Share markets in India have extended early gains and are presently trading on a strong note, driven by index heavyweight Reliance Industries.
Benchmark indices added to their opening gains and are trading over 1% higher after the Supreme Court adjourned the interest waiver hearing to September 28.
The BSE Sensex is trading up by 535 points, up 1.4%, at 38,700 levels. Meanwhile, the NSE Nifty is trading up by 138 points.
Reliance Industries and Axis Bank are among the top gainers today.
Shares of Reliance Industries rose over 4% to hit US$ 200 billion market cap, the first Indian company to achieve this milestone.
The BSE Mid Cap index is trading up by 0.9%. The BSE Small Cap index is trading up by 1.7%.
On the sectoral front, gains are largely seen in the energy sector and banking sector.
Metal stocks, on the other hand, are witnessing selling pressure.
The rupee is trading at 73.35 against the US$.
In news from the commodity space, domestic gold prices continued to trade in a narrow range. Gold futures on MCX rose 0.1% to Rs 51,439 per 10 grams.
Silver gained 0.3% to Rs 68,619 per kg. In the previous session, gold had risen 0.1% while silver had slipped 0.12%.
Gold is now down about Rs 5,000 per kg from record highs of about Rs 56,200, hit last month.
Silver prices are now down more than Rs 10,000 per kg in about a month.
In global markets, gold prices moved higher, supported by a weaker US dollar and concerns that a coronavirus vaccine could get delayed.
Trials of AstraZeneca-Oxford University's COVID vaccine has been paused due to an unexplained illness in a study participant.
The dollar index fell from a four-week high against its rivals making gold less expensive for holders of other currencies, said a Reuters report.
Gold traders are now tracking the European Central Bank's policy announcement due later in the day. Reports state that the ECB is expected to hold rates steady but indicate that downside risks have intensified, suggesting further easing is possible before year-end.
In other news, gold ETFs collectively saw positive inflows in August, adding 39 tonnes, an equivalent of US$ 2.1 billion, or 0.9% AUM.
Appetite for gold ETFs in Asia saw an increase, driven by investor appetite and new funds launched in the region.
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.
Even with the recent volatility in prices, gold and silver remain among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.
Moving on to stock-specific news...
Adani Green Energy is among the top buzzing stocks today.
Shares of the company hit a fresh record high of Rs 619, up 5% on the BSE in intraday trade today, ahead of its April-June quarter (Q1FY21) result due on Friday, September 11.
The stock of Gautam Adani-led Adani Group renewable energy company has rallied as much as 1,200% in a year.
The sharp rally in the stock has helped the company surpass state-owned oil exploration & production company Oil and Natural Gas Corporation (ONGC) in terms of market capitalization.
Earlier this month on September 1, the company informed that Mercom Capital has ranked Adani Group as the number 1 global solar power generation asset owner in terms of operating, under construction, and awarded solar projects.
Adani's renewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets, the press release said.
Last month, it was reported that the company is in talks to raise US$ 1.35 billion through an offshore loan to fund the construction of four projects over the next couple of years.
As per media reports, the company has begun discussions with lenders such as Standard Chartered Bank, JPMorgan, MUFG, Barclays, DBS Bank, and Qatar National Bank, among others.
Adani Green Energy share price is presently trading down by 1%.
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