Sensex Trades On A Volatile Note; Power Grid & ITC Top Losers

Share markets in India are trading on a negative note, tracking weak Asian peers as coronavirus cases continue to surge across the world.

Sectoral indices are trading on a mixed note with stocks in the energy sector and metal sector witnessing most of the selling pressure.

IT stocks, on the other hand, are witnessing buying interest.

The BSE Sensex is trading down by 129 points (down 0.3%), at 36,350 levels.

Meanwhile, the NSE Nifty is trading down by 45 points (down 0.4%).

The BSE Mid Cap index is trading down by 0.3%. The BSE Small Cap index is trading down by 0.1%.

Gold prices are currently trading up by 0.3% at Rs 48,380.

The rupee is trading at 74.87 against the US$.

Note that Indian indices ended higher for the fourth straight session on Monday, on the back of positive global cues and news of de-escalation in border tensions between India and China.

US stocks rose sharply on Monday as a rebound in US services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States.

A slew of upbeat US data, including a record rise in monthly payrolls, has powered the Nasdaq to all-time highs and has driven the S&P 500 up roughly 44% from its March lows.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

Moving on, market participants are tracking the Suzlon Energy share price. The company has posted a consolidated net loss of Rs 8.3 billion for the March quarter mainly due to lower revenues and high finance cost.

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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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