Sensex Opens in Green; Metal and Realty Stocks Lead

Thu, 11 Jul 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.6% while the Hang Seng is up 1.2%. The Nikkei 225 is trading up by 0.4%. US stocks ended higher and the S&P 500 index briefly crossed the 3,000-point mark for the first time on Wednesday as remarks by Federal Reserve Chairman Jerome Powell reassured investors about the potential for an interest rate cut later this month.

Back home, India share markets opened the day on a positive note. The BSE Sensex is trading up by 140 points while the NSE Nifty is trading up by 50 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.3% and 0.1% respectively.

All sectoral indices have opened the day in green with metal stocks and realty stocks leading the pack of gainers.

Speaking of Indian stock markets, note that the Sensex, BSE Midcap index and BSE Smallcap index have had differing degrees of volatility over past fifteen years.

But the returns from the three different indices are mostly in line since 2004. Rs 100 invested in any of these indices in 2004 would have yielded about Rs 700 by March 2019.

In fact, as we can see in the chart below, the gap in the compounded annual return of the Sensex and Smallcap index is less than 1%.

Difference in 15-year CAGR of Sensex and BSE Smallcap Index is Less than 1%

This shows that while small caps are a good place to look for big returns, blue chips can also offer you big returns over long time frames.

However, after witnessing a severe crash, Richa Agarwal sees turnaround opportunities in smallcap space. She also talks about a specific stock that she believes has huge return potential in the video below.

The rupee is currently trading at 68.35 against the US$.

The rupee declined by 7 paise to close at 68.58 against the US dollar on Wednesday, pressured by persistent foreign fund outflows and firming crude oil prices.

A weak trend at the domestic equity markets and global trade tensions also kept sentiment subdued, the reports noted.

At the interbank foreign exchange market, the domestic unit opened weak at 68.61 and soon slipped to hit the day's low of 68.67.

However, it pared some losses to touch a high of 68.48, before finally closing at 68.58, showing a loss of 7 paise over its previous close.

The rupee had rebounded by 15 paise to close at 68.51 against the greenback Tuesday on fag-end selling of the US currency by banks and importers in line with a late recovery in domestic equities.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative trader's association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Aurobindo Pharma has launched Cinacalcet Hydrochloride Tablets (30mg, 60mg and 90mg) at risk in the US market in accordance with the terms of settlement agreement with Amgen Inc.

Aurobindo's Cinacalcet Hydrochloride tablets 30mg, 60mg and 90mg is a generic version of Amgen Inc's Sensipar tablets.

Further, Cinacalcet Hydrochloride tablets had an annual sale of approximately US$ 1,449 million for the twelve months ending May 2019 as per IQVIA.

Cinacalcet Hydrochloride tablets are indicated for the treatment of secondary hyperparathyroidism (HPT) in adult patients with chronic kidney disease (CKO) on dialysis, Hypercalcemia in adult patients with parathyroid carcinoma, the reports noted.

Aurobindo Pharma share price opened the day up by 1.2%.

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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