Sensex Opens Lower; Energy and FMCG Stocks Under Pressure

Wed, 6 May 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 0.5% while the Hang Seng is down 0.6%. Wall Street's main indices rallied on Tuesday as healthcare stocks jumped, oil prices surged, and a number of countries and US states eased coronavirus-induced restrictions in an attempt to revive their economies.

Back home, India share markets opened lower. The BSE Sensex is trading down by 158 points while the NSE Nifty is trading down by 46 points. The BSE Mid Cap index opened down by 0.2% and BSE Small Cap index opened up by 0.4%.

Sectoral indices are trading mixed with metal stocks and telecom stocks witnessing buying interest. Oil & gas and FMCG stocks are trading in the red.

Note that the coronavirus impact has shaken markets worldwide. 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 0.1% at Rs 45,751.

The rupee is currently trading at 75.73 against the US$.

The rupee, on Tuesday, surged 10 paise to close at 75.63 against the US dollar on Tuesday, fueled by a buoyant higher domestic equity markets and gains in some Asian currencies.

The rupee is trading in a narrow range as positive domestic equities supported the local unit, while sustained foreign fund outflows and concerns over coronavirus outbreak weighed on the local unit.

In Tuesday's trading, the rupee opened at 75.53, and finally settled at 75.63, registering a rise of 10 paise over its previous close.

The intra-day high and low were recorded at 75.50 and a low of 75.72 against the US dollar, respectively.

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...

In another news... Oil prices soared on Tuesday, as some European and Asian countries along with several US states began to ease coronavirus lockdown measures.

International benchmark Brent crude rose 13.9%, to settle at US$30.97 a barrel. US West Texas Intermediate (WTI) crude futures gained 20.5%, to close at US$24.56 a barrel.

Note that Brent crude prices have fallen sharply since early March 2020, as low as US$ 19 per barrel.

The fall was triggered on account of a supply glut in the market by Saudi Arabia and Russia which was later aggravated on account of a decline in demand for petroleum products due to COVID-19.

Speaking of crude oil, in one of his videos, 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 tune in here: Crude Oil Prices Have Crashed. What Does it Mean for India?

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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