Sensex Opens Over 1,200 Points Higher; Banking Stocks Rally

Tue, 7 Apr 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 1.7% while the Hang Seng is up 0.6%. The Nikkei 225 is trading up by 1.3%. US stocks rocketed higher on Monday, with each of the major indices rallying at least 7%, after a fall in the daily death toll in New York, the country's biggest coronavirus hot spot, fueled optimism a leveling off of the pandemic was on the horizon.

Back home, India share markets rallied in the opening session. The BSE Sensex is trading up by 1,255 points while the NSE Nifty is trading up by 180 points. The BSE Mid Cap index and BSE Small Cap index opened up by 2.2% and 2.4% respectively.

All sectoral indices are trading in the green with banking stocks, FMCG stocks and healthcare 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...

The coronavirus impact has shaken markets worldwide. Indian stock markets have felt the full impact too.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

Good Time to Start Investing Now?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets.

In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

Moving on, gold prices are currently trading up by 1.1% at Rs 43,722.

The rupee is currently trading at 75.90 against the US$.

In the news from the economy. India's services sector activity contracted during March as the COVID-19 pandemic dented demand, particularly in overseas markets, while public health measures aimed at stemming the outbreak curtailed discretionary spending.

The IHS Markit India Services Business Activity Index was at 49.3 in March, down from February's 85-month high of 57.5, as the new coronavirus pandemic pulled the service sector into contraction.

The headline figure fell by over 8 points, undoing the strong gains in growth momentum seen throughout 2019.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

The survey further noted that there were widespread reports of new business receipts struggling due to the COVID-19 outbreak, deterring discretionary spending.

Meanwhile, the Composite PMI Output Index that maps both the manufacturing and services sector fell to 50.6 in March, down 7 points from February's 57.6 to signal a sharp slowdown in private sector output growth and bringing an abrupt end to the recent strong upward-moving expansion trend.

In another news, India's foreign exchange reserves rose by US$5.7 billion during the week ended 27 March.

According to the RBI's weekly statistical supplement, the overall forex reserves increased to US$475.6 billion from US$469.9 billion reported for the week ended March 20.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged up by US$2.6 billion to US$439.7 billion.

Similarly, the value of the country's gold reserves increased by US$3 billion to US$30.9 billion. The SDR value rose by US$14 million to US$1.4 billion.

In addition, the country's reserve position with the IMF went up by US$44 million to US$3.6 billion.

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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