Sensex Opens Higher; Metal and Banking Stocks Lead

Tue, 26 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 1.8%. The Nikkei 225 is trading up by 2.2%.

Back home, India share markets opened higher. The BSE Sensex is trading up by 267 points while the NSE Nifty is trading up by 79 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.8% and 0.6% respectively.

Barring telecom stocks, all sectoral indices are trading in the green with metal stocks and banking stocks witnessing maximum buying interest.

Moving on, gold prices are currently trading down 0.2% at Rs 46,973.

The rupee is currently trading at 75.95 against the US$.

In the news from the financial markets. Foreign investors have infused over Rs 90 billion into the Indian equity markets in May so far amid attractive valuations of stocks and a mega block deal involving HUL.

The inflow comes following a net withdrawal of Rs 68.8 billion in April and Rs 619.7 billion in March on fears of a coronavirus-induced global recession.

According to depositories data, FPIs invested a net sum of Rs 90.9 billion in the equity markets during May 1-22.

However, they pulled out a net Rs 214.2 billion from the debt markets during the period under review.

Note that the coronavirus impact has shaken markets worldwide. After all, 2020 has already seen one of the worst market crashes in history.

Will the 2020 Market Crash Be Worse than 2009?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets. In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

Moving on to the news from automobiles sector. Bajaj Auto reported a rise of 0.4% in its net profit at Rs 13.1 billion for the quarter under review as compared to Rs 13.1 billion for the same quarter in the previous year.

However, total income of the company decreased by 5.7% YoY.

On the consolidated basis, the company reported a fall of 3.9% YoY in its net profit. Total income of the company decreased by 7% YoY.

For the year ended 31 March 2020, the company reported a rise of 9.1% in its net profit.

However, total income of the company decreased by 0.5% during the fiscal.

On the consolidated basis, the company reported a rise of 5.8% in its net profit on a consolidated basis.

Bajaj Auto share price opened the day up by 0.6%.

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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