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Live stock market: Sensex wins 150 points, Nifty firmly above 11,950; Gains from IT actions

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Gold rate today: the yellow metal falls below Rs 51,000 for 10 grams; support seen at Rs 50,500

Gold prices in India traded lower on the Multi Commodity Exchange (MCX) on Tuesday, following a moderate trend in international spot prices. Silver prices also fell 1 percent. At 10:50 a.m., gold futures for December delivery fell 0.48% to Rs 50,860 per 10 grams from the previous close of Rs 51,107 and the opening price of Rs 50 870 on the MCX. Silver futures were trading 0.83% lower at Rs 62,577 per kg. Prices opened at Rs 62,401 from the previous close of Rs 63,098 per kg. “Gold prices have fallen as the dollar has rebounded amid uncertainty surrounding the US economic stimulus package. The yellow metal is expected to remain sideways ahead of US macroeconomic data which should put pressure on the dollar. The price of silver has come down after witnessing a pullback from yesterday’s gains, ”said Ajay Kedia, director of Kedia Commodity Comtrade.

Did you burn your fingers in Vedanta? Here is Deepak Shenoy on how to approach the stock

Vedanta Ltd’s proposal by its group of promoters, led by billionaire Anil Agrawal, to withdraw its shares from Indian stock exchanges failed because the number of shares offered by shareholders was below the minimum number of shares required to complete the offer. In an interview with CNBC-TV18, Deepak Shenoy of Capitalmind spoke at length about the delisting and the Vendata action in particular. “They drastically reduced the book value by taking a loss and it brought the book value down to Rs 87 which was much higher before,” he said. Watch the video to learn more

Satisfied with GMM Pfaudler’s OFS approach; stay bullish on the stock: Saurabh Mukherjea

Saurabh Mukherjea of ​​Marcellus Investment said in an interview with CNBC-TV18 that he was impressed with the actions of GMM Pfaudler’s management over the past year. “I have always believed that never judge a company by its stock price, look at management actions and here we have been deeply impressed with what GMM Pfaudler has done,” he said.

He said his fund invested in the stock a year ago and is now sitting at 100% profit. The recent Offer for Sale (OFS) from the company’s promoters at a steep discount to the market price triggered a liquidation of the stock and also drew criticism from the market. But Mukherjea said he was satisfied with the way GMM Pfaudler handled his OFS and that he remained positive on the title. Watch the video to learn more

Rupee opens | The Indian rupee opened 13 peas lower at 73.40 per US dollar against yesterday’s close of 73.27 per dollar.

Technical view | The Nifty opened on a flat note; it has good support at the 11,800 levels and until that level is not broken we could use any dips to build up long positions. Intraday resistance is at 11950 and if we can stay above that we could go back to 12000 then 12200, says Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

One problem at a time evolving: SEBI changes the rules to avoid Franklin Templeton-type cases

The Securities and Exchange Board of India (SEBI) is considering imposing an additional charge on repayment of debt funds in distressed regimes to ensure sufficient liquidity to deal with repayment stress. It comes months after Franklin Templeton shut down its debt funds, citing repayment pressures and a lack of liquidity in bond markets. The closure led to a drop of about half of the assets under management of these plans. “The regulator is also working to deter excessive buybacks by imposing additional fees on buybacks in stressed plans, and installs[ing] a mechanism in which asset managers could put illiquid paper back on their books, ”a SEBI official said, according to Mint. More here

Shubham Agarwal, CEO and Head of Research, Quantsapp Advisory

Buy Dr. Reddy’s Laboratories (DRL). A call option of 5,400 strikes can be bought for a target of Rs 220 with a stop loss at Rs 130.

Buy Asian paintings. A call option of 2100 strikes can be bought for a target of Rs 74 with a stop loss at Rs 45.

