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Sensex Opens Over 1,000 Points Up; Banking Stocks Rally
Fri, 27 Mar 09:30 am | Rini Mehta, TM Team

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.7% while the Hang Seng is up 0.7%. The Nikkei 225 is trading up by 1.2%. Meanwhile, the Dow Jones Industrial Average wrapped up its strongest three days in nine decades on Thursday as record weekly US jobless claims came in below investors' worst fears and the focus stayed on an unprecedented US$2 trillion stimulus awaiting approval by the US House of Representatives.

Back home, India share markets rallied in the opening session ahead of RBI governor press meet. The BSE Sensex is trading up by 976 points while the NSE Nifty is trading up by 334 points. The BSE Mid Cap index and BSE Small Cap index opened up by 3.1% and 2.1% respectively.

All sectoral indices are trading in green with bank stocks and metal stocks witnessing buying interest.

Note that, since the coronavirus outbreak, all BSE indices and NSE indices are down in the range of 25-35%.

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Speaking of sectoral impact, in the article titled: Worst Hit Indian Sectors Amid Coronavirus Pandemic: 10 Points to Know, we dive deeper and look at how the impact has been on individual sectors...

Note that, stock markets the world over have seen a sharp fall.

The Sensex saw its biggest one-day fall on Monday 23 March.

Is this the Future of Stock Trading?

The coronavirus pandemic has created a sense of fear among investors and traders worldwide.

What is different about this market crash unlike others before it, is the pace of fall.

The Indian share market has fallen more than 35% from its peak in just over a month, which is the fastest crash in history.

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The sharp decline can be attributed to algorithmic trading as well as foreign institutional investor (FII) outflows.

Co-head of Research, Tanushree Banerjee believes, in this new era of sharp declines, the rebound rally can be equally sharp and quick as well. It is important to remember this.

A part of this decline is due to the coronavirus impact, a part of it is due to external factors as well.

Look at fundamentally strong stocks in this market correction. She believes, these stocks will likely rebound the fastest when the coronavirus threat passes.

Moving on, gold prices are currently trading up by 3.1% at Rs 43,542.

The rupee is currently trading at 74.89 against the US$.

The Indian rupee surged by another 78 paise to 75.16 against the US dollar on Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to tide through the coronavirus crisis.

The government on Thursday unveiled a Rs 1.7 trillion economic package involving free food grain and cooking gas to poor for the next three months, higher wages to workers and measures to boost liquidity of employees as part of measures to ease the economic impact of lockdown.

Market participants welcomed the government initiatives and said the revival of the economy though welfare measures were very much needed as the slowdown in demand was further hit by COVID-19 pandemic.

The rupee, which opened on a positive note at 75.90, settled for the day with gains of 78 paise at 75.16 against the American currency.

Moving on to the news from the economy. As per ratings agency Fitch, the coronavirus-related worries are likely to aggravate difficulties for Indian banks, revising down the operating environment score for the critical sector by a notch.

The score has been revised to "BB" from "BB " earlier, pointing out that COVID-19 outbreak ups the worries for the sector, which is already reeling under weak business and consumer confidence.

The outlook on the score is "negative", given the uncertainty surrounding the severity and duration of the pandemic, and the associated effects on India's banks of restrictions on economic activity.

The operating environment score was last revised down in 2019 due to the weakness in business and consumer confidence.

The lockdown will impact industrial production and domestic demand. This will exacerbate the economic slowdown of the past few quarters that was partly caused by weaker credit availability from non-bank lenders from September 2018.

It however said the closed nature will help restrict the impact on economic growth in India as compared with Asian peers.

As per the report, Indian banking system is under-capitalised and continues to saddle with bad loans, despite some successes.

It also warned that the retail segment, especially the unsecured ones, may face headwinds as unemployment rises.

Now, how this pans out going forward remains to be seen.

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!

Read the latest Market Commentary


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