Sensex Opens In Green; FMCG & Auto Stocks Gain

Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.1% while the Hang Seng is up 0.2%. The Shanghai Composite is trading up by 0.1%.

Meanwhile, Wall Street had a rollercoaster ride on Thursday, with the Dow Jones Industrial Average swinging from a session low where it was down 784 points, to end the day with a decline of just 77 points. The fall came on the back of the arrest of a Chinese technology executive fanned fears of US-China tensions over trade.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 108 points while the NSE Nifty is trading up by 24 points. The BSE Mid Cap index opened the day up by 0.4% while BSE Small Cap index opened up by 0.2%.

Sectoral indices have opened the day on a mixed note with metal stocks and IT stocks witnessing maximum selling pressure. While FMCG stocks and automobile stocks have opened the day in green.

The rupee is currently trading at Rs 70.84 against the US$.

In the news from the oil space. Oil prices fell on Friday, pulled down by Organisation of the Petroleum Exporting Countries (OPEC)'s decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.

International Brent crude oil futures fell below US$60 per barrel early in the session, trading at US$59.50 per barrel, down 0.9% from their last close.

The declines came after crude slumped by almost 3% the previous day, with the OPEC ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead of preparing to debate the matter on Friday.

Oil output from the world's biggest producers - OPEC, Russia and the United States has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60% of global consumption. Oil producers have been hit by a 30% plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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