Sensex Opens Over 140 Points Up; Metal and Energy Stocks Lead

Thu, 12 Sep 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.3% while the Hang Seng is up 0.2%. The Nikkei 225 is trading up by 0.9%. Wall Street moved higher on Wednesday, led by tariff-sensitive technology and industrial stocks after China extended an olive branch ahead of next month's trade negotiations with the United States.

Back home, India share markets opened the day on a positive note. The BSE Sensex is trading up by 147 points while the NSE Nifty is trading up by 36 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.4%.

Except IT stocks and telecom stocks, all sectoral indices have opened the day on a positive note with metal stocks and energy stocks witnessing maximum buying interest.

The rupee is currently trading at 71.41 against the US$.

The rupee recovered from initial losses to settle higher by 5 paise at 71.66 against the US currency on Wednesday, extending gains for a fifth straight session on the back of firm domestic equities and Asian currencies like the Chinese yuan.

Reportedly, the uptick in domestic stocks enthused investors, following which the domestic unit gained strength and recovered from early losses.

At the interbank foreign exchange market, the local unit witnessed heavy volatility. During the day, the domestic unit shuttled between a high of 71.60 and a low of 71.84.

The rupee finally settled at 71.66, higher by 5 paise over its previous close.

The rupee on Monday had closed at 71.71 against the US dollar.

This is the fifth straight session of gain for the rupee during which it has appreciated by 73 paise.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative trader's association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Dr. Reddy's Laboratories has launched Fosaprepitant Injection in the US market.

The drug is a therapeutic generic equivalent of EMEND (fosaprepitant) for injection and is approved by the US Food and Drug Administration (USFDA).

The EMEND for Injection brand had US sales of approximately US$279 million MAT for the most recent twelve months ending in July 2019 according to IQVIA Health.

Dr. Reddy's Fosaprepitant for Injection is available in 150 mg single-dose vial for reconstitution.

Dr. Reddy's Lab share price opened up by 0.4%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

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Tanushree has explained this historic opportunity in detail at the Rebirth of India summit.

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

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