Sensex Opens Over 1,000 Points Up; Realty and Power Stocks Rally

Fri, 17 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 0.9% while the Hang Seng is up 2.5%. The Nikkei 225 is trading up by 2.6%. World stock markets edged higher on Thursday on surging shares of Netflix and Amazon.com as investors anticipated big earnings from the coronavirus-induced slowdowns keeping people at home, while bond yields fell as data reflected record US joblessness.

Back home, India share markets rallied in the opening session. The BSE Sensex is trading up by 1,040 points while the NSE Nifty is trading up by 281 points. The BSE Mid Cap index and BSE Small Cap index opened up by 2.8% and 2.5% respectively.

All sectoral indices are trading in green with realty stocks and power stocks witnessing maximum buying interest.

Note that, the recent correction has made the valuations of many stocks further attractive. The icing on the cake is the dividend yields these stocks provide.

Richa Agarwal, editor of Hidden Treasure wrote a detailed piece here on these 8 stocks.

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Moving on, gold prices are currently trading up by 1.2% at Rs 47,258.

The rupee is currently trading at 76.55 against the US$.

The Indian rupee plunged to a new low against the dollar on Thursday, hovering near the 77-mark as the greenback strengthened.

After opening at 76.74, the rupee fell to a new low of 76.87, breaching last week's low of 76.55 per US$.

The rupee also closed near all-time lows at 76.86 per US dollar. In comparison, the rupee had settled at 76.44 in the previous session on Wednesday.

Weak domestic equities and sharp rise in coronavirus cases in the country also dragged the rupee.

The weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe haven greenback amid weakening risk appetite in the markets.

On a year-to-date (YTD) basis, the rupee has depreciated sharply against the US dollar. While it started the calendar year 2020 at 71.28 against the US dollar, it is currently trading at 76.55 against the US dollar.

This translates to a depreciation of around 7% for the domestic currency.

YTD Performance of the USD/INR

In a recent article titled The Sharp Fall in Indian Rupee: 6 Points to Know, we dive deeper and look at the factors behind rupee's depreciation.

We also reached out to Vijay Bhambwani, editor of Weekly Cash Alerts, who is closely tracking the Indian rupee in the current scenario. Here's what he has to say...

• The onset of Corona virus has not been kind to the INR.
  
  The Rupee futures (USDINR) opened in March at 72.36 and have closed at 76.61 on April 09 2020. That is a decline of 5.87% in 6 short weeks.
  
  The implications of the same will be widespread. India is a net importing Country. Everything that we import will now be more expensive. Approximately two thirds of all our imports are fossil fuels. Fuels are what we call multiplier effect commodities. If fuel prices rise at the petrol pumps, everything from fruits, vegetables, grains to dairy and poultry products get expensive.
  
  That impact will be felt at a later date. I expect the trickle down effect to start appearing in prices after the April-June quarter is over.
  
  I have already factored in this aspect in my statistical data model and plan to identify such events to generate profitable trading opportunities for my WCA plan subscribers.

Vijay has also talked about the Indian currency in a special edition podcast from Investor Hour. He shares what's around the corner for Indian rupee and how should position oneself for potential gains.

You can listen the entire episode here...

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Moving on to the news from IT sector. Tata Consultancy Services (TCS) on Thursday posted a mix set of numbers, with the IT services firm missing estimates on the revenue front even as it improved its operating margin in Q4FY20.

Though earnings were less affected by the pandemic, the firm's double-digit revenue growth streak, in constant currency (CC) terms, came to a halt.

For Q4FY20, it reported consolidated net profit of Rs 80.5 billion, a 0.8% sequential decline, and 0.9% year-on-year (YoY) fall.

Revenue for the quarter stood at Rs 399.5 billion, up 0.2% sequentially and 5.1% YoY.

Net profit for the year rose 2.8% to Rs 323.4 billion. Operating margin stood at 24.6%, a slight miss from its intended range.

Like Wipro, which did not provide revenue guidance for the next quarter owing to uncertainty, the Tata Group firm also said maximum impact of the crisis would be felt during the first quarter of the current financial year (Q1FY21).

TCS share price opened the day up by 4.3%.

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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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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