Indian share markets continued their momentum and ended on a strong note today, tracking firm global cues.

Investors took relief from the news that Democrats in the US House of Representatives are working on a US$ 2.2 trillion coronavirus package that could be voted on next week. If that attempt to pass the bill is successful, it can give a massive boost to the economy and the world markets.

Sentiment also got a boost after reports stated that the Narendra Modi government is just weeks away from announcing another round of stimulus measures aimed at creating jobs and pushing demand, as it looks to turn around India's ailing economy which saw its steepest ever contraction in April-June.

At the closing bell, the BSE Sensex stood higher by 835 points (up 2.3%).

The NSE Nifty closed higher by 245 points (up 2.3%).

HCL Technologies and Bajaj Finserv were among the top gainers today.

The SGX Nifty was trading at 11,037, up by 231 points, at the time of writing.

The BSE Mid Cap index ended up by 2.9%.

The BSE Small Cap index ended up by 2.3%.

On the sectoral front, gains were largely seen in the telecom sector and IT sector.

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Hang Seng ended down by 0.3% while the Nikkei ended up by 0.5%.

US stock futures are trading lower, indicating a negative opening for Wall Street indices.

Nasdaq Futures are trading down by 34 points (down 0.3%), while Dow Futures are trading down by 79 points (down 0.3%).

Moving on, the rupee is trading at 73.61 against the US$.

Gold prices are trading down by 0.5% at Rs 49,679 per 10 grams.

Domestic gold prices eased today as doubts over the yellow metal's festive demand continued to outweigh other factors, including an uncertain global economic outlook and rising unemployment.

Gold has been under pressure this week as the US dollar is being seen as the preferred safe-haven asset amid renewed risk aversion in global financial markets.

Gold also weakened as ETF investors also chose to remain on the sidelines.

For this week, gold is down about Rs 2,000 per 10 grams, while silver has slumped Rs 9,000 per kg.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.

Moving on to stock-specific news...

Cipla and Granules India were among the top buzzing stocks today.

Shares of Cipla surged 5% in intraday trade today after the company said it has received US Food & Drug Administration (USFDA) approval for the generic version of Biogen's Tecfidera (Dimethyl Fumarate) DR capsules in the US.

The drug, indicated for the treatment of relapsing forms of multiple sclerosis, had annual US sales of US$ 3.8 billion.

Earlier this month on September 18, Cipla share price had hit a record high of Rs 819, after Perrigo announced that it would recall its gProAir (Albuterol) MDI inhaler from the US market due to a potential defect in the inhalers. Perrigo's gProAir sales were US$ 73 million in 2QCY20.

Cipla had acquired approval for its gProventil (Albuterol) product in April 2020.

Meanwhile, shares of Granules India gained 10% after USFDA gave its approval for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC).

Granules now has a total of 31 Abbreviated New Drug Application (ANDA) approvals from USFDA (29 Final approvals and 2 tentative approvals).

Buying interest was also seen amid a report that that global private equity firms Blackstone, KKR, and Bain Capital have expressed interest in acquiring a controlling stake in the company.

The pharma company's stock hit a record high of Rs 395 on the back of the above news.

Granules India's share price ended the day up by 4.8%.

Moving on to news from the FMCG sector, Tata Consumer Products is weighing a non-binding bid for the vending machine business of Coffee Day Enterprises.

Reportedly, the board of Tata Consumer Products has approved a proposal to explore an acquisition of the operation from Coffee Day.

Coffee Day is seeking a valuation of about Rs 20 billion for the vending machine business.

Coffee Day, the owner of India's largest coffee chain, has been trying to sell assets to repay lenders after the death of its founder V.G. Siddhartha last year. It had agreed to sell its corporate business park to Blackstone Group Inc.

The potential deal comes as Tata Consumer, whose products include Tata Tea, Tetley, and Tata Salt, is seeking to expand its presence in the world's second-most populous country. It also has a joint venture with Starbucks Corp. in India.

Coffee Day is also in talks with other potential suitors for the vending business.