Sensex Trades On A Volatile Note; M&M And Bajaj Auto Top Gainers

Share markets in India are presently trading on a volatile note tracking gains in global equities, ahead of the outcome of a two-day policy meeting of the US central bank.

Investors are also awaiting a keynote address by Reserve Bank of India Governor Shaktikanta Das to members of industry body FICCI.

The BSE Sensex is trading up by 28 points, up 0.1%, at 39,100 levels.

Meanwhile, the NSE Nifty is trading up by 9 points.

M&M and Bajaj Auto are among the top gainers today. IndusInd Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index is trading down by 0.1%. The BSE Small Cap index is trading up by 0.2%.

On the sectoral front, gains are largely seen in the automobile sector.

US stock futures are trading marginally higher today. Nasdaq Futures are trading up by 11 points (up 0.1%), while Dow Jones Industrial Average Futures are trading up by 71 points (up 0.3%).

The rupee is currently trading at 73.76 against the US$.

Gold prices are currently trading up by 0.2% at Rs 51,860.

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. Earlier, gold had hit a record high of Rs 56,191 in Indian markets amid a global rally.

So, is it time to book profits in gold and silver?

In news from the automobile sector, India's automobile industry has urged the central government to reduce taxes before the festive season to counter the price increase on Bharat Stage-VI vehicles and support demand revival.

Representatives of leading automakers, including Toyota Kirloskar Motor India, Maruti Suzuki, Mahindra and Mahindra and Hero MotoCorp, said a cut in goods and services tax (GST) on automobiles will help the sector, which had been struggling for more than a year even before the COVID-19 outbreak.

Yesterday, a report quoted Shekar Viswanathan, vice chairman, Toyota, saying that high taxes on cars keep companies at bay from building scale in India.

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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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