Sensex Opens Higher; Power and Realty Stocks Lead

Mon, 27 May 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.4% while the Hang Seng is down 0.8%. The Nikkei 225 is trading up by 0.3%. Wall Street's major stock indices edged higher on Friday after falling in the previous session, as hopeful comments from US President Donald Trump regarding trade relations with China eased concerns among market participants.

Back home, India share markets opened the day on a firm note. The BSE Sensex is trading up by 104 points while the NSE Nifty is trading up by 20 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.6% and 0.7% respectively.

Barring telecom, healthcare and IT stocks, all sectoral indices have opened the day in green with power and realty stocks leading the pack of gainers.

Speaking of macro factors and stock markets, the bullishness that we witnessed in the markets from March until mid-April was driven by renewed foreign investor flows into Indian equities.

One of the key reasons this money poured into India, including other emerging markets, was the shift in monetary policy stance by the US Federal Reserve.

Further, the key triggers for the ongoing market correction is the escalation in the US-China trade war amid increasing fears of a global slowdown.

The chart below shows how foreign money moved in and out of India over the last three months owing to the evolving global events...

Foreign Investors Turn Sellers in May 2019

Investors must be cognizant of these trends so that sudden external shocks don't catch them unawares.

The rupee is currently trading at 69.37 against the US$.

The Indian rupee opened higher by 11 paise at 69.41 per dollar today morning versus Friday's close 69.52.

Rupee continued to appreciate against the US dollar and extended its gains following a landslide victory for the NDA in the general elections.

Last week, gains for the rupee also extended as global crude oil prices also saw some cool-off from higher levels, the reports noted.

The rupee has gained 0.4% against the dollar this year. Since the publication of exit polls, a week ago, the Indian currency has risen more than 1%, ranking second on the leader board of advancing currencies from emerging markets.

On the domestic front, focus will now shift to the RBI policy meeting, wherein the central bank is expected to cut rates.

This week, on the domestic front, market participants will be keeping an eye on quarterly GDP number to gauge a view for the currency.

Moving on to the news from the economy. After rising for the past few weeks, the country's foreign exchange reserves declined US$2.1 billion to US$418 billion in the week to May 17 on account of a fall in foreign currency assets.

In the previous week, the reserves had risen by US$1.4 billion to reach US$420.1 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, decreased by US$2 billion to US$390.2 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.

Gold reserves remained unchanged at US$23.021 billion, according to the reports.

The special drawing rights with the International Monetary Fund fell by US$9.8 million to US$1.4 billion.

The country's reserve position with the Fund also declined by US$16.9 million to US$3.3 billion.

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

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