Sensex Ends 110 Points Lower; Smallcap & Midcap Stocks Outperform

Easing US political uncertainty after President-elect Joe Biden's transition to the White House and signs of a pick-up in the Chinese economy also lifted sentiment.

As of the most recent closing prices, the Shanghai Composite ended up by 1.1% and the Hang Seng ended up by 0.3%.

US stock futures are trading in green. Nasdaq Futures are trading up by 46 points (up 0.4%), while Dow Futures are trading up by 69 points (up 0.2%).

The rupee is trading at 74.01 against the US$.

In news from the commodity space, domestic gold and silver prices traded on a flat note today amid a weak global trend.

Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 48,618 per 10 grams.

In the previous session, gold prices had slipped 0.1% while silver had ended flat.

So far this week, gold rates in India have dropped nearly Rs 1,700 per 10 gram, in line with a similar fall in global rates.

In global markets, gold prices edged 0.3% lower to US$ 1,810.44 an ounce.

For the week, gold remains down over 3% as progress in Covid-19 vaccine development and US President-elect Joe Biden's transition to the White House bolstered risk sentiment.

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 the latest developments from the IPO space, the initial public offering of quick-service restaurant chain Burger King India will open on December 2.

The price band for the IPO has been set at Rs 59-60 per share.

The company is aiming to raise Rs 8.1 billion through the issue which comprises a fresh issue of shares worth Rs 4.5 billion, and an offer for sale of up to 60 million shares by promoter entity QSR Asia Pte worth Rs 3.6 billion.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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