Sensex Ends 435 Points Lower; Automobile And Banking Stocks Witness Selling

On MCX, gold futures slipped 0.4% to Rs 45,861 per 10 gram to near the lowest level in 8 months, while silver futures fell 1% to Rs 68,479 per kg.

Gold prices have dropped sharply since the beginning of this year with rates dropping over 2% in the last week.

Speaking of gold, in one of his videos, Vijay Bhambwani explains why the bull market in gold has not come to an end and why he is still bullish on the yellow metal.

Vijay has put out a 2021 target of Rs 60,000/ 10 gm for gold.

Should the recent correction in gold worry you? Is the gold bull market under threat? Vijay answers these questions in the video.

You can watch the video here: The Gold Bull Market is Still On

In news from the financial markets, foreign portfolio investors (FPIs) have pumped in a whopping US$ 33.8 billion into Indian equities and debt till February 15 this fiscal year - the highest since FY15 when it was nearly US$ 46 billion, taking their net outstanding investments to a record US$ 592.5 billion.

Of the total FPI assets of US$ 592.5 billion, US$ 537.4 billion were inequities and US$ 51.38 billion in debt, according to the data collated by Care Ratings.

Of the US$ 33.8 billion inflows this fiscal so far, as much as US$ 8.4 billion came in December alone.

The maximum holding is in the financial services sector at US$ 191.3 billion, followed by IT (US$ 76.1 billion) and oil & gas (US$ 50 billion).

In FY20, net inflows were at negative US$ 3 billion after the bloodbath in the markets following the announcement of the coronavirus as a global pandemic in March last year.

How the FPI trend continues going forward remains to be seen. Meanwhile, we will keep you updated on the latest developments in this space.

Moving on to news from the banking sector, IDFC First Bank was among the top buzzing stocks today.

Shares of IDFC First Bank hit a fresh 52-week high of Rs 66.80, up 10% in intraday trade today after the bank's board approved raising up to Rs 30 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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