Sensex Trades Over 400 Points Higher; Dow Futures Up By 162 Points

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

The BSE Sensex is trading up 476 points, up 1% at 48,568 levels.

Meanwhile, the NSE Nifty is trading up by 152 points.

Maruti Suzuki and UPL are among the top gainers today. Hindalco and HDFC are among the top losers today.

Both the BSE Mid Cap and BSE Small Cap index are trading up by 1%.

On the sectoral front, barring the telecom sector, all sectors are trading in green.

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

Nasdaq Futures are trading up by 38 points (up 0.3%) while Dow Futures are trading up by 162 points (up 0.5%).

The rupee is trading at 73.32 against the US$.

Gold prices are trading down 0.5% at Rs 50,649 per 10 grams.

In global markets, gold prices moved slightly lower today amid a stronger US dollar and higher yields. But hopes for additional US fiscal stimulus under incoming President Joe Biden administration capped the losses. Spot gold eased 0.1% but the precious metal is still on track for a weekly gain of 0.7%.

Tracking flat global rates, gold prices today edged lower in Indian markets. February gold futures on MCX fell 0.3% to Rs 50,775 per 10 grams, in its second decline in three days. In the previous session, gold had jumped 0.9% after crashing nearly Rs 1,200 per 10 grams on December 6.

Note that compared to the August highs of Rs 56,200, gold prices are down about Rs 6,000 per 10 grams.

Moving on to stock-specific news...

Among the buzzing stocks, today is Biocon Biologics.

Biocon on January 7 announced that the board of its subsidiary Biocon Biologics has approved a US$ 75 million (Rs 5.5 billion) capital injection from the Abu Dhabi government's sovereign wealth fund ADQ in lieu of a 1.8% stake.

The latest transaction is the fourth successive fundraise by Biocon Biologics in the last 12 months as it looks to unlock value for the shareholders of its parent and scale up it is research and development and manufacturing capabilities.

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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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