Sensex Trades Higher; Energy & PSU Stocks Outperform

Wed, 14 Nov 12:30 pm

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Stock markets in India are trading range-bound in the afternoon session. Among the sectoral indices, IT stocks and healthcare stocks are witnessing maximum selling pressure. While, energy stocks and PSU stocks are trading in green.

The BSE Sensex is trading higher by 79 points (up 0.2%), and the NSE Nifty is trading higher by 28 points (up 0.3%). Meanwhile, the BSE Mid Cap index and the BSE Small Cap index are trading up by 0.6% & 0.2% respectively. The rupee is trading at 72.09 to the US$.

In the news from the economy. With an aim to ease tight liquidity situation, the Reserve Bank (RBI) will infuse Rs 120 billion into the system through purchase of government securities on 15 November.

Reportedly, the RBI has decided to conduct purchase of government securities under Open Market Operations (OMOs) based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward.

Note that, OMOs are the tools which can be used to either inject or drain liquidity from the system.

As part of the OMOs, the RBI will purchase government securities maturing in 2021 bearing interest rate of 8.79%, 2022 (6.84%), 2024 (8.40%), 2027 (8.24%) and 2033 (6.57%).

Additionally, the RBI had earlier stated that the system liquidity will move into deficit in the second half of 2018-19. And the evolving liquidity conditions would determine its choice of instruments for both transient and durable liquidity management.

Moving on to the news from the currencies space. Indian rupee strengthened against the US dollar today after crude prices fell to a one-year low in the global market, easing concerns over expanding current account deficit and inflation.

Besides, dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas, too supported the domestic currency.

On the global front, the euro and sterling climbed higher as investor confidence rose on news Britain had struck a draft divorce deal with the European Union after more than a year of talks.

The rupee is currently trading at 72.05, stronger by 62 paise from its previous close of 72.67 on Tuesday. The currency touched a high and low of 72.1775 and 71.9900 respectively.

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

This selling pressure is seen on the back of 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.

However, 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.

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

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