Indian Indices End on a Strong Note; Sensex Ends Over 400 Points Higher

Thu, 28 Mar Closing

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After opening the day on a flat note, Indian share markets witnessed most of the buying interest during closing hours and ended their trading session on a strong note. Gains were largely seen in the realty sector, IT sector and banking sector, while metal stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 413 points (up 1.1%) and the NSE Nifty closed higher by 125 points (up 1.1%). The BSE Mid Cap index ended the day up 1.1% and the BSE Small Cap index ended the day up by 1%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.1% and the Shanghai Composite was down by 0.9%. The Nikkei 225 was down 1.6%.

The rupee was trading at 68.99 against the US$.

In the news from commodity space, crude oil witnessed selling pressure today. Losses were seen after data showed a surprising increase in US stocks.

As per the data reported by the US Energy Information Administration, US crude inventories rose last week by 2.8 million barrels. This came in much higher compared with analysts' expectations for a decrease of 1.2 million barrels.

These added 2.8 million barrels in the period comes a day after the American Petroleum Institute reported a surprising build in inventories.

Note that the US-China trade deal, the OPEC cuts, and the US sanctions on Iran and Venezuela are continuing to dominate crude oil headlines.

Crude oil prices were near 2019 highs last week, supported by supply cuts led by producer club OPEC. Reportedly, US sanctions against oil producers Iran and Venezuela are boosting prices.

Last week, the OPEC scrapped its planned meeting in April, effectively extending supply cuts that have been in place since January until at least June, when the next meeting is scheduled.

The OPEC and non-affiliated allies like Russia - known as the OPEC+ alliance - have been withholding around 1.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices.

US crude oil output has soared by more than 2 million barrels per day (bpd) since early 2018, to around 12 million bpd, making America the world's biggest producer ahead of Russia and Saudi Arabia.

On the demand-side, there is concern that an economic slowdown as well as improving energy efficiency and the emergence of alternative transport fuels will erode oil consumption.

In the news from the banking sector, Bank of Baroda (BoB) share price was in focus today. Stock of the lender witnessed buying interest after reports suggested that the bank is planning to raise funds by selling bonds overseas.

As per a leading financial daily, Bank of Baroda is set to raise up to US$ 1 billion by selling bonds overseas to solidify its capital position ahead of a likely jump in credit demand.

The bond sale would be known as Regulation S in market parlance, whereby bonds are offered to investors outside the US.

The bond sale is likely to open for subscription before this financial year comes to a close on March 31, the report further added.

In other news, stocks from the defence sector are witnessing buying interest after Prime Minister Narendra Modi announced India's acquisition of space capability to shoot down spy satellites.

The PM yesterday said India entered its name as an elite space power after an anti-satellite missile destroyed a live satellite in 3 minutes. The anti-satellite weapon, A-SAT, successfully targeted a live satellite on a low earth orbit.

Stocks such as Bharat Dynamics, BEML, Hindustan Aeronautics witnessed buying on the back of above news.

In his address, Modi said that 'Mission Shakti' is an important step towards securing India's safety, economic growth and technological advancement.

This announcement by Modi comes as a huge shot in the arm for the defence sector.

Currently, 35% of the country's total defence requirement are manufactured within the country. The rest is met through imports.

Events like Mission Shakti have shown what India can do in-house. I believe, a huge opportunity lies in wait for India's defence manufacturers.

Knowing that, how do you act on this, dear reader?

Tanushree has zeroed in on 3 stocks most likely to benefit from India's defence wave.

She believes that events like Mission Shakti are likely to be the norm rather than the exception in the near future.

Also, speaking of defence sector, note that India's defence allocation has nearly trebled in the past decade (from 2009-2019).

India's Increasing Allocation to The Defence Sector

However, most of the spending in the past decade was manpower related i.e. salary and pensions.

Here's what Tanushree wