Sensex Trades Marginally Higher; Tata Motors And Yes Bank Top Gainers

Share markets in India are presently trading on a positive note. Sectoral indices are trading mixed with stocks in the realty sector and IT sector witnessing maximum buying interest.

The BSE Sensex is trading up by 137 points (up 0.4%), while the NSE Nifty is trading up by 33 points (up 0.3%). The BSE Mid Cap index is trading up 0.1%, while the BSE Small Cap index is trading up by 0.4%.

In the news from the currencies space, the Indian rupee erased some of its early gains and is trading at Rs 72.98 against the US$.

Rupee, after strengthening in the past few sessions came under pressure in yesterday’s sessions ahead of the important mid-term elections and FOMC policy statement that will be released this week.

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.

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

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

On the domestic front, no major economic data is expected to be released but market participants will be tracking crude oil prices.

Yesterday, crude rebounded from its lows after a five-day slump as the US formally imposed punitive sanctions on Iran but granted eight countries temporary waivers allowing them to keep buying oil from the Islamic Republic.

Oil markets have been anticipating the sanctions for months. Prices have been under pressure as major producers including Saudi Arabia and Russia have ramped up output to near-record levels.

In the news from the banking space, State Bank of India share price is in focus today after the bank declared its quarterly results.

The bank reported a 40% YoY decline in its net profit at Rs 9.4 billion for the September quarter of FY19 against Rs 15.8 billion reported in the year-ago quarter.