Sensex Opens Flat; Banking and Metal Stocks Gain

Thu, 23 Apr 09:30 am

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Asian stock markets are trading mixed today. The Shanghai Composite is flat while the Hang Seng is up 0.1%. The Nikkei 225 is trading up by 0.7%. Wall Street surged on Wednesday as oil prices recovered and Congress looked on course to approve nearly US$500 billion more in aid to help small businesses ride out the coronavirus crisis.

Back home, India share markets opened flat. The BSE Sensex is trading up by 71 points while the NSE Nifty is trading up by 28 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.9% and 0.8% respectively.

Except consumer durables stocks, all sectoral indices are trading in green with telecom stocks, bank stocks and metal stocks witnessing maximum buying interest.

Moving on, gold prices are currently trading up by 1.9% at Rs 46,167.

The rupee is currently trading at 76.42 against the US$.

The rupee hit a fresh low on Wednesday but recovered later, supported by a rise in domestic equities and some weakness in the dollar.

The rupee opened weaker at 76.90 a dollar compared with the previous close of 76.83 and then touched an all-time low of 76.92.

The previous all-time low was reached earlier this month when the rupee touched 76.87 to a dollar.

The rupee finally closed the day at 76.68, up 15 paise from the previous close.

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 76.42 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.

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...

Moving on the news from pharma sector. Aurobindo Pharma said that the US health controller has concluded that the examination arrangement of organization's injectable detailing fabricating office at Hyderabad is voluntary action indicated (VAI).

According to the USFDA, a VAI assessment grouping demonstrates that despite the fact that specialists found and recorded offensive conditions during the examination, FDA won't make or suggest administrative or requirement move in light of the fact that the shocking conditions don't meet the edge for activity as of now.

Reportedly, the examination of Unit IV at Hyderabad, an injectable assembling definition office of the organization, was led between November 4-13, 2019 by the United States Food and Drug Administration (USFDA).

Aurobindo Pharma share price opened the day up by 2.6%.

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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