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- Indian Stock Market News June 17, 2020
Sensex Opens Lower; Banking and Realty Stocks Under Pressure Wed, 17 Jun 09:30 am
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 0.5%. The Nikkei 225 is trading down by 0.7%.
Wall Street advanced on Tuesday as the prospect of additional stimulus and a record jump in retail sales suggested the US economy could bounce back sooner than expected, five months into its pandemic-inflicted recession.
Back home, Indian stock markets opened on a negative note.
The BSE Sensex is trading down by 198 points. The NSE Nifty is trading lower by 56 points.
Meanwhile, the BSE Mid Cap index has opened down by 0.1%.
BSE Small Cap index is trading higher by 0.1%.
All sectoral indices are trading in the red. BSE Realty is leading with 1% losses.
Moving on, gold prices are currently trading up by 1.2% at Rs 47,567.
The rupee is currently trading at 76.21 against the US$.
Indian rupee weakened against the US dollar for the fourth consecutive day on Tuesday after the Army said three soldiers were killed in a face-off with Chinese troops along the Line of Actual Control in Ladakh.
The Indian currency closed at 76.21 a dollar, down 0.2% from its previous close.
The rupee had opened at 75.89 and touched a high of 75.78 and a low of 76.30.
In the current scenario, the path for the local currency looks bumpy.
Massive sell-off in equities and bonds led to a huge fall in rupee against the dollar in 2020.
The rupee hit a record low of 76.92 against dollar in April.
Most of the selling pressure for rupee was seen on the back of slump in equities and currencies globally. Investors were concerned that support measures from governments and central banks may be insufficient to halt the economic damage caused by the coronavirus pandemic.
Rupee Continues Downtrend
Moving on to the news from automobiles sector. The nationwide lockdown imposed to curb the outbreak of Covid-19 resulted in temporary suspension of production at Bajaj's Chakan plant.
This affected Chetak electric's deliveries and the company had to temporarily suspend the new bookings of the electric scooter.
As a result, the previous June delivery plans were allegedly shifted to the third quarter (September) this year.
Now a few weeks down the line, Bajaj Auto has resumed the online bookings of the Chetak electric.
The company started shipping the Chetak Urban and Chetak Premium to the official brand dealerships in May and during the same time Bajaj announced that it has also resumed operations in the Chetak workshops and service centres in Pune and Bengaluru.
The Chetak electric was introduced in the Indian market in January this year and soon after its introduction, the battery powered Chetak managed to garner over 2,000 bookings in just 15 days.
These many registrations for an electric scooter were encouraging enough to show the interest of Indian buyers in affordable EVs.
The Chetak electric sources power from an electric motor which generates 3.8kW/4.1kW (continuous/peak power).
The motor transmits power to the rear wheel with a unique automated transmission. The motor is supported by a 3kWh, lithium-ion battery which is claimed to deliver a real-world full charge range of 95 km (Eco mode) and 85 km (Sport mode).
Bajaj Auto share price is in focus today.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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