X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2019 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Sensex Opens Over 280 Points Up; ICICI Bank & Tata Steel Top Gainers
Fri, 21 Sep 09:30 am | Rini Mehta, TM Team

Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.5% while the Hang Seng is up 1%. The Shanghai Composite is trading up by 1%. Meanwhile, trade-sensitive industrial stocks led the Dow Jones Industrial Average to a record closing high on Thursday, the last of Wall Street's main indices to fully regain ground since a correction that began in January.

Back home, India share markets have opened the day on a strong note. The BSE Sensex is trading up by 286 points while the NSE Nifty is trading up by 88 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.7% & 0.3% respectively.

Barring information technology stocks, all sectoral indices have opened the day in green with PSU stocks and metal stocks witnessing maximum buying interest.

The rupee is trading at Rs 71.84 against the US$.

The rupee on 19 September rebounded by 61 paise, notching up its best single-day gain since March 2017 to close at 72.37 against the US currency supported by heavy dollar selling by banks and weakness in the greenback in global markets.

Snapping its two-day decline, the rupee opened higher at 72.71 against its record closing low of 72.98 on September 18 and touched a session high of 72.34 in day trade as crude oil prices eased globally.

The rupee closed at 72.37, up by 61 paise or 0.84% its best single-day gain since 14 March 2017.

Heavy dollar selling by exporters along with state-run banks likely on the behalf of the RBI, too boosted the rupee sentiment, restricting the local unit from breaching the 73 level.

Note that, the rupee is the worst performer in Asia in 2018. It has fallen by around 12% against the US dollar this year.

Indian Rupee is the Worst Performing Currency in Asia

The rupee is under pressure due to a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey is weighing on the rupee.

The falling rupee is also triggering sales of bonds and stocks, which in turn is further pressuring the rupee.

Nevertheless, last week, the government announced several measures. This includes cutting down non-necessary imports, removal of withholding tax on rupee-denominated bonds, and easing overseas borrowing norms.

That said, in the near term, the rupee being under pressure could benefit export-oriented businesses.

The recent Smart Money Secrets recommendation will benefit from the rupee depreciation.

The company derives around 65% of the revenue from exports. The icing on the cake is the company's focused entry into the B2C segment, which provides it a long runway for future growth.

If you're a Smart Money Secrets subscriber, read the detailed report here.

If not... you can get the report by signing up here.

In another development, oil prices dipped today after falling in the previous session as US President Donald Trump urged OPEC to lower crude prices ahead of its meeting in Algeria this weekend.

Trump called on the Organization of the Petroleum Exporting Countries (OPEC) to lower prices.

OPEC and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to US sanctions.

Reportedly, Trump's remarks just days before the OPEC meeting put a focus on the likely supply impacts of US-led Iran sanctions.

The market had until that point been trading fluidly with the assumption that Saudi Arabia is now comfortable with Brent at US$80 or even higher, which is challenging the market's long-held supposition that prompt Brent between US$70 and US$80 was OPEC's sweet spot.

Brent has been trading just below US$80 a barrel, backed by concerns of supply shortages from looming US sanctions against Iran, which are set to take effect in November.

Note that crude oil prices witnessing buying interest, doesn't bode well for the Indian economy. It not only affects fuel prices, but also has many other repercussions on the macroeconomic level.

Rising crude oil prices can be a big worry for the Modi government as well as it has been a big beneficiary of lower crude oil prices.

Apart from that, what does rising crude oil prices mean for stock markets?

Richa Agarwal, editor of Hidden Treasure, tracks the oil and gas sector very closely. She believes the rise in crude oil prices is a bearish sign for stock markets globally. At the same time, any market correction, will throw up interesting buying opportunities in small-cap stocks.

This is what she wrote...

  • After hitting a low of US$ 30 per barrel in January 2016, prices have more than doubled this year.While the Hidden Treasure team looks for long-term wealth creators, such macro situations can help to recommend such stocks at a bargain. The ones who keeps calm, when everyone else is losing their heads, will gain the most when the tide turns.

