Sensex Opens Higher; Consumer Durables Stocks Gain

Thu, 21 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 0.2%. The Nikkei 225 is trading down by 0.1%. The three major averages on Wall Street notched their fourth gain in five sessions on Wednesday as investors again bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve.

Back home, India share markets opened higher. The BSE Sensex is trading up by 144 points while the NSE Nifty is trading up by 49 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.7% and 0.4% respectively.

Sectoral indices are trading mixed with Consumer durables stocks and realty stocks witnessing buying interest. Power stocks and FMCG stocks are trading in the red.

Moving on, gold prices are currently trading up 0.2% at Rs 47,131.

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

The rupee depreciated by 14 paise to 75.80 against the US dollar on Wednesday as headwinds due to US-China trade tiff and worries over the second wave of coronavirus infection weighed on investor sentiment.

Positive domestic equities supported the local unit, while sustained foreign fund outflows, US-China trade tiff and concerns over coronavirus pandemic weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.60, but pared the initial gains to finally close at 75.80, registering a fall of 14 paise over its previous close.

On Tuesday, the rupee had settled at 75.66 against the US dollar.

During the trading session, the domestic unit witnessed heavy volatility and saw an intra-day high of 75.60 and a low of 75.86.

On a year-to-date (YTD) basis, the rupee has depreciated sharply against the US dollar. While it started the calendar year 2020 at 71.28 against the US dollar, at this level, the rupee is down around 6% against the greenback so far this year.

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 automobiles sector. As per an article in a leading financial daily, Mahindra & Mahindra is in talks to sell 29% stake in its speciality steel joint venture (JV) back to its two existing partners, Japan's Sanyo Special Steel Co and Mitsui Corp.

Reportedly, the company is looking to exit from non-core businesses. M&M will sell its stake in Mahindra Sanyo Special Steel (MSSSPL) in one shot or in multiple tranches and is aiming to raise Rs 2.5-3 billion.

M&M had 51% in the JV and Sanyo 29%, while the remaining 20% was held by Mitsui.

However, in 2018, Sanyo bought around 22% in Mahindra Sanyo, increasing its holding to 51%.

Consequently, MSSSPL ceased to be a subsidiary of M&M. Note that, MSSSPL had revenues of around Rs 1.2 billion in FY19.

How this arrangement pans out remains to be seen. We will keep you updated on the developments from this space.

M&M share price opened the day down by 0.7%.

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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