Sensex Surges 1,266 Points; Nifty Ends Above 9,100 Mark

Thu, 9 Apr Closing

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Indian share markets witnessed buying interest throughout the day and ended on a strong note.

Benchmark indices rose over 4% today, as strong global cues and expectations of further stimulus measures from the Indian government as well as central bankers across the world boosted sentiment.

At the closing bell, the BSE Sensex stood higher by 1,266 points (up 4.2%) and the NSE Nifty closed higher by 354 points (up 4%).

The BSE Mid Cap index ended up by 3.6%, while the BSE Small Cap index ended the day up by 3.2%.

On the sectoral front, gains were largely seen in the automobile sector, consumer durables sector and finance sector.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 1.3% and the Shanghai Composite stood higher by 0.4%.

The rupee was trading at 76.30 to the US$ at the time of writing.

The rupee fell to a new record low against the US dollar today, despite strong domestic equity markets.

The domestic currency opened at 76.10 before sliding to a record low of 76.55 against the US$.

In the previous session, the rupee had depreciated 70 paise to its life-time low of 76.34 as a rise in coronavirus cases fanned fears of the government extending the lockdown to contain the pandemic.

Speaking of Indian share markets, in the article titled How Corona Crash Hit Indian Financial Markets in March 2020 - 6 Charts, we dive deeper and look at how Indian financial markets performed in March 2020.

Also, speaking of the current stock market scenario, stock markets around the world witnessed one of the most painful correction phases in the month of March 2020.

Indian stock markets too mirrored the trend. In the month of March 2020, the Sensex fell as much as 23%.

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In news from the commodity space, international gold prices rose today ahead of a US weekly jobless claims report.

Gold prices in India traded marginally higher with June futures rising 0.6% to Rs 45,235 per 10 grams.

In other news, data from the World Gold Council (WGC) showed that gold-backed exchange traded funds (ETFs) witnessed a net inflow of US$ 23 billion, or 298 tonnes, in the January-March 2020 quarter across all regions.

This is the highest quarterly amount ever in absolute US dollar terms and the largest tonnage additions since 2016.

During the past year, gold ETFs added 659 tonnes, the highest on a rolling annual basis since the financial crisis, with assets under management (AUM) growing 57% over the same period.

Globally, gold ETFs recorded a net inflows of US$ 8.1 billion in March 2020 and added 151 tonnes, taking the total holding to new all-time high of 3,185 tonnes.

European funds led regional inflows in March 2020, surging 84 tonnes, while North American funds added 57 tonnes.

Asian funds, primarily in China also finished the month with strong inflows, adding 4.9 tonnes.

However, India witnessed a negative flow of US$ 16.4 million during this period.

Speaking of gold, you will be surprised to know that the safe haven has outperformed equities over a 15-year period.

Have a look at the chart below:

HYPERLINK "https://www.equitymaster.com/profit-hunter/detail.asp?date=04/03/2020&story=2&title=Where-to-Invest-in-the-New-Financial-Year&utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" https://www.equitymaster.com/profit-hunter/detail.asp?date=04/03/2020&story=2&title=Where-to-Invest-in-the-New-Financial-Year&utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary <>

An equal amount of Rs 100 invested in both gold and Sensex in 2004 would have generated higher returns in gold by a wide margin.

Your total investment in gold and Sensex would be valued at Rs 687 and Rs 410, respectively.

So, investors in gold are happier than investors in Sensex or equities at this moment.

Moving on to news from the pharma space, shares of Cipla surged 15% today after it received United States Food and Drug Administration's (USFDA) nod for the first generic Proventil HFA (albuterol sulfate) metered dose inhaler, used for conditions such as asthma.

This is the first AB-rated generic therapeutic equivalent version of Merck Sharp & Dohme Corp's Proventil HFA Inhalation Aerosol. It is used for the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.

Proventil HFA Inhalation Aerosol and its authorized generic equivalent had US sales of approximately US$ 153 million for the 12-month period ending February 2020, according to IQVIA (IMS Health).

Cipla share price ended the day up by 13.2%.

In other news, Sun Pharma share price was also in focus today. Stock of the company ended higher for the fourth consecutive day today.

With this sharp rally, Sun Pharma regained the market-capitalisation of Rs 1-trillion.

Speaking of the pharma sector, in December 2019, co-head of Research at Equitymaster, Tanushree Banerjee had predicted that pharma could be the sector to see a big rebound in 2020.

And rightly so, most pharma companies have re-emerged as the safer bets for investors in the ongoing market turmoil. The Indian rupee touched a new record low of Rs 76.55 against the US dollar today. Most pharma companies generate their revenues through exports. Hence, a depreciating rupee is a positive development for them.

As per Tanushree, in a post Covid-19 world, healthcare expenditures globally will see a big rejig.

The world needs affordable medicines in large quantities. Very few can supply them in the quantity and cost that Indian drug makers can. Yet, most Indian pharma stocks are trading at historically low valuations.

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.

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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