Sensex Opens Higher; Banking Stocks Rally

Tue, 28 Apr 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.6% while the Hang Seng is down 0.2%. The Nikkei 225 is trading down by 0.6%. Stocks rose across the globe on Monday as investors cheered news that more countries and US states were looking to ease lockdowns and the Bank of Japan expanded its stimulus program.

Back home, India share markets open higher. The BSE Sensex is trading up by 327 points while the NSE Nifty is trading up by 95 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.8% and 0.7% respectively.

All sectoral indices are trading in green with banking stocks and IT stocks witnessing maximum buying interest.

The rupee is currently trading at 76.19 against the US$.

Moving on, gold prices are currently trading up down 0.7% at Rs 46,191.

Gold fell today as risk appetite was boosted by plans of some countries to ease coronavirus curbs in a phased manner, but prices held above the key US$1,700 per ounce level amid hopes for more stimulus to cushion the fallout from the pandemic.

Spot gold eased 0.7% to US$1,702 per ounce. US gold futures fell 0.3% to US$1,719 per ounce.

Speaking of gold, you will be surprised to know that the safe haven has outperformed equities over a 15-year period.

Have a look at the chart below:

An equal amount of Rs 100 invested in both gold and Sensex in 2004 would have generated higher returns in gold by a wide margin.

Your total investment in gold and Sensex would be valued at Rs 687 and Rs 410, respectively.

So, investors in gold are happier than investors in Sensex or equities at this moment.

Also speaking of gold, in his latest video, Vijay Bhambwani explains why gold prices will go higher in the coming days.

You can tune in here: The Price of Gold Will Go Higher.

Moving on to another news. Crisil has cut its projections for India's economic growth rate to 1.8%, from 3.5% it had earlier predicted for 2020-21.

Its parent Standard & Poor's has (S&P) forecast the world economy to contract 2.4%, against its earlier estimates of 0.4% growth.

Crisil had a gross domestic product (GDP) growth estimate of 6% for FY21, which was revised to 3.5% in late March.

Among the major economies, India and China are the only exception to the declining economic activities in 2020 or FY21 in India's case.

The agency projected total losses of Rs 10 trillion or Rs 7,000 per person due to the disastrous lockdowns to control the Covid-19 pandemic.

Now, how this pans out going forward remains to be seen. Meanwhile, we will keep you updated on the developments from this space.

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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