Sensex Opens Strong; Energy and Metal Stocks Lead

Tue, 12 Mar 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 1.6% while the Hang Seng is up 1.4%. The Nikkei 225 is trading up by 1.9%. US stocks jumped on Monday as the technology sector led a broad-based rebound following five straight sessions of losses, but a fall in Boeing's shares limited the Dow Jones's advance after a deadly airline crash in Ethiopia.

Back home, India share markets opened on a strong note. The BSE Sensex is trading up by 288 points while the NSE Nifty is trading up by 85 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.7%.

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

With the elections fast approaching, what can market participants look forward to now?

Note that stock markets have remained volatile in the pre-election period.

It has certainly turned out that way again.

Good Times Ahead for Indian Stock Markets?

It started with the long-term capital gains tax.

Then corporate governance issues at various companies followed.

Then we had the IL&FS impact.

All this has ensured a rough ride for Indian investors.

Now with Indo-Pak tensions escalating, volatility can rise even further.

History of the past few elections paints a rosy picture.

Despite governments changing hands in 2004 and 2014, the Sensex gave returns of 44% and 13% in a year respectively.

Even in 2009, when the same government retained power, Sensex was up by 18% in a year.

So, do you think there are good times ahead for Indian stock markets? We will keep you updated on the developments.

Meanwhile, look out for the stocks that will rise fast when the tide of the market turns up.

Moving on, the rupee is currently trading at Rs 69.79 against the US$.

The rupee appreciated 15 paise to 69.99 against the dollar on Monday on weakening greenback, fresh foreign inflows and higher opening of domestic equities.

The rupee closed at 69.89 against the dollar on Monday, its highest close since January 7.

In its previous session Friday, the rupee edged 14 paise lower to close at 70.14. On a weekly basis, however, the domestic currency logged 78 paise gains.

The dollar depreciated against most Asian currencies after Federal Reserve Chairman Jerome Powell said the central bank was in no hurry to change interest rates.

Reportedly, fresh foreign fund inflows and positive sentiment on Dalal Street also buoyed the local unit.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 11 billion on Friday, the reports noted.

Moving on to the news from pharma space. As per an article in a leading financial daily, Laurus Labs has received approval from the US health regulator for its Hydroxychloroquine tablets.

These tablets are used for treatment of malaria and certain autoimmune diseases.

The company has received final approval from the United States Food and Drug Administration (USFDA) for the tablets in the strength of 200 mg.

The product is generic version of Concordia Pharmaceuticals Inc's Plaquenil tablets in the same strength, the reports noted.

Further, the company has also received a tentative approval for an abbreviated new drug application (ANDA) for Abacavir, Dolutegravir, and Lamivudine, tablets 600 mg/50 mg/300 mg from USFDA.

The products will be commercialised from the company's manufacturing site located at Atchutapuram in Visakhapatnam.

Laurus Labs share price opened the day up by 1.4%.

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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