coming days. Stay tuned.
Last month, gold prices hit a new high of Rs 47,980 tracking rally in global rates amid increasing US-China tensions and expectations of further stimulus from central banks. With this, gold rallied to its highest since October 2012, driven by economic damage concerns, US-China tensions, and massive monetary and fiscal stimulus.
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...
Gold Has Been a Shining Long-Term Investment
As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.
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