Sensex Opens Higher; Healthcare Stocks Rally

Fri, 18 Sep 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 0.2% while the Hang Seng is up 0.1%. The Nikkei 225 is trading flat.

US stocks fell on Thursday as technology-related shares slid for a second day and as government data showed high levels of weekly jobless claims.

Back home, Indian share markets have opened the day on a positive note.

The BSE Sensex is trading up by 183 points.

The NSE Nifty is trading higher by 62 points.

Sun Pharma and NTPC are among the top gainers today.

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

BSE Small Cap index is also trading higher by 0.6%.

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

Moving on, the rupee is currently trading at 73.60 against the US$.

Gold prices are currently trading down by 0.7% at Rs 51,453. In our latest episode of Investor Hour Podcast, Jim Rogers joins Rahul Goel to talk about gold and more....

In the podcast, he tells that he was buying gold and silver and would buy even more. He believes you can get rich with investments in gold and silver.

He is buying stocks too...but not the ones you might expect.

In this freewheeling chat, Jim also talked about China, his view on the US dollar, the opportunities in agriculture, the bubble in tech stocks, bonds, bitcoin...and more.

Tune in here:

Moving on to the stock specific news...

Hindalco is among the top buzzing stocks today after it was reported that the company and Hindustan Copper signed a Memorandum of Understanding (MoU) for long-term purchase and sale of copper concentrate produced by the latter.

With this partnership, the companies have moved towards import substitution, reducing the nation's dependence on copper concentrate sourced from abroad.

Reportedly, this agreement will help in utilising locally mined copper concentrate for domestic production of refined copper and it reduces the nation's dependence on import of a critical metal.

Note that, Hindustan Copper is the only producer of copper concentrate in India.

Under this MoU, around 60% (copper content) of Hindustan Copper's current copper concentrate production will be utilised by Hindalco in the manufacture of refined copper.

Hindalco's copper finds application in key industries, such as power, electronics, railways and construction.

Hindalco share price opened the day up by 0.9%.

Moving on to the automobiles sector. Amid the pandemic, two-wheeler makers have increased their local market share, at the expense of Japanese companies.

As per an article in a leading financial daily, led by market leader Hero MotoCorp, Indian companies expanded their market share by 4.5-5 percentage points between April and August, or the first five months of the ongoing fiscal year.

While the share of Bajaj Auto and TVS Motor too has increased, the biggest loser in terms of market share is Honda Motorcycle & Scooter India, the local two-wheeler unit of Japan's Honda Motor.

A deep rural reach and a large portfolio of entry-level vehicles have helped the Indian brands to do better than the Japanese, who are weak on both these facets in the Indian market.

The share of Indian two-wheeler makers, Hero MotoCorp, Bajaj Auto, TVS Motor and Royal Enfield cumulatively has increased to 69.3% from 64.8%. The share of Japanese bike makers dropped to about 30% from almost 35% in the same period.

In the scooter segment, Hero MotoCorp and TVS Motor have seen their market share grow by 2-3 percentage points, at the cost of Honda Motorcycle and Suzuki Motorcycle.

Speaking of the automobile sector, have a look at the chart below which shows the performance of BSE auto index for the month of September since inception.

The BSE auto index ended in the red on only 3 out of the last 15 years for the month of September. That's a success ratio of 80%.

The auto index has entered the greed phase in September 2019 and will stay there until December 2021. This means there is still a lot of fuel left for auto stocks.

How automobile stocks perform in the coming months remains to be seen. Stay tuned for more updates from this space.

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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