Sensex Trades Over 500 Points Higher; Dow Futures Up By 128 Points

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

The BSE Sensex is trading up by 515 points, up 1% at 51,246 levels.

Meanwhile, the NSE Nifty is trading up by 155 points.

Mahindra & Mahindra and Hindalco are among the top gainers today. Britannia and Divi's Laboratories are among the top losers today.

The BSE Mid Cap index is trading up by 1.4%.

The BSE Small Cap index is trading up by 1.5%.

On the sectoral front, stocks from the telecom sector, witnessing most of the buying interest.

On the other hand, stocks from the FMCG sector are witnessing most of the selling pressure.

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

Nasdaq Futures are trading up by 76 points (up 0.6%) while Dow Futures are trading up by 128 points (up 0.4%)

The rupee is trading at 72.86 against the US$.

Gold prices are trading up by 0.2% at Rs 47,350 per 10 grams.

Gold prices today edged lower in Indian markets after a strong surge in the previous session. On MCX, gold futures fell 0.1% to Rs 47,200 per 10 grams in their fifth fall in six sessions. In the previous session, gold had surged 1.2%.

Note that gold prices have been very volatile this year after hitting a record high of Rs 56,200 in August last year. Global gold prices have also swung wildly this year, depending on the movement of US bond yields and the dollar. In addition, import duty cut by the Indian government in the recent budget has also impacted domestic gold price.

Moving on to stock-specific news...

Among the buzzing stocks, today is Mahindra & Mahindra.

Shares of Mahindra & Mahindra (M&M) rallied on the BSE today after the firm reported a healthy performance in the quarter ended December (Q3FY21) with a 39.6% year-on-year (YoY) growth in net profit at Rs 5.3 billion.

The company's revenue from operations grew by 16% YoY in Q3FY21 with strong tractor volumes. The company sold 97,420 tractors in the domestic market in Q3FY21, registering a 20% growth over the corresponding period on a robust rural story but sales from its automotive business fell 7% to 115,272 vehicles due to challenges on the supply side and commodity prices.

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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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