Sensex Opens Higher; Consumer Durables and Energy Stocks Lead

Tue, 15 Oct 09:30 am

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Asian share markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.7% while the Hang Seng is down 0.1%. The Shanghai Composite is trading down by 0.6%. Wall Street edged lower on Monday as uncertainties following recent US-China trade negotiations clouded sentiment and investors turned their focus on the third-quarter earnings season, which begins today.

Back home, India share markets opened higher today. The BSE Sensex is trading up by 127 points while the NSE Nifty is trading up by 30 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.2%.

Sectoral indices have opened the day on a mixed note with consumer durables stocks and oil & gas stocks witnessing maximum buying interest. IT stocks and telecom stocks are trading in red.

The rupee is currently trading at 70.91 against the US$.

Speaking of Indian stocks markets, the stock market has not been kind to investors of late.

There has been a sudden shift in market sentiment on the back of same major developments.

And investors across the rank and file - from institutional to retail - have been at the receiving end. The mayhem has spared no one.

But if you look at the stock market returns over the years, you will see that the markets have never moved in a linear fashion.

What do I mean by that?

It has never been a one-way street - only up or down.

Stock markets have always moved in cycles.

The Time to Buy Stocks is Now

Here's what Radhika Pandit wrote about this in a recent edition of The 5 Minute WrapUp...

• If you would have bought stocks when either the Sensex or the Smallcap index was in a downturn, you would have made big returns once the cycle turned and the bulls took over.
  
  Sarvajeet and I believe we are seeing a similar situation currently.
  
  The economic slowdown does not herald the end of the world or for that matter the end of India. It's a phase and like all phases - This too shall pass.

So, the real question is - Are you taking advantage of these price declines to buy quality stocks?

In the news from currencies space. The rupee declined by 21 paise to close at a three-week low of 71.23 against the US currency on Monday as investors rushed to safe haven bets on fading hopes of an initial trade deal between the US and China.

Weak Chinese trade data also weighed on the domestic currency.

At the forex market, the rupee opened higher at 70.83 and touched an intra-day high of 70.74 against the American currency.

However, later the local unit pared initial gains and finally settled at 71.23 against the US dollar, down 21 paise over its previous close.

On Friday, the domestic unit had closed at 71.02 against the US dollar.

President Donald Trump on Friday had said that the US had reached a very substantial Phase 1 trade deal with China.

However, the announcement came with a rider that the agreement was still to be put on to the paper, which will take somewhere between three to five weeks.

Rupee after opening on a stronger note came under pressure against the US dollar following reports that China wants more talks before signing Trump's 'Phase One Deal'.

Moving on to the news from the economy. India's retail inflation sharply accelerated in September to a 14-month high at 3.99%, almost touching the central bank's medium-term target of 4%, as food inflation nearly doubled to 5.1%.

The high retail inflation could limit the Reserve Bank of India's (RBI's) ability to further cut policy rates.

Data released by the industry department on Monday, however, showed that wholesale price inflation decelerated to a three-year low at 0.3% in September compared with 1.1% a month ago, as prices of manufactured items entered the deflationary territory, signalling the lack of pricing power of producers in the current economic downturn.

Inflation for manufactured items stood at -0.4% in September as against 0% a month ago. The WPI inflation rate declined in September despite onion prices rising 122% from a year ago.

The government has banned exports of onions and put stock limits on traders to cool prices.

As per the reports, the rise in retail inflation may impact the rate cut cycle of RBI.

The decline in core inflation provides some comfort, but the unexpectedly sharp jump in the September CPI inflation has pushed up the likelihood of a pause in the next MPC review, unless the headline retail inflation recedes sharply in this month.

Speaking of the macro picture of India, some recent economic numbers have confused investors.

In the video below, Tanushree Banerjee decodes a few economic myths and reveals three big trends of Rebirth of India.

Tune in...

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