It would be interesting to see how Iranian sanctions will influence crude oil prices. Meanwhile, we will keep you posted on all the updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Now you can also listen to our stock market podcast. Just visit SoundCloudiTunes or Stitcher and access our free weekly podcast. Happy listening!

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

Equitymaster requests your view! Post a comment on "Sensex Opens Over 280 Points Up; ICICI Bank & Tata Steel Top Gainers". Click here!

  

Stock Market Updates

Most Active Small-Cap Stocks Today; JET AIRWAYS the Most Traded (Today's Market)

Mar 26, 2019 04:50 PM

Here's a list of most active small-cap stocks today. It also includes information on BSE Smallcap index and the broader benchmark indices.

Top 5 Mid-Cap Gainers Today; GMR INFRA Leads the Pack (Today's Market)

Mar 26, 2019 04:50 PM

Here's a list of 5 stocks that gained the most in the BSE Mid-Cap Index today. It also includes information on BSE Mid-Cap index and the broader benchmark indices.

TAKE SOLUTIONS Surges by 10%; BSE IT Index Down 0.7% (Today's Market)

Mar 26, 2019 03:24 PM

TAKE SOLUTIONS share price has surged by 10% and its current market price is Rs 137. The BSE IT is down by 0.7%. The top gainers in the BSE IT Index is TAKE SOLUTIONS (up 10.0%). The top losers are TCS (down 0.4%) and CYIENT (down 0.6%).

JUBILANT LIFE SCIENCES Plunges by 5%; BSE 500 Index Up 1.0% (Today's Market)

Mar 26, 2019 03:24 PM

JUBILANT LIFE SCIENCES share price has plunged by 5% and its current market price is Rs 726. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are GMR INFRA (up 14.0%) and HCC (up 9.8%). The top losers are JUBILANT LIFE SCIENCES (down 5.2%) and NLC INDIA LTD (down 9.2%).

LAURUS LABS LTD Surges by 6%; BSE HEALTHCARE Index Up 0.4% (Today's Market)

Mar 26, 2019 03:04 PM

LAURUS LABS LTD share price has surged by 6% and its current market price is Rs 397. The BSE HEALTHCARE is up by 0.4%. The top gainers in the BSE HEALTHCARE Index is LAURUS LABS LTD (up 5.7%). The top losers are GSK PHARMA (down 0.2%) and SUN PHARMA ADV. RES. (down 0.3%).

Sensex Trades Flat; IT Stocks Under Pressure (Today's Market)

Mar 26, 2019 12:30 pm

The BSE Sensex is trading up by 33 points, while the NSE Nifty is trading up by 12 points.

View More Indian Share Market News

Most Popular

My Top 3 Defence Stocks to Buy Now(The 5 Minute Wrapup)

Mar 19, 2019

The urgency to privatise India's defence sector to make India self-reliant was never as strong as it is today.

This Small Cap Stock Could Offer Triple Digit Gains from its Current Price(Profit Hunter)

Mar 19, 2019

If you are still waiting for signals, remember, there is no correct timing, only right time to Buy stocks. For select small caps, that time is now.

5 Fundamentally Strong Stocks to Pick for Trading Today(Profit Hunter)

Mar 15, 2019

5 fundamentally strong stocks one could buy to trade in this market right now. Make sure you grab the chance this strongly rallying market offers.

Elections Don't Matter!(The Honest Truth)

Mar 13, 2019

Ajit Dayal shows us why from the point of view of the Indian economy, elections don't matter.

Two Growth Stocks that Doubled in a Little Over 12 Months!(The 5 Minute Wrapup)

Mar 13, 2019

The elements that fueled profit growth for these two companies led to a surge in their stock prices.

More

Get the Indian Stock Market's
Most Profitable Ideas

How To Beat Sensex Guide 2019
Get our special report, How to Beat Sensex Nearly 3X Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Mar 26, 2019 03:35 PM

MARKET STATS