Sell ​​an oil and gas company (ONGC). The 70 strike put option can be bought for a target of Rs 5 with a stop loss at Rs 2.5

Opening Bell: Sensex opens slightly lower, Nifty holds 11,900; auto, banks fall

Indian indices started with minor declines on Tuesday following moderate trends among Asian peers. Losses in banking and auto stocks, however, were capped by gains in the information technology and metallurgy sectors. At 9:18 am, the Sensex lost 77 points to 40,516 while the Nifty lost 24 points to 11,907. The larger markets were also in the red with midcap and smallcap indices down 0.4% and 0 , 2%, respectively. Among sectors, the banking index fell 1% while the financial services index lost 0.7% in the first transactions. Nifty Auto was down half a percent as well, however, Nifty IT, Nifty Metal and Nifty Pharma were in the green.

2020 US presidential election: Trump tests negative for COVID-19, resumes campaign in Florida

President Donald Trump has tested negative for COVID-19 on consecutive days and is not contagious to others, the White House doctor said on Monday, as Trump traveled to Florida for his first campaign rally since that he had disclosed that he had contracted the virus. Trump’s evening rally at an airport in Sanford, Fla. Will kick off a three-week sprint until election day as new polls show him losing more ground to Democratic rival Joe Biden in two field states battle that could decide the November 3 contest. The president’s negative COVID-19 tests were the first announced by the White House since Trump, who spent three days in a military hospital, said on October 2 that he had contracted the virus. In a memo, Dr Sean Conley said tests and other clinical and laboratory data “indicate a lack of detectable viral replication.” Biden also tested negative for COVID-19 on Monday, his campaign said in a statement. The former vice president has tested negative several times since Trump announced his test positive.

Oil prices stabilize amid a return to supply, as COVID-19 lockdowns tighten

Oil prices were flat at the start of trade on Tuesday, sitting on losses of nearly 3% from the previous session after supplies started to pick up in Norway and the United States, the Gulf of Mexico and Libya have resumed production from its largest oil field. The return of supply comes as the resurgence of COVID-19 infections in the U.S. Midwest and Europe raises concerns about growing demand for fuel, posing a challenge for the Organization of the Exporting Countries of oil and its allies, together called OPEC +. OPEC + has cut supply to help support oil prices amid the coronavirus pandemic, with cuts of 7.7 million barrels per day expected to extend through December. Producers’ market watchdog group to meet next Monday

Reliance Jio Adds 3.55 Million Users in July; Vodafone Idea Loses 3.7 Million Subscribers, TRAI Report Says

Reliance Jio added 3.55 million users to its subscriber base in July 2020, while new brand Vodafone Idea or Vi, lost 3.7 million users, according to the latest subscription data report Telecommunications Regulatory Authority of India (TRAI). Bharti Airtel added 3.26 million wireless subscribers during the month. The top five service providers accounted for 98.91% market share of total broadband subscribers at the end of July 2020. Reliance Jio maintained its position as the leading wireless broadband provider with 400.80 million users, followed by Bharti Airtel with 153.25 million subscribers and Vodafone Idea with 115.26 million subscribers.

First up, here’s a quick look at what happened in the markets on Monday.

Indian indices finished higher for the eighth consecutive session on Monday, led by gains in computer, pharmaceutical and consumer stocks. However, losses in financials, metals and autos capped the gains. The Sensex finished 84 points higher at 40,594 while the Nifty rose 17 points to 11,931. Larger markets underperformed benchmarks as midcap and smallcaps fell respectively. 0.6% and 0.3%. Among sectors, Nifty IT grew the most, up 1.7%, while the pharmaceutical and FMCG indexes added 0.9% and 0.3% respectively. However, Nifty Bank and Nifty Fin Servcies lost half a percent each for the day. Nifty Metal and Nifty Auto also fell by 0.9% and 0.75% respectively. ITC, Infosys, UPL, Cipla and Asian Paints were the first winners of the Nifty50 index, while Bharti Airtel, JSW Steel, GAIL, HDFC Life and Tata Motors led the losses.

Welcome to the CNBC-TV18 Market Live blog

Hello, readers! I am Pranati Deva, the market office of CNBC-TV18. Welcome to our Market Blog, where we provide live news coverage of the latest happenings in the stock market, business, and economy. We’ll also bring you instant feedback and guests from our stellar lineup of TV guests and editors, researchers and journalists. If you are an investor, we wish you a great trading day. Good luck!



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