Sensex Opens Firm; IT & Healthcare Stocks Gain

Fri, 16 Nov 09:30 am

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Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 and the Hang Seng are both down by 0.5%. The Shanghai Composite is trading up by 0.4%. US stocks rose on Thursday on optimism the United States and China could resolve their trade dispute, after a news report said Washington would pause further tariffs on Chinese imports.

Back home, India share markets have opened the day on a firm note. The BSE Sensex is trading up by 133 points while the NSE Nifty is trading up by 38 points. The BSE Mid Cap index opened up by 0.2% while BSE Small Cap index opened up by 0.1%.

Sectoral indices have opened the day on a mixed note with information technology stocks and healthcare stocks witnessing maximum buying interest. While, energy stocks and PSU stocks have opened the day in red.

The rupee is currently trading at Rs 71.90 against the US$.

On 15 November, continuing its recovery momentum, the rupee vaulted 34 paise to close at a two-month high of 71.97 against the US dollar on robust foreign fund inflows amid low crude oil prices.

Reportedly, the strength in the rupee was also supported by increased selling of the greenback by exporters and banks.

At the interbank forex market, the rupee opened firm at 72.04 and rose further to 71.87 per US dollar. It touched a low of 72.18, before finally finishing at 71.97, up by 34 paise.

The last time rupee breached the 72-level was on September 14, when it had closed at 71.84.

The rupee had gained 36 paise to end at 72.31 against the US dollar on 14 November. The local unit has now gained 92 paise, or 1.27%, in three sessions.

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

This selling pressure was 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 had been weighing on the rupee.

Moving on to the news from the economy. India's October trade deficit widened to US$17.1 billion due to a higher oil import bill. In September, the trade deficit was at US$14 billion.

Reportedly, exports rose by 17.9% to US$27 billion in October over the year-ago month.

Imports during the month increased by 17.6% to US$44.1 billion, against the same month last year.

India, the world's third-biggest crude importer, buys over 80% of its oil needs from overseas markets. Oil imports in October totalled US$14.2 billion, up 52.6% from a year earlier.

During the April-October period of the current fiscal, exports grew by 13.3% to US$191 billion.

Imports were up by 16.4% to US$302.5 billion, leaving a trade deficit of US$111.5 billion during the first seven months of the current fiscal. It was US$91.3 billion in April-October 2017-18.

The Real Culprit for India's Rising Deficit

You may be aware, dear reader, India's export growth in the last four years has been poor. Meanwhile, imports have risen.

We seem to be staring at a structural problem. While consumption has been a big driver of GDP growth, investments in the economy have not picked up.

This is a crucial issue that must be addressed in the long-term.

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

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