Sensex Zooms 743 Points; Energy, Automobile and FMCG Stocks Rally

Wed, 22 Apr Closing

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After opening the day on a flat note, Indian share markets extended gains as the session progressed and ended on a strong note.

Buying interest was seen as investors anticipated another stimulus from PM Modi's cabinet meet scheduled today.

Prime Minister Narendra Modi will hold a cabinet meet today to take stock of the ongoing situation in the wake of coronavirus outbreak. As per reports, investors are hoping for announcement of another economic relief package.

At the closing bell, the BSE Sensex stood higher by 743 points (up 2.4%) and the NSE Nifty closed higher by 206 points (up 2.3%).

The BSE Mid Cap index ended up by 0.8%, while the BSE Small Cap index ended the day up by 0.7%.

On the sectoral front, gains were largely seen in the energy sector, automobile sector and FMCG sector.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 0.4% and the Shanghai Composite stood higher by 0.6%.

European stock markets edged higher as hotspot Italy looked set to relax strict curbs put in place to contain the coronavirus.

Gold prices are trading up by 1.7% at Rs 46,090 per 10 grams.

The rupee ended the day at 76.68 against the US$.

The domestic currency slipped to a record low of 76.92 against the US$ in early trade today as forex market continued to grapple with economic uncertainties due to the fast-spreading coronavirus pandemic amid sustained outflow by foreign institutional investors.

However, the rupee recovered from record low levels to settle higher by 15 paise at 76.68 against the US dollar following gains in domestic stock markets.

The US dollar rose to a two-week high against a basket of currencies, as investors fled riskier assets for the world's most liquid currency.

The US dollar index today rose to 100.407 against a basket of six global currencies.

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 76.68 against the US dollar.

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.

Vijay Bhambwani, editor of Weekly Cash Alerts, has 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...

In news from the paints sector, shares of Asian Paints surged over 5% intraday today on the back of historic drop in crude oil prices.

Reports state that Asian Paints will benefit from the sudden slump in crude oil prices as crude oil derivatives form 30-35% of its raw material costs.

Reports also state that Asian Paints is well placed to gain market share once discretionary demand recovers.

Crude oil prices have fallen sharply since early March 2020. US crude oil futures collapsed below US$ 0 earlier this week on Monday for the first time in history, amid a coronavirus-induced supply glut.

The futures ended the day at a stunning minus US$ 37.63 a barrel as desperate traders paid to get rid of oil.

Brent crude, the international benchmark, also slumped on Tuesday.

Monday and Tuesday have been two of the most turbulent days in the history of oil trading, as investors confronted the reality that worldwide supply will overwhelm demand for months or years and current production cuts to offset that glut are nowhere near sufficient.

Tuesday set a new milestone as more than 2 million contracts for US crude for delivery in June changed hands, the busiest day in history.

Crude oil prices fell to less than US$ 16 a barrel today, hitting its lowest since 1999. Brent crude, which fell 24% in the previous session, touched US$ 15.98 a barrel, its lowest since June 1999.

A glut has been building since OPEC+, led by Saudi Arabia and Russia, failed to renew output cuts last month. OPEC+ agreed new curbs this month, but government lockdowns to contain the pandemic have cut fuel demand more steeply.

Speaking of crude oil, in his latest video, Vijay Bhambwani shares his thoughts on the recent crude oil crash.

He talks about whether we should be celebrating lower crude prices, or should we be worried?

You can check the same here: Crude Oil Prices Have Crashed. What Does it Mean for India?

Moving on to news from the pharma sector, Aurobindo Pharma share price was in focus today.

Shares of the company rose 6% today after the US health regulator reverted its inspection classification of the company's Unit IV back to voluntary action indicated (VAI), thus relieving the company of any further regulatory action for this manufacturing facility.

Yesterday, the company announced that the US Food and Drug Administration (USFDA) had granted the VAI status to the company's Unit 4 inspection that was conducted over November 4 and November 13, 2019.

However, shares of the company pared all gains and ended 0.7% lower.

Speaking of the pharma sector, in December 2019, co-head of Research at Equitymaster, Tanushree Banerjee had predicted that pharma could be the sector to see a big rebound in 2020.

And rightly so, most pharma companies have re-emerged as the safer bets for investors in the ongoing market turmoil. The Indian rupee touched a new record low of Rs 76.87 against the US dollar last week. Most pharma companies generate their revenues through exports. Hence, a depreciating rupee is a positive development for them.

As per Tanushree, in a post Covid-19 world, healthcare expenditures globally will see a big rejig.

Tanushree has already recommended 4 safe bluechips in the past month and there are several more in her watchlist. You can access them here: Here's How You Could Trade the Coronavirus Crisis Safely (requires subscription).

And if you are not a StockSelect subscriber, here's where you sign up.

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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