Sensex Opens in Green; IT Stocks Gain

Fri, 12 Apr 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.1% while the Hang Seng is down 0.2%. The Nikkei 225 is trading up by 0.6%. Meanwhile, the S&P 500 ended little changed on Thursday as growing anxiety over a global economic slowdown offset upbeat data and investors waited for earnings season to kick into high gear.

Back home, India share markets opened mildly higher. The BSE Sensex is trading up by 85 points while the NSE Nifty is trading up by 18 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.1%.

Except telecom stocks, all sectoral indices have opened the day in green with IT stocks and automobiles stocks leading the pack of gainers.

The rupee is currently trading at 69.07 against the US$.

After the dream bull market of 2017, 2018 turned out to be a wet blanket.

But since March 2019, the Indian markets have rallied sharply. As a result, India managed to outperform most of the other major economies during the second half of the financial year 2018-19 (H2: 2018-19).

The chart below shows the performance of the some of the major world economies during H2: 2018-19 in dollar terms.

Indian Stock Markets Outperform Most Peers

From October 2018 to March 2019, the BSE Sensex increased by 6.8% in rupee terms and 11.7% in dollar terms.

Brazil, Indonesia and China are the only other major economies that did better than India during this period.

Will the trend continue going forward? Let's wait and watch...

In the news from the banking sector. Following its larger rivals, LIC-owned IDBI Bank has reduced its lending rates by 5 basis points for most of the tenors, effective today.

The new one-year marginal cost of funds-based lending rate (MCLR), to which most of the loan pricing is based on, has been reduced to 9%, the reports noted.

The revised six month and two-year MCLR now stand at 8.6% and 9.25%, respectively.

The bank has reduced its one-month lending rate by 10 basis points to 8.15%.

On Tuesday, the country's largest lender State Bank had lowered its lending rate by 5 basis points across all tenors. Its new one-year MCLR now stands at 8.50%.

Other state-run lenders, Indian Overseas Bank and Bank of Maharashtra have also reduced their lending rates by 5 basis points.

Banks have started reducing MCLR following a 25 basis point after repo rate cut by the Reserve Bank in its first bi- monthly monetary policy review announced on 4 April.

IDBI Bank opened the day down by 0.2%.

Moving on to the news from pharma sector. In the latest development, Cipla announced that it has launched Niveoli. It is India's first extra-fine particle beclomethasone-formoterol combination hydrofluoroalkane (HFA) inhaler for adults, targeting drug delivery to the small airways.

Niveoli is a proprietary Cipla inhaler, and the latest offering from Cipla in respiratory inhalation therapy that addresses an unmet need associated with obstructive airway diseases (OAD) such as asthma and chronic obstructive pulmonary disorder (COPD).

To know more about the company, you can access to Cipla's Q3FY19 result analysis and Cipla's Stock Analysis on our website.

In another development, Narayana Hrudayalaya has incorporated a Wholly owned subsidiary company 'Narayana Health North America LLC' in the State of Delaware, USA on 9 April 2019.

The company was incorporated to provide consultancy services in the healthcare sector.

Reportedly, the company will set up a Business Process and Technology Consultancy business in the US.

This Company would utilize NH's processes, protocols and technology with the aim to improve operational efficiencies to ensure a better healthcare delivery experience for all stakeholders.

Cipla share price opened the day up by 0.5%, while Narayana Hrudayalaya share price opened flat.

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

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