Sensex Opens Higher; Banking and Realty Stocks Lead

Thu, 2 Jul 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 0.8% while the Hang Seng is up 1.5%. The Nikkei 225 is trading up by 0.7%.

Meanwhile, the S&P 500 and Nasdaq indices closed higher on Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdown was likely.

Back home, Indian stock markets opened higher.

The BSE Sensex is trading up by 262 points. The NSE Nifty is trading up by 75 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.3%.

BSE Small Cap index is trading higher by 0.4%.

All sectoral indices are trading in green with BSE Bankex witnessing maximum buying interest.

Moving on, the rupee is currently trading at 75.44 against the US$.

Gold prices are currently trading down by 1% at Rs 48,267.

Speaking of the current stock market scenario, the last few months have witnessed the kind of shifts that most investors would recall as once in a lifetime.

The Sensex is up 34% from the lows in March 2020. At that time, it had declined by over 20%. That seemed to suggest the start of a bear market.

What's Driving the Markets?

So, what's driving the markets?

As per Richa Agarwal, editor of Hidden Treasure, an important driver of this rally is the inflow from global funds, now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

In such times, co-head of research, Rahul Shah has been talking about penny stock investing strategy that aims to maximise profits and at the same time, keep losses to a bare minimum.

In the video below, he tells us about a proven blueprint that you can use again and again to zero in on multi-bagger penny stocks on a consistent basis.

Tune in now...

Moving on to the stock specific news...

Coal India is among the top buzzing stocks today.

Coal India reported a 12.8% fall in production in June, reflecting the third straight month of decline in output as national coronavirus lockdowns cut demand for the fuel.

Coal output fell to 39.2 million tonnes in June, compared with 45 million tonnes in the same period the previous year.

Offtake by customers, such as power generators, fell to 41.6 million tonnes in June.

The company saw its annual production fall during the year ended March 2020, marking the first such decline in over two decades.

India used nearly a billion tonnes of coal in FY20, about three-quarters of it at power plants. State-run Coal India accounts for over 80% of the country's production.

As per the reports, electricity demand fell 9.9% in June, suggesting a recovery amid greater consumption in industrial western states as India slowly lifts restrictions and allows factories and offices to operate.

Meanwhile, Coal India trade unions will go ahead with the proposed three-day strike from today as talks with the government over opening of the sector to private players have failed, reports noted.

A virtual meeting was held between Coal Minister Pralhad Joshi and representatives of trade unions on Wednesday, Nathulal Pandey.

How this pans out going forward remains to be seen.

Coal India share price opened the day flat.

Moving on to another news. Hitachi and ABB India announced that they have launched a US$11 billion joint venture company Hitachi ABB Power Grids Ltd.

ABB's alliance with Hitachi will facilitate expansion opportunities for the new entity in areas such as mobility, smart cities, industry, energy storage and data centers, besides providing financial muscle to support ambitious projects and enabling access to Japan, the third largest economy in the world.

Under the JV agreement, originally announced in December 2018, Hitachi will acquire the remaining 19.9% stake of Hitachi ABB Power Grids to make it a wholly owned subsidiary after 2023.

As per the company, Hitachi's digital technologies merged with power grid solutions will help ABB to play an active role in the global transformation and decarbonization of energy systems for a sustainable energy future.

ABB share price opened the day up by 1%.

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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