Indian Share Markets Open Lower; Banking and FMCG Stocks Under Pressure

Thu, 7 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 0.2% while the Hang Seng is down 0.5%. The Nikkei 225 is trading down by 0.2%. Meanwhile, the S&P 500 and the Dow fell on Wednesday as declines in financials and defensive groups countered gains in tech shares and as data showed US private employers laid off 20 million workers in April, underscoring the economic fallout of the coronavirus outbreak.

Back home, India share markets opened lower. The BSE Sensex is trading down by 215 points while the NSE Nifty is trading down by 67 points. The BSE Mid Cap index opened down by 0.1% and BSE Small Cap index opened up by 0.1%.

Sectoral indices are trading mixed with IT stocks and healthcare stocks witnessing buying interest. Banking stocks and FMCG stocks are trading in the red.

Moving on, gold prices are currently trading down 0.8% at Rs 45,371.

The rupee is currently trading at 76.06 against the US$.

The rupee declined by as much as 17 paise or 0.2% to 75.80 against the US dollar during Wednesday's session, as the country remained in an extended lockdown to curb the spread of the coronavirus pandemic.

Trimming some of those intraday losses, the currency ended at 75.76 against the US currency.

The rupee had settled at 75.63 against the greenback the previous day.

On a year-to-date (YTD) basis, the rupee has depreciated sharply against the US dollar. At Wednesday's close, the rupee is down 6.2% against the dollar so far this year.

While it started the calendar year 2020 at 71.28 against the US dollar, it is currently trading at 76.06 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 to the news from pharma sector. Dr Reddy's Laboratories announced that the company's NDA (new drug application) Elyxyb ((celecoxib oral solution 25 mg/mL) has been approved by the US Food and Drug Administration.

The drug is indicated for the acute treatment of migraine with or without aura in adults.

It is the latest product emerging from Dr Reddy's portfolio of successful acute migraine treatments.

Reportedly, the company is working to commercialize this product through partners.

Dr. Reddy's Lab share price opened the day up by 1%.

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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