Sensex Opens in Green; Hero MotoCorp & Sun Pharma Top Gainers

Thu, 15 Nov 09:30 am

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Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.3% while the Hang Seng is up 0.2%. The Shanghai Composite is trading down by 0.3%. Meanwhile, Wall Street stocks fell on Wednesday, with the S&P 500 notching a fifth straight day of losses.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 101 points while the NSE Nifty is trading up by 23 points. The BSE Mid Cap index opened up by 0.2% while BSE Small Cap index opened down by 0.1%.

Barring energy stocks and PSU stocks, all the sectoral indices have opened the day in green with consumer durables stocks and healthcare stocks witnessing maximum buying interest.

The rupee is currently trading at Rs 72.07 against the US$.

The rupee gained 36 paise to end at 72.31 against the US dollar on 14 November as global crude oil prices hovered near one-year lows. This eased the concerns over expanding current account deficit and inflation.

Reportedly, the recovery was also supported by dollar-selling by exporters and banks, foreign fund inflows and the greenback's weakness against some currencies overseas.

At the interbank forex market, the rupee commenced with strength at 72.18 and appreciated further to 71.99 against the US dollar. However, it lost some momentum and finally finished at 72.31, showing a gain of 36 paise.

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.

Moving on to the news from the banking sector. As per an article in a leading financial daily, ICICI Bank hiked retail term deposit interest rates by up to 0.25% on select maturities.

Interest rates in the system are on an upward trajectory amid a liquidity squeeze and two rate hikes by the RBI, with a slew of lenders announcing reviews. Generally, hikes in lending rates are preceded by deposit rate hikes.

The bank will offer 7.50% interest on deposits under Rs 10 million for a tenor of above two years up to three years, a hike of 0.25%.

The hikes are effective from November 15.

The bank has also upped its offering by 0.25% in other buckets including 46-60 days, 61-90 days, 91-120 days and 121-184 days.

In the one year to 389 days bucket, it has hiked rates by 0.15%, while 390 days to 2 years maturity deposit will fetch an interest rate of 0.10% over the previous one, the bank stated.

To know more about the company, you can access to ICICI Bank's Q2FY19 result analysis and ICICI Bank's Stock Analysis on our website.

ICICI Bank share price opened the day down by 0.2%.

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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