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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
- Home
- Todays Market
- Indian Stock Market News January 10, 2020
Sensex Opens Firm; IT and Telecom Stocks Gain Fri, 10 Jan 09:30 am
Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.2% while the Hang Seng is up 0.2%. The Nikkei 225 is trading up by 0.2%. Major US stock indices registered record closing highs on Thursday as optimism about a US-China trade deal firmed and as Apple and other market heavyweights posted strong gains.
Back home, India share markets opened on a firm note. The BSE Sensex is trading up by 109 points while the NSE Nifty is trading up by 29 points. Both, the BSE Mid Cap index and BSE Small Cap index opened the day up by 0.4%.
Sectoral indices have opened the day on a mixed note with IT stocks and telecom stocks witnessing maximum buying interest. Power and oil & gas stocks have opened the day in red.
The rupee is currently trading at 71.38 against the US$.
The Indian rupee on January 9 appreciated by 48 paise to close at 71.21 against the US dollar as investors cheered easing tensions between the US and Iran.
At the foreign bank exchange, the domestic unit opened strong at 71.44 per dollar as against the previous day's close of 71.70.
During the day, it traded in the range of 71.52 and 71.17 to the US currency.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.1% to 97.41.
Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...
- Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative trader's association has indicated that forex may be traded in 6 decimals in the coming few years.
It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!
To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?
Moving on to the news from the pharma sector. As per an article in a leading financial daily, Lupin got United States Food and Drug Administration (USFDA) nod for Famotidine.
It is used to decrease stomach acid production.
Lupin share price opened up by 1.3%.
Meanwhile, Dr Reddy's got USFDA nod for Nicotine Polacrilex Lozenges (2-4 Mg).
Dr. Reddy's share price opened up by 1%.
Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!
Profit Opportunities in the Rebirth of India
Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.
Meanwhile, in the video below, Tanushree talks in great detail about pharma sector. She tells us where the sector stands now and also about the potential for a rebound.
Watch Now...
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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