Sensex Back in Rally Mode, Energy Sector in Focus, and Top Stocks in Action

Tue, 12 Mar Pre-Open

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On Monday, share markets in India opened on a positive note and ended the day in green after an optimistic day of trading.

The BSE Sensex closed higher by 382 points to end the day at 37,054. While the broader NSE Nifty ended up by 141 points, to end the day at 11,176 points.

Among BSE sectoral indices, energy stocks rose the most by 3%, followed by auto stocks at 2.4%. Bharti Airtel and Power Grid Corp were among the top gainers.

Top Stocks in Action Today

IDBI Bank share price will be in focus today as the lender, with India's worst-bad loan ratio, is seeking to curtail its soured debt by selling Rs 100 billion of stressed assets and stepping up efforts to recover dues from borrowers.

Indian lenders burdened with the world's worst bad-loan ratio are stepping up effort to recover debt after the Reserve Bank of India announced tougher rules.

Cipla share price is likely to be in focus today as the company's wholly owned subsidiary - Golden cross Pharma has completed the closing of Wellthy Therapeutics, transaction representing an acquisition of 11.7% stake in Wellthy on fully diluted basis.

Oil Prices Rising

Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to Organisation of the Petroleum Exporting Countries (OPEC)-led supply cuts was unlikely before June and a report showing a fall US drilling activity.

Brent crude futures were at US$ 65.04 per barrel, up by 0.5%.

Saudi oil minister Khalid al-Falih said that it would be too early to change OPEC+ output policy at the group's meeting in April.

However, oil marketing companies including the likes of Hindustan Petroleum Corporation, Bharat Petroleum Corporation, Oil & Natural Gas Corporation and Reliance Industries were all trading in the green by up to 6%.

Further, the S&P BSE Energy jumped over 3%.

Talking about the OPEC meeting and its impact on crude oil prices, here's some interesting data.

After OPEC meetings, crude oil prices have seen volatile moves both ways.

Here's what Research Analyst, Sarvajeet Bodas thinks about the movement in crude oil prices:

• "In the last four years, crude oil prices have moved between -7% and 9% in a single day immediately after OPEC meetings.
  
  So, I won't be surprised if we see a similar volatility after today's meeting.
  
  It is important to note that, in the short term, OPEC has significant influence on the price of crude oil. But in the long term, its ability to influence the price of oil is quite limited. This because individual countries within OPEC have different incentives than the group as a whole."

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