Sensex Trades Over 700 Points Higher; Dow Futures Up By 111 Points

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

The BSE Sensex is trading up by 755 points, up 1.6% at 47,041 levels.

Meanwhile, the NSE Nifty is trading up by 211 points.

IndusInd Bank and ICICI Bank are among the top gainers today. Dr Reddy's and UPL are among the top losers today.

The BSE Mid Cap index is trading up by 0.5%.

The BSE Small Cap index is trading up by 0.3%.

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

On the other hand, stocks from the software 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 50 points (up 0.4%) while Dow Futures are trading up by 111 points (up 0.4%)

The rupee is trading at 73.06 against the US$.

Gold prices are trading up by 0.2% at Rs 49,208 per 10 grams.

Gold prices started on a positive note this month after a 2% fall in January. On MCX, gold futures rose 0.5% to Rs 49,566 per gram. However, silver futures on MCX surged 6% to about Rs 74,000 per kg, tracking the recent surge in global rates following a GameStop-style squeeze. Posts began circulating on Reddit urging retail investors to buy silver mining stocks and ETFs backed by physical silver bars.

In global markets, spot gold rose 0.3% per ounce while silver rates surged as much as 7.4% to climb a nearly six-month peak. Spot silver hit its highest since August 11 at US$ 28.9 an ounce.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to some of the highlights from the Union Budget 2021...

The government has raised the limit for Foreign Direct Investment (FDI) in the insurance sector to 74% from 49% - with safeguards. FM Sitharaman also that the government intends to amend the Insurance Act, 1938, and will launch a new investor charter for investor protection. It will launch a securities market code which will include the Government Securities Act and the Depositories Act.

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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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