Sensex Trades on a Volatile Note; ITC & Axis Bank Top Losers

Mon, 20 Apr 12:30 pm

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Share markets in India have erased early gains and are presently trading on a volatile note, fluctuating between gains and losses.

The BSE Sensex is trading down by 16 points, while the NSE Nifty is trading down by 7 points.

The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading up by 1.1%.

Sectoral indices are trading on a mixed note with stocks in the telecom sector and FMCG sector witnessing selling pressure, while IT stocks are witnessing buying interest.

Gold prices are trading down by 0.7% at Rs 45,430 per 10 grams.

The rupee is currently trading at 76.61 against the US$.

The domestic currency opened 6 paise lower at 76.46 against the US$ due to some buying in American currency by banks and importers.

In the previous session, the rupee had opened higher and strengthened further after the RBI governor's statement. On Friday, the central bank cut reverse repo by 25 basis points to 3.75% and hinted towards further rate cut.

Note that the rupee had plunged to a record low against the dollar last week, hovering near the 77-mark. 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 76.61 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...

Speaking of ongoing stock market crash, our special report, How to Trade the Coronavirus Crash, is the most comprehensive report on how to trade the coronavirus, both from a short-term and long-term perspective. You can claim your FREE copy here...

Now, before we move on to other news, we would like to share that Equitymaster's birthday is around the corner. We will be starting our 25th year as an organisation, on 22nd April.

And on this 25th anniversary, we have something very special planned for you.

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In news from the automobile sector, TVS Motors share price is in focus today. Stock of the company surged as much as 7% today after the company on Friday acquired Britain's Norton Motorcycles for Rs 1,531.2 million.

In a statement to exchanges, the company said that it has acquired Britain's most iconic sporting motorcycle brand Norton in an all-cash deal for a consideration of GBP 16 million by acquiring certain assets of Norton Motorcycles (UK) through one of its overseas subsidiaries.

The company said that its overseas subsidiary TVS Motor Singapore Pte. Ltd has signed an asset purchase agreement with Norton Motorcycles Holdings Ltd and Norton Motorcycles (UK) Ltd.

Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time.

The company's Joint Managing Director, Sudarshan Venu said that this transaction is in line with the company's efforts to cater to the aspirations of discerning motorcycle customers. He further added that the company will extend full support for Norton to regain its full glory in the international motorcycle landscape.

He also added that Norton would continue to retain its distinctive identity with dedicated business plans and TVS Motor will work closely with the customers and employees of the British company.

Note that Norton ran out of cash in January and also failed to pay taxes.

How this deal pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on to news from the aluminium sector, National Aluminium Company (NALCO) has been granted the mining lease of the Utkal-D coal block by Odisha government. The Navratna CPSE, one of the leading producers of alumina and aluminum in the country, has been granted the mining lease by the state government through a notification issued on April 16, by the Steel and Mines department.

Upon execution of the mining lease deed, the company is considering to open Utkal-D coal block in the financial year 2020-21. The initial capacity of Utkal-D coal block is 2 million tonne per year with a total mineable reserve of 101.68 million tonne.

NALCO share price is presently trading up by 5.9%.

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!

Read the latest Market Commentary

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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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Indian Share Market Update: Top Gainers and Losers