Sensex Falls 200 Points; TCS & HDFC Bank Top Losers

Share markets in India have erased early gains and are presently trading on a negative note.

Benchmark indices rose to their respective all-time highs in early trade today, with the BSE Sensex rising over 300 points to a record high of 42,273.87, while the NSE Nifty touched 12,430.50, rising 78 points.

Sectoral indices are trading mixed with stocks in the energy sector and IT sector witnessing selling pressure, while telecom stocks and FMCG stocks are witnessing buying interest.

The BSE Sensex is trading down by 184 points, while the NSE Nifty is trading down by 55 points.

The BSE MidCap index is trading down by 0.2%, while the BSE SmallCap index is trading down by 0.1%.

The rupee is currently trading at Rs 71.05 against the US$.

In news from the commodity space, gold prices in India slipped today, tracking muted global rates.

After rallying more than 1% in previous three trading sessions on the hopes of improving consumer demand following the phase one trade deal signed between the US and China, gold rates remained rangebound as strong US economic data increased investors' appetite for riskier assets.

Data released on Friday showed US homebuilding surged to a 13-year high last month while factory production increased for a second straight month.

On MCX, February gold futures prices slipped 0.1% to Rs 39,915 per 10 gram.

Silver prices also declined. Silver futures on MCX declined 0.1% to Rs 46,706 per kg.

Speculators cut their bullish positions in COMEX gold contracts in the week to January 14 while holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 2.2% to 898.8 tonnes.

Demand for gold remained muted in India, even though prices came off from their record highs of Rs 41,300 per 10 gram, hit earlier this month.

Speaking of gold, how lucrative has gold been as a long-term investment in India?

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