Sensex Zooms Over 1,200 Points; BSE IT Index Gains 6%

Tue, 24 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 1.5% while the Hang Seng is up 3.9%. The Nikkei 225 is trading up by 6.7%. Wall Street's slide deepened on Monday as an unprecedented move by the US Federal Reserve to shore up credit across the economy proved insufficient to sooth investors' fears about the swiftly spreading coronavirus.

Back home, India share markets rallied in the opening session. The BSE Sensex is trading up by 1,210 points while the NSE Nifty is trading up by 354 points. The BSE Mid Cap index and BSE Small Cap index opened up by 2% and 1.4% respectively.

All sectoral indices are trading in the green with IT stocks, healthcare, and FMCG stocks witnessing maximum buying interest.

Note that, since the coronavirus outbreak, all BSE indices and NSE indices are down in the range of 25-35%.

Speaking of sectoral impact, in the article titled: Worst Hit Indian Sectors Amid Coronavirus Pandemic: 10 Points to Know, we dive deeper and look at how the impact has been on individual sectors...

Gold prices are currently trading up by 0.9% at Rs 41,550. The rupee is currently trading at 73.37 against the US$.

The rupee on Monday tumbled by 102 paise to settle at a lifetime low of 76.22 against the US dollar as domestic equities came under pressure following a sharp surge in coronavirus cases in India.

Market participants are concerned that the sharp rise in coronavirus cases, which has crossed over 400 in the country, could weigh on the economy.

The rupee which opened on a weak note at 75.90 at the interbank forex market, finally settled at 76.22 against the US dollar, registering a decline of over 102 paise over its last close.

Speaking of stock markets, in the video below, Ajit Dayal, founder of Quantum group, shares his views on the impact of the Coronavirus crisis and the oil price war on the Indian economy and the stock market.

He also talks about the market crash and how to invest your hard-earned money across various assets in these difficult times.

Watch now...

Meanwhile, here's what Tanushree Banerjee wrote about the coronavirus pandemic and its effects on the global economy in a recent edition of The 5 Minute WrapUp...

• ...pandemics have had profound economic effects. But in the longer term, the economic effects can be positive.
  
  Is the assumption that Coronavirus could lead to such a massive social and economic change too farfetched?
  
  Not at all!
  
  In fact, the outbreak of Coronavirus exposed the underbelly of the fragile global supply chains, over dependent on China.
  
  And therefore, global manufacturers are bound to seek geographic diversification of resources and imports.
  
  That could mean a massive change in the way businesses are run.

Tanushree believes that the ongoing market crash could, in fact, be an inflection point for what she calls the irreversible Rebirth of India megatrends.

For bluechip stocks, she believes the time is ripe to begin buying some of the safest bluechips as there is safety in valuations and the market is offering them at deeper and deeper bargains.

The profits of bluechips (BSE 200 companies) are currently at a decade low as can be seen in the chart below.

A Rebound in Profits Overdue?

Tanushree is recommending her subscribers, to buy stocks selectively, a few at a time, by taking partial exposures to begin with.

She has already recommended 4 safe bluechips in the past month and there are several more in her watchlist. You can access them here: Here's How You Could Trade the Coronavirus Crisis Safely (requires subscription)

And if you are not a StockSelect subscriber, here's where you sign up.

Moving on to the news from pharma sector. Amid yesterday's fall in the markets, healthcare services industry stocks were trading higher after the government approved Rs 137.6 billion package to boost production of bulk drugs, medical devices.

Minister of State for Chemicals and Fertilisers, said that the government has approved four schemes with an incentive outlay of Rs 99.4 billion and Rs 38.2 billion for bulk drugs and medical devices respectively, to boost their domestic production in the country and exports.

Further, the Cabinet also approved a sum of Rs 30 billion for the next five years for the scheme on promotion of bulk drug parks for financing common infrastructure facilities in three bulk drug parks.

Meanwhile, a sum of Rs 69.4 billion has been approved for the Production Linked Incentive (PLI) scheme for promotion of domestic manufacturing of critical KSMs/Drug Intermediates and APIs in the country.

Reportedly, the PLI scheme will lead to expected incremental sales of Rs 464 billion and significant additional employment generation over eight years.

The minister further said that a maximum grant-in-aid of Rs 1 billion per park will be provided to the states. It will have financial implications of Rs 4 billion. He noted that the PLI scheme for promoting domestic manufacturing of medical devices with financial implications of Rs 34.2 billion and the expenditure to be incurred for the schemes on promotion of medical devices will be for the next five years.

Pharma stocks opened mixed with IPCA Labs and Ajanta Pharma leading the gainers.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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