Sensex Opens Lower; ICICI Bank and Bajaj Finance Top Losers

Mon, 18 May 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.6% while the Hang Seng is up 0.5%. The Nikkei 225 is trading up by 0.7%. The S&P 500 closed higher after swinging between gains and losses on Friday as investors weighed worries about Sino-US trade relations and weaker-than-expected US economic data against growing optimism that easing coronavirus restrictions would boost activity this month.

Back home, India share markets opened lower. The BSE Sensex is trading down by 137 points while the NSE Nifty is trading down by 41 points. Both, the BSE Mid Cap index and BSE Small Cap index opened down.

Moving on, gold prices are currently trading up 1.6% at Rs 47,381.

The rupee is currently trading at 75.79 against the US$.

In the news from financial markets. After pulling out massive funds in the previous two months, foreign investors have poured in over Rs 170 billion into Indian equities in the first fortnight of May, largely driven by block deals.

Foreign portfolio investors (FPIs) will keep a close watch on coronavirus pandemic, it's spread and likely impact on the economy while making decisions about investment into India.

According to depository data, FPIs invested a net sum of Rs 173.6 billion into equities so far this month till May 15.

Equities saw a net outflow of Rs 68.8 billion in April and Rs 619.7 billion in March, hit by coronavirus-induced disruptions.

However, such investors pulled out Rs 183.6 billion from the debt market during the period under review.

In the news from the economy. On the last day of stimulus package announcements on May 17, FM Nirmala Sitharaman unveiled a set of measures expected to give India Inc some breathing space amid the COVID-19 disruption.

The seven areas in focus in today's announcements were MGNREGA, healthcare and education, business during COVID-19, decrimilisation of Companies Act, Ease of Doing Business, PSUs and state government and resources.

In a major move aimed to help India Inc tide over the COVID-19 crisis, Sitharaman said companies can now directly list their securities in foreign jurisdictions.

The government is betting on these eight sectors to revive economic sentiments - coal, minerals, defence, civil aviation, power distribution companies in UTs, space and atomic energy.

The government will spend Rs 500 billion to ensure evacuation infrastructure in coal sector.

The aviation sector, reeling under massive losses, got a major boost with Sitharaman announcing that curbs on using Indian air space will be removed, thus reducing travel time.

A PPP mode facility will be established for irradiation tech for food and the startup ecosystem will be linked with the nuclear sector.

Unlike the previous stimulus packages, this one is no longer a tiny fraction of India's GDP.

This is the largest stimulus package ever announced by India.

At about 10.2%, it is among the biggest stimulus packages announced over the past few months by governments all around the world. This is evident in the chart below:

Now, executing the package, keeping India's long-term economic interests in mind, will be the key.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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