Sensex Opens Lower; Consumer Durables and Banking Stocks Decline

Fri, 24 Jul 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.3% while the Hang Seng is down 1.2%. The Nikkei 225 is trading down by 0.6%.

Wall Street dropped sharply on Thursday as investors fled market-leading tech shares due to mixed earnings reports and growing signs of a worsening coronavirus pandemic, which could exacerbate a deep economic recession.

Back home, Indian share markets opened lower.

The BSE Sensex is trading down by 247 points. The NSE Nifty is trading down by 65 points.

Meanwhile, the BSE Mid Cap index has opened down by 0.6%.

BSE Small Cap index is also trading lower by 0.5%.

Except BSE Energy Index, all sectoral indices are trading in red.

BSE Bankex is witnessing maximum selling pressure, with 1.5% loss.

BSE Consumer Durables Index is witnessing maximum buying interest.

Moving on, the rupee is currently trading at 74.81 against the US$.

Gold prices are currently trading up by 1.2% at Rs 50,700. If you also want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing. Get trading ideas on gold by India's #1 trader Vijay Bhambwani. Find out the right way to profitably trade gold now.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

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

In one of his videos, Apurva Sheth explains why this is the best time to invest in smallcaps for better returns in 2020 and 2021.

He also shares a fundamental aspect that you may not have seen or heard before. This aspect indicates that this is the best time to invest in smallcap stocks in a decade.

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Moving on to the stock specific news...

ITC is among the top buzzing stocks today, which is slated to announce its numbers today.

A steep decline in its cigarette and hotel businesses due to the disruptions caused by the Covid-19 pandemic is expected to dent the June 2020 quarter (1QFY21) earnings of the ITC.

Reportedly, the company's fast-moving consumer goods (FMCG) and personal care verticals may perform better as the lockdown kept people indoors, thereby, boosting the demand for ready-to-eat/cook food items, and personal hygiene products such as soaps and sanitisers.

Impact of the lockdown of manufacturing facilities, cigarette inventory levels, the performance of new launches, guidance on price and volume, and alternate distribution channels during the lockdown are some of the key monitorables.

We will keep you updated on developments from this space.

ITC share price opened the day down by 1%.

In another news, Cipla is set to launch Covid-19 drug Favipiravir, developed by the Council of Scientific and Industrial Research (CSIR) in a cost-effective process.

An off-patent anti-viral drug, Favipiravir, originally discovered by Fuji Pharma in Japan, has shown promise in clinical trials for treatment of Covid-19 patients, especially in mild and moderate cases.

CSIR-Indian Institute of Chemical Technology (CSIR-IICT) developed a cost-effective process using locally available chemicals to synthesise this Active Pharmaceutical Ingredient (API) and transferred the technology to Cipla.

As per the reports, Cipla has scaled up the process in their manufacturing facility and approached DCGI (Drug Controller General of India) for permission to launch the product in India.

Given that DCGI has given restricted emergency use for Favipiravir in the country, Cipla is now all set to launch the product to help patients suffering from COVID-19.

Cipla share price opened the day up by 9%.

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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