Sensex Opens Higher; Reliance Industries Surges Over 7.9%

Wed, 22 Apr 09:30 am

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Asian stock markets are mixed today. The Hang Seng is lower by 0.7% while the Shanghai Composite is even. The Nikkei 225 is trading down by 1.2%. Wall Street tumbled for a second straight day on Tuesday as a collapse in US oil prices and glum forecasts by companies worsened fears of a deep economic downturn.

Back home, India share markets opened higher. The BSE Sensex is trading up by 130 points while the NSE Nifty is trading up by 35 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.4% and 0.5% respectively.

Sectoral indices are trading mixed with power stocks and metal stocks witnessing selling pressure. Telecom stocks and oil & gas stocks are trading in the green.

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Speaking of Indian share markets, 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.

Moving on, gold prices are currently trading down by 0.9% at Rs 45,325.

The rupee is currently trading at 76.91 against the US$.

The rupee on Tuesday slid by 30 paise to close at 76.83 against the US currency due to forex outflows and strengthening of the dollar in overseas markets.

Investors rushed to safe-haven bet US dollar due to market uncertainty after oil prices slumped into negative territory in US markets hit by weak demand after coronavirus-related lockdowns.

The rupee opened weak at 76.79 at the interbank forex market and during the day lost further ground and finally settled at 76.83, down 30 paise over its last close.

The rupee had settled at 76.53 against the US dollar on Monday.

During the session, the rupee witnessed high volatility and touched a high of 76.62 and a low of 76.84 against the US dollar.

In another development, Reliance Industries, Jio Platforms Ltd and Facebook, Inc. announced the signing of binding agreements for an investment of Rs 435.7 billion by Facebook into Jio Platforms.

This investment by Facebook values Jio Platforms at Rs 4.6 trillion pre-money enterprise value (US$66 billion, assuming a conversion rate of Rs 70 to a US Dollar).

Facebook's investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries, houses digital services of the group. Reliance Jio Infocomm is a wholly-owned subsidiary of Jio Platforms.

Note that, the partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.

Reliance Industries share price opened the day up by 5.8%.

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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