Sensex Opens Over 350 Points Up; Metal and Telecom Stocks Rally

Fri, 20 Mar 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.9% while the Hang Seng is up 4.2%.

Meanwhile, US stocks managed to post gains on Thursday after recent steep losses as policymakers around the world took further emergency actions to try to help financial markets cope with deep coronavirus-driven economic damage. The Dow Jones Industrial Average rose 1%, the S&P 500 gained 0.5% and the Nasdaq Composite added 161 points, or 2.3%.

Back home, India share markets gained in the opening session. The BSE Sensex is trading up by 352 points while the NSE Nifty is trading up by 109 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.6% and 0.8% respectively.

Except realty stocks and banking stocks, all sectoral indices are trading in the green with metal, telecom, healthcare stocks and FMCG stocks witnessing maximum buying interest.

The rupee is currently trading at 74.80 against the US$.

The rupee continued its downward spiral and plunged 84 paise to a new record low of 75.10 against the dollar on Thursday, as investors braced for a coronavirus-led economic recession.

there is a sense of anxiety among investors as they see the global as well as domestic economy plunging into a deep crisis due to the coronavirus pandemic that has killed over 9,000 and sickened lakhs of people around the globe.

At the inter-bank foreign exchange market, the local currency opened at 74.96.

During the day, it saw a high of 74.70 and a low of 75.30 against the American currency. The domestic unit finally settled at 75.10 against the greenback, down 84 paise over its previous close.

Speaking of gloomy economy, coronavirus fears, falling markets and crude oil prices, Ajit Dayal has written an insightful piece, sharing his views in the latest edition of The Honest Truth.

Here's a snippet from the article:

• Is the meltdown over?
  
  While the unravelling of the debt excess in the US and the developed world may have some more to play out, the question on an investor's mind in India is: Is the mayhem over and what should I do next?
  
  On the face of it, there is some interesting Upside Potential, or potential profit, if you were to buy the specific stocks now and assume, they get back to their past peak levels over, say, the next 2 to 3 years.
  
  With the help of either some jaadu mantar or some good policy.
  
  But there are some "bets" I would be very cautious about: Yes Bank, Reliance and the INR, for instance.

You can read his entire article here: The Market Gets a Viral Attack.

In the new from the economy. As per the Federation of Indian Export Organsations (FIEO), export sector has started feeling the pinch of Coronavirus disease (COVID-19) outbreak with many requests from international buyers to hold back shipments till further instructions.

It also warned that a significant number of such requests may ultimately lead to cancellation of orders.

As per the current trend, FIEO felt that the MSMEs particularly in employment intensive sectors such as carpets, handicrafts, apparels, footwear, gems and jewellery, and marine are likely to be worst affected mainly in the first quarter of 2020-2021.

It said that banks may be asked to delay the declaring companies' accounts as non-performing asset (NPA) for one year as the lack of business coupled with fixed cost will make many accounts NPAs.

The apex exporters' body further said the government may ease out the liquidity by immediately releasing all exports benefits to exporters including risky exporters for which a bond may be taken from risky exporters.

It said Indian exporters may gain in some products if situation improves rapidly in the second quarter of the next fiscal.

But it said at this point of time, survival of many MSME exporting units looks challenging.

Note that, 1991, in a lot of ways, can be termed as the turning point of India's economic story.

From being largely isolated from the outside world, India suddenly became a big part of the new global era.

Exports also became a big contributor to India's GDP. From contributing around 7% of GDP before 1991, exports contribute close to 20% of GDP now.

Is This the 1991 Moment for India Again?

If things go India's way, as co-head of research, Tanushree Banerjee believes it will, the aftereffect of the coronavirus will have an even bigger impact than 1991.

Watch this space for more...

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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