Sensex Opens Higher; Healthcare and Realty Stocks Gain

Wed, 10 Jun 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 0.4% while the Hang Seng is up 0.6%. The Nikkei 225 is trading up by 0.1%.

Meanwhile, the S&P 500 and Dow fell on Tuesday, pausing after recent strong gains as focus shifted to the Federal Reserve, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time.

Back home, Indian stock markets opened flat.

The BSE Sensex is trading up by 220 points. The NSE Nifty is trading higher by 69 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.2%.

BSE Small Cap index is trading higher by 0.5%.

Sectoral indices are trading mixed. BSE Auto index is trading under pressure.

BSE healthcare Index is witnessing maximum buying interest with 0.5% gains, followed by BSE Realty with 0.4% gains.

Moving on, gold prices are currently trading up by 1.1% at Rs 46,594.

The rupee is currently trading at 75.61 against the US$.

Speaking of the current stock market scenario, 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.

In the news from FMCG sector.

Godrej Consumer Products share price is in focus today after it was reported that, the company's Managing Director and CEO Vivek Gambhir has resigned from the company citing personal reasons with effect from the close of business hours on 30 June 2020.

Reportedly, Gambhir will continue to be on the board as a whole-time director until 30 September 2020.

Further, Nisaba Godrej, who is currently serving as a whole-time director has been appointed as the managing director till the conclusion of her existing term i.e. September 2022.

Meanwhile, in an interesting development from FMCG space, Parle-G has reportedly registered its best sales figures in over eight decades during the COVID-19 lockdown period.

The company's overall market share has grown by nearly 5 percent. And 80-90% of this growth has come from the Parle-G sales.

However, the company has not revealed the specific sales numbers.

The sale of the 5-rupees-a-pack biscuit increased as it was consumed by many migrants who walked hundreds of kilometers to get back home.

Besides, many people stocked it at home and various organizations and individuals distributed the packets of Parle-G to the needy.

In another development, Adani Green Energy Limited (AGEL) has won one of world's largest solar contract from Solar Energy Corporation of India (SECI) to develop 8 GW of solar projects.

This project comes along with a commitment to establish 2 GW of additional solar cell and module manufacturing capacity at cost of Rs 450 billion, creating 4 lakh direct and indirect jobs.

With this win, AGEL will now have 15 GW capacity under operation, construction or under contract thereby accelerating its journey towards becoming the world's largest renewables company by 2025.

Further, this award will take the company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see it committing an investment of Rs 1,120 billion (US$15 billion) in the renewable energy space over the next 5 years, the reports noted.

This is the single biggest investment announced since the launch of the Prime Minister Narendra Modi's Atma Nirbhar Bharat Abhiyan (Self Reliant India Program).

It is also another significant step in India continuing to lead the world in battling climate change and furthering the commitment the Prime Minister made to the world at the COP 21 summit in Paris in 2015.

The contract will also displace 900 million tonnes of carbon dioxide over its lifetime.

Adani Green Energy share price opened the day up by 5%.

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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