Sensex Opens Flat; Metal and FMCG Stocks Drag

Fri, 8 Nov 09:30 am

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Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.1% while the Hang Seng is up 0.4%. The Shanghai Composite is trading up by 0.3%. Meanwhile, the Dow and S&P 500 notched record closing highs on Thursday as the latest signs of progress in US-China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains.

Back home, India share markets opened flat. The BSE Sensex is trading down by 78 points while the NSE Nifty is trading down by 26 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.2% and 0.3% respectively.

Sectoral indices have opened the day on a mixed note with realty stocks and automobiles stocks witnessing maximum buying interest. FMCG stocks and metal stocks are trading in red.

The rupee is currently trading at 71.23 against the US$.

The Indian rupee declined in the early trade on November 8. It opened lower by 34 paise at 71.30 per dollar versus previous close 70.96.

On November 7, the rupee ended flat at 70.96 after it pared its initial losses against the US dollar after the US-China trade deal hopes enthused investor sentiments.

Sustained foreign fund inflows supported the local currency though the gains were capped by hardening crude oil prices.

Foreign money once again made its way into Indian equities. For one, the tax on the super-rich was not applicable on domestic and foreign investors. The Finance Minister clarified this.

More importantly, they responded positively to the cut in corporate tax rates. The new rates now, makes India globally competitive. This strengthens the case for investing in India.

Foreign Money Returns to India Again

Therefore, foreign money flowed back into the Indian markets last month. They bought Indian equities to the tune of Rs 75 billion.

Essentially, there is no clear indicator that the slowdown is structural. So far, it appears cyclical.

Hence, when the cycle turns, the stock markets will move up too.

Moving on to the news from the economy. India's credit ratings outlook was cut to negative from stable by Moody's Investors Service on concern the government won't be able to help stunted economic growth.

Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit. The rating company affirmed the nation's foreign issuer rating at Baa2, the second-lowest investment grade score.

Financial stress, especially in rural areas, and low job creation calls into question how effective the nation's government is in addressing economic sluggishness, the report noted.

The downgrade puts additional pressure on India, which already tried to kickstart the economy in September with an unexpected cut in corporate taxes.

But chances of more reforms like this have diminished, and Moody's expects the government to struggle to narrow its deficit or contain a growing debt burden.

Investors will closely watch the nation's gross domestic product data for signs of further, long-lasting weakness, which could result in another negative shift, according to Moody's.

Stabilization in the non-bank financial sector, meantime, would be credit positive and could flag less risk of negative spillover into banks.

However, Fitch Ratings and S&P Global Ratings still hold India's outlook at stable.

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

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