Sensex Opens Over 600 Points Up; Telecom and Metal Stocks Rally

Wed, 15 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 0.3% while the Hang Seng is down 0.4%. The Nikkei 225 is trading down by 0.6%. US stocks jumped on Tuesday as optimism that the Trump administration could move to ease lockdowns from the coronavirus outbreak overshadowed worrying earnings reports from JPMorgan and Wells Fargo.

Back home, India share markets opened higher. The BSE Sensex is trading up by 582 points while the NSE Nifty is trading up by 173 points. The BSE Mid Cap index and BSE Small Cap index opened up by 1.5% and 1.3% respectively.

All sectoral indices are trading in green with telecom stocks and metal stocks witnessing maximum buying interest.

Moving on, gold prices are currently trading up by 2.2% at Rs 46,286.

The rupee is currently trading at 76.05 against the US$.

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.

In the news from the economy. A sharp fall in vegetable prices has led India's retail inflation to ease from 6.6% in February to a four-month low of 5.9% in March.

However, supply shortages due to the 21-day lockdown could push up inflation in the short run, the reports noted.

Food inflation declined from 10.8% in February to 8.8% in March because of falling onion prices, shows data released by the National Statistical Office (NSO) on Monday.

This was reflected in vegetable inflation softening from 31.6% to 18.6% in the two-month period.

In March, rural inflation at 6.1% stood higher than urban inflation at 5.7% while fuel inflation marginally rose to 6.6% from 6.4% in February.

As per the reports, the quality of retail inflation data could pose a challenge for policymakers. Restrictions on movement and closure of non-essential business establishments are hampering efforts of investigators who are trying to collect information.

In another news, as the global economy seems to be slipping into a recession due to the coronavirus outbreak, the International Monetary Fund (IMF) has predicted a GDP growth rate of 1.9% this year for India.

While this performance will be India's worst economic performance since 1991, the IMF has placed India as one among the two major countries in the world which will have a positive economic growth this year.

The other country is China, whose growth rate has been projected at 1.2% despite sizable fiscal support.

Most countries are expected to experience a fall in the growth rate this year, with United States of America at 5.9%, Japan at 5.2%, United Kingdom at 6.5%, Germany at 7%, France at 7.2%, Italy at 9.1% and Spain at 8%.

In Asia, Indonesia is expected to receive a 0.5% boost while Thailand is set to rise exponentially by 6.7%.

Several countries have been forecast to experience a slowdown in their economies such as Latin America (5.2%), Brazil (5.3%), Mexico (6.6%), emerging European countries (5.2%) and Russia (5.5%).

The Middle East and Central Asia (2.8%), Saudi Arabia (2.3%) and Iran are expected to contract, while sub-Saharan Africa (1.6%), Nigeria (3.4%) and South Africa (5.8%) are expected to grow.

IMF has projected global growth in 2021 to rebound to 5.8% on the assumption that the pandemic will fade in the second half of 2020.

India's projected growth rate for next year is 7.4%, while China's is 9.2%. USA has been predicted to grow at 4.5%, Japan at 3%.

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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