Sensex Opens Over 400 Points Higher; Telecom Stocks Rally

Tue, 19 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 0.7% while the Hang Seng is up 2.1%. The Nikkei 225 is trading up by 1.9%. US stocks jumped on Monday, and the S&P 500 closed at a 10-week high, on encouraging early-stage data for a potential coronavirus vaccine and on the promise of more stimulus to lift an economy beaten down by the pandemic.

Back home, India share markets opened higher. The BSE Sensex is trading up by 427 points while the NSE Nifty is trading up by 199 points. The BSE Mid Cap index and BSE Small Cap index opened up by 1.1% and 0.4% respectively.

Except IT stocks, all sectoral indices are trading in green with telecom stocks, oil & gas and banking stocks witnessing maximum buying interest.

Moving on, the rupee is currently trading at 75.72 against the US$.

Gold prices are currently trading down 1.5% at Rs 46,655.

Yesterday, gold prices in India hit new highs for the second day in a row, tracking firm global rates.

On MCX, June gold prices surged 1% to a new high of Rs 47,961 per 10 grams. Silver futures in India rose nearly 5% to Rs 48,999 per kg, adding to Friday's Rs 2,586 gain.

Gold prices in India include 12.5% import duty and 3% GST.

In global markets, gold prices surged to over seven-year highs after US Federal Reserve chief warned that a full recovery of the US economy could drag through 2021 and depends on the delivery of a vaccine.

Spot gold today rose about 1% to US$1,760, the highest since October 2012.

Speaking of gold, have a look at the chart below which shows how the yellow metal has performed over the past few days:

Gold Witnesses Buying Interest

Also speaking of gold, note that the interest in gold has gone up ever since stock markets crashed in March. Gold prices in the international markets are getting close to its all-time high.

But bitcoin has been on an up move too. It's price in dollars has almost doubled in the last two months.

In his latest video, Apurva Sheth, lead chartist at Equitymaster, compares gold and bitcoin. He explains, which is the better asset in this difficult economic situation.

Tune in to his video here...

Moving on to another news. As per an article in a leading financial daily, the combined fiscal deficit of the Centre and states will top 12% of the GDP because of the recent economy-boosting measures, and higher borrowings by States to meet COVID-19 emergencies.

According to a report, the combined fiscal gap will increase by 480 basis point (bps).

In the case of the Centre, the fiscal gap will increase by 200 bps as earlier this month it hiked market borrowings by a whopping Rs 4.2 trillion or 54% over the budget estimate to Rs 12 trillion.

Another 80-bps increase will be on account of the fiscal boost.

In the case of states, the fiscal gap will rise by 200 bps after the Centre hiked the borrowing limit of states to 5% of GDP on Sunday.

While the government claims it is pump-priming the pandemic stricken economy by a whopping Rs 20.9 trillion (10% of the GDP) package, in actual fiscal outgoes, this converts only into a paltry 0.8% of GDP, even though it has hiked the borrowing by a whopping Rs 4.2 trillion.

Further, the higher borrowing by states, which are actually spending much more than the Centre on COVID-19 control and management, will involve relaxing the Fiscal Responsibility and Budget Management Act (FRBM) guidelines.

This 2% more borrowing will increase their debt issuance by Rs 4.3 trillion, the reports noted.

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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