Indian Stock Markets Open Lower; Metal and FMCG Stocks Under Pressure

Thu, 30 Jan 09:30 am

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Asian stock markets slipped while gold and bonds are in demand today as worries about the spread of a new virus from China sent investors heading for safety. Japan's Nikkei fell 1%. Hong Kong's Hang Seng extended Wednesday's drop and Taiwan's benchmark index. Meanwhile, the S&P 500 ended slightly lower on Wednesday, as an initial boost from the likes of Apple, Boeing and General Electric following their quarterly results faded in the wake of a policy announcement from the Federal Reserve.

Back home, India share markets opened on a negative note. The BSE Sensex is trading down by 111 points while the NSE Nifty is trading down by 46 points. The BSE Mid Cap index and BSE Small Cap index opened down by 0.2% and 0.1% respectively.

Sectoral indices have opened the day on a mixed note with metal stocks and FMCG stocks witnessing selling pressure. Power stocks and realty stocks have opened the day in green.

Speaking of Indian share markets, the chart below shows the monthly trend in SIP inflows.

SIPs on the rise

As can be seen, in the month of December 2019, SIP inflows into mutual funds hit an all-time high of Rs 8,518 crore.

Here's what Ankit Shah wrote about this in today's edition of The 5 Minute WrapUp...

• AMFI data shows that mutual funds added, on average, 9.55 lakh SIP accounts each month during FY2019-20, with an average SIP size of about Rs 2,850 per SIP account.
• From April to December 2019, there were a total of 85.99 lakh new SIP registrations. Indian mutual funds have currently about 2.98 crore SIP accounts through which investors regularly invest in Indian mutual fund schemes.
• Total SIP AUM (assets under management) has been growing steadily. As on December 2019, the total SIP AUM stood at Rs 3.17 lakh crore.

The big picture Ankit is trying to show is clear.

A lot of money is continuously pouring into the stock markets despite all the bad news about the economy.

In fact, Ankit has also been recommending his Insider subscribers to buy stocks that take advantage of this megatrend (requires subscription).

Moving on, the rupee is currently trading at 71.39 against the US$.

The rupee on Wednesday appreciated by 7 paise to settle at 71.24 against the US dollar following gains in the domestic equity market.

Reportedly, rupee consolidated in a narrow range as market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.

At the interbank foreign exchange market, the local currency opened at 71.23. During the day, the local unit saw a high of 71.17 and a low of 71.29. The domestic unit finally settled at 71.24, up 7 paise from its previous close.

The rupee had settled at 71.31 against the American currency on Tuesday.

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 commodities space. Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day fall on talks that OPEC could extend oil cuts if a new coronavirus hurts demand. Meanwhile, data showing a decline in US stockpiles helped steady prices.

Brent crude rose 0.6%, to US$59.84 a barrel, while US crude was up 0.6% at US$53.79 a barrel.

Notably, financial markets that have been hit by the spread of the virus and a growing death toll are taking stock of the economic fallout, helped by comments from the head of the World Health Organization supporting China's efforts to beat the outbreak.

Reportedly, OPEC wants to extend oil production cuts until at least June from March and may deepen the reductions should demand for oil in China be significantly reduced by the spread of the virus.

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!

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