Sensex Rallies Over 500 Points, Dow Futures Up By 13 Points

Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 509 points, up 0.9%, at 56,634 levels.

Meanwhile, the NSE Nifty is trading up by 158 points.

Tata Steel and Coal India are among the top gainers today. Tech Mahindra and Infosys are among the top losers today.

The BSE Mid Cap index is trading up by 1.6%

The BSE Small Cap index is trading up by 1.7%.

On the sectoral front, barring the software sector, all sectors are trading in green with stocks from the metal sector witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 9 points (up 0.1%) while Dow Futures are trading up by 13 points (up 0.04%)

The rupee is trading at 73.49 against the US$.

Gold prices are trading down 0.3% at Rs 47,391 per 10 grams.

Gold prices edged lower in India amid a stronger rupee through global cues that were positive. On MCX, gold futures were down 0.2% to Rs 47,459 per 10 grams. In the previous session, gold had risen about Rs 300 to a near one-month high.

Note that the Indian rupee on Friday, 27 August jumped to its ten-week high against the US dollar, making gold imports cheaper in India. Gold prices in India include a 10.75% import duty and 3% GST.

Moving on to stock-specific news...

Among the buzzing stocks, today is L&T.

Shares of Larsen & Toubro (L&T) hit a record high of Rs 1,684.8, up 3% on BSE in intra-day trade today, after the company announced that its construction arm, L&T Construction, has bagged a slew of orders in India and abroad for its various businesses.

According to L&T's classification, the valuation of the orders lies between Rs 100 bn to Rs 250 bn.

L&T's buildings & factories business secured an order to construct multilevel parking and an advocates chamber for the High Court at Allahabad while the power transmission & distribution business bagged an order for the turnkey construction of a substation in Saudi Arabia.

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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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