Sensex Plunges Over 500 Points; Power & Realty Stocks Hit Hardest

Mon, 10 Dec 09:30 am

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Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 2.3% while the Hang Seng is down 1.7%. The Shanghai Composite is trading down by 1%. Meanwhile, Wall Street's main indices fell more than 2% on Friday in a broad sell-off led by declines in big Internet and technology shares, as concerns over US-China trade tensions and interest rates shook Wall Street.

Back home, India share markets plunged in the opening session today. The BSE Sensex is trading down by 510 points while the NSE Nifty is trading down by 163 points. The BSE Mid Cap index opened the day down by 1.6% while BSE Small Cap index opened down by 1.5%.

Sectoral indices have opened the day on a negative note with realty stocks and power stocks witnessing maximum selling pressure.

The rupee is currently trading at Rs 71.29 against the US$.

The Indian rupee slipped in the early trade on Monday. It opened lower by 54 paise at 71.34 per dollar against previous close 70.80.

On Friday, the rupee rose by 8 paise to close at 70.82 against the dollar, supported by strength in domestic equities and weakness in the greenback overseas.

Further, a fall in crude oil prices, with benchmark Brent slipping below the US$60-a-barrel mark amid lack of clarity on the future course of production after conclusion of a key meeting of the top producers supported the currency.

The rupee, however, finished the week with a loss of 124 paise or 1.8% against the greenback.

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 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 weighed on 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.

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In another development, a higher trade gap fuelled by rising crude oil prices pushed India's current account deficit (CAD) to near 3% in the second quarter of this fiscal year.

As per the Reserve Bank of India (RBI), the country's CAD at US$19.1 billion (2.9% of GDP) during July-September 2018, much higher than US$6.9 billion (1.1% of GDP) in the second quarter of the previous fiscal and US$15.9 billion or 2.4% of GDP in the preceding quarter.

Note that, the CAD is the difference between the inflow and outflow of foreign currency.

The central bank said the widening of CAD on a year-on-year basis was largely on account of a higher trade deficit at US$50 billion compared with US$32.5 billion a year ago.

The CAD number should not come as a surprise given the rising trend in crude oil prices seen during the quarter.

Rating agency ICRA had earlier forecast the rise in crude oil prices and higher gold import could widen the CAD to 3% of GDP in the July-September quarter.

ICRA said CAD could rise to US$68-73 billion (2.6% of the GDP) in the current fiscal from US$48.7 billion or 1.9% of the GDP in 2017-18.

The RBI said during the second quarter, net services receipts increased 10.2% over the same period last year mainly because of a rise in net earnings from software and financial services.

On the other hand, private transfer receipts, which largely represents remittances by Indians employed overseas, stood at US$ 20.9 billion, increasing 19.8% from their level a year ago.

Similarly, in the financial account, net foreign direct investment at US$7.9 billion was lower than US$12.4 billion in the corresponding period of 2017-18. Portfolio investment, too, recorded a net outflow of US$1.6 billion against an inflow of US$2.1 billion.

This was due to net sales by the portfolio investors in both the debt and equity markets.

However, there was good news on the NRI deposits front, where net receipts increased to US$3.3 billion in the July-September period from US$0.7 billion a year ago.

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

Speaking of stock markets, with the state and general elections ahead, market participants expect the stock markets to remain volatile. So, what should you as an investor do in such times? In our latest episode of Indian Stock Market Podcast, Rahul Shah talks about his mantra to ride out the volatility in times like these. Listen in... visit SoundCloud, iTunes or Stitcher.

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