Sensex Opens Higher; Capital Goods and Realty Stocks Lead

Wed, 20 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 0.3% while the Hang Seng is down 0.1%. The Nikkei 225 is trading up by 0.7%. Meanwhile, the S&P 500 closed lower on Tuesday, as investors focused on a report questioning Moderna's recent coronavirus vaccine early-stage trial results, wiping out modest gains on the benchmark index in the last hour of trading.

Back home, India share markets opened higher. The BSE Sensex is trading up by 127 points while the NSE Nifty is trading up by 49 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.3% and 0.1% respectively.

Except IT stocks and power stocks, all sectoral indices are trading in green with capital goods stocks, realty and telecom stocks witnessing maximum buying interest.

Moving on, gold prices are currently trading down 0.8% at Rs 47,050.

The rupee is currently trading at 75.63 against the US$.

The rupee strengthened by as much as 30 paise to 75.61 against the US dollar on Tuesday amid a mixed trend in Asian currencies.

The rupee moved in a range of 75.61-75.79 during the four-hour session, having started the day at 75.77 against the greenback.

Sharp gains in domestic equity markets and weakness in the dollar supported the rupee. The rupee ended at 75.64 against the US currency.

At this level, the rupee is down 6% against the greenback so far this year.

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. As per an article in a leading financial daily, Dr. Reddy's Laboratories has launched FXR, a therapeutic equivalent generic version of Ocaliva (obeticholic acid), in India.

Ocaliva is a trademark of Intercept Pharmaceuticals. The drug is indicated for the treatment of primary biliary cholangitis (PBC). PBC is a rare chronic autoimmune disease characterised by destruction of small bile ducts in the liver.

The launch of FXR represents Dr. Reddy's expertise to accelerate access to affordable alternatives for complex products, the reports noted.

The product, which is available in strengths of 5mg and 10mg tablets, would be an important addition to the company's hepatology portfolio.

Dr. Reddy's share price opened up by 0.7%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Profit Opportunities in the Rebirth of India

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

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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