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Sensex Ends 404 Points Higher; Metal and Oil & Gas Stocks Witness Buying
Wed, 20 Feb Closing | Monish Vora, TM Team

Indian share markets continued their momentum during closing hours and ended the day on a strong note. Gains were largely seen in the metal sector and oil & gas sector.

At the closing bell, the BSE Sensex stood higher by 404 points (up 1.1%) and the NSE Nifty closed higher by 131 points (up 1.2%). The BSE Mid Cap index closed up by 0.9%, while the BSE Small Cap index ended the day up by 0.8%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 1% and the Nikkei was trading up by 0.6%.

European markets were trading on a positive note. The FTSE 100 was up by 0.1%. The DAX was trading up by 0.2%, while the CAC 40 was up by 0.1%.

The rupee was trading at 71.11 to the US$ at the time of writing.

In the news from the energy space, as per a leading financial daily, Saudi Aramco, the world's largest oil exporter, said it is in talks with Reliance Industries and other Indian companies for investing in petrochemicals and refinery projects in India.

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The Saudi national oil company, along with its partner UAE's Adnoc, has taken a 50% stake in a planned USD 44-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies and has bullish outlook on India's energy demand and, as per the news, is keen on investing here.

How this deal pans out remains to be seen. Stay tuned to get all the updates from this space.

Speaking of foreign players investing in India, many private equity funds have joined hands to increase their controlling stakes in Indian investments lately.

Here are some examples...

  • A joint venture between Brookfield Asset Management Inc. and State Bank of India for distressed assets.
  • The acquisition of a stake in Mankind Pharma by ChrysCapital, GIC and the Canada Pension Plan Investment Board.
  • Resurgent Power Ventures Pvt. Ltd, a platform created by Tata Power and ICICI Venture, raising capital from Kuwait Investment Authority and State General Reserve Fund of Oman.
India Focused Global Funds Raising Top Dollar

Here's what Tanushree Banerjee, co-head of Research at Equitymaster, wrote about this in one of the recent editions of The 5 Minute WrapUp...

  • Enticed by their long-term prospects, these funds are losing no time to enhance stake in their Indian investments.

    And this is possibly just the start.

    According to OECD, the 20 largest pension funds together hold about 43.2% of total global pension assets. Even if India receives a 5% allocation, it will mean a boom in the stock market.

    In last three years, these funds have consolidated because of stronger growth among the bigger pension players.

    These players are likely to focus on countries offering strong returns apart from relative safety, like India.

Indian Oil Corporation share price was also in focus today as the company's chairman said the company has signed its first annual deal to buy US oil by paying about US$ 1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources.

IOC is the first Indian state refiner to buy US oil under an annual contract. This deal will also help boost trade between New Delhi and Washington.

The company has previously purchased US oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of US oil between November and January.

IOC chairman Sanjiv Singh said the annual contract will begin from April.

Moving on to the news from the pharma sector, Alembic Pharmaceuticals share price was in focus today on news that the company has received approval from the US health regulator for Acetazolamide extended-release capsules.

The capsules are used for treatment of various kinds of glaucoma.

The approved product is therapeutically equivalent to the reference listed drug Diamox Sequels, 500 mg, of Teva Branded Pharmaceutical Products R&D Inc.

Last week, the company received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Moxifloxacin Ophthalmic Solution USP, 0.5%.

Speaking of pharma sector, note that the BSE Healthcare Index has been on a roller coaster ride in the past few years. The period from 2012 to 2015 saw the index go up more than three times.

And since then it has been a painful ride downwards.

As we wrote in one of our editions of The 5 Minute WrapUp...

  • Pre-2015, pharma companies enjoyed a fairytale ride in the US market. Low labor costs, good chemistry skills, along with efficiency, ensured Indian companies could copy innovator drugs to make generic drugs at a fast pace.

    The generic business had lucrative margins for all major pharma players. But the party did not last long. In the quest to supply drugs quickly, they compromised on quality at their manufacturing facilities.

    No wonder, the US regulatory authority (USFDA) took strict action. Sun Pharma received a warning letter for its Halol manufacturing facility in 2015. It was like a bolt out of the blue. Since then, the downward spiral began and has continued till date.

We believe that pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market as well as in the overall industry.

To know more on what moved the Indian stock markets today, you can 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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Stock Market Updates

RELIANCE IND. at All Time High; BSE OIL & GAS Index Down 2.3% (Today's Market)

Mar 20, 2019 03:30 PM

RELIANCE IND. share price has hit an all time high at Rs 1,387 . The BSE OIL & GAS Index is down by 2.3%. Among the top gainers in the BSE OIL & GAS Index today are RELIANCE IND. and INDRAPRASTHA GAS (up 1.4%). The top losers include CASTROL INDIA (down 1.0%) and PETRONET LNG (down 1.1%).

IPCA LABS at All Time High; BSE HEALTHCARE Index Up 0.2% (Today's Market)

Mar 20, 2019 03:30 PM

IPCA LABS share price has hit an all time high at Rs 948 (up 2.2%). The BSE HEALTHCARE Index is up by 0.2%. Among the top gainers in the BSE HEALTHCARE Index today are IPCA LABS (up 2.2%) and PFIZER (up 0.9%). The top losers include BIOCON and CIPLA .

ORIENTAL BANK at 52 Week High; BSE 500 Index Down 0.1 % (Today's Market)

Mar 20, 2019 03:30 PM

ORIENTAL BANK share price has hit a 52-week high. It is presently trading at Rs 108. BSE 500 Index is down by 0.1% at 15,193. Within the BSE 500, ORIENTAL BANK (up 3.0%) and SPICEJET (up 17.6%) are among the top gainers, while top losers are JUBILANT LIFE SCIENCES and HPCL.

DILIP BUILDCON LTD Plunges by 5%; BSE CAPITAL GOODS Index Up 0.6% (Today's Market)

Mar 20, 2019 03:26 PM

DILIP BUILDCON LTD share price has plunged by 5% and its current market price is Rs 711. The BSE CAPITAL GOODS is up by 0.6%. The top gainers in the BSE CAPITAL GOODS Index are SADBHAV ENGINEERING (up 4.3%) and SKF INDIA (up 1.8%). The top losers is DILIP BUILDCON LTD (down 5.1%)..

The BSE OIL & GAS Index Down 2% ; HPCL Among Top Losers (Today's Market)

Mar 20, 2019 03:20 PM

The BSE OIL & GAS Index Down at 15,367 (down 2.1%). Among the top losers in the BSE OIL & GAS Index today are HPCL, BPCL and OIL INDIA. Meanwhile, the BSE Sensex has surged 0.1% to 38,490.

Indian Indices Turn Volatile; Realty & IT Stocks Gain (Today's Market)

Mar 20, 2019 12:30 pm

Indian share markets are trading on a flat note with the BSE Sensex up by 7 points while NSE Nifty is trading lower by 13 points.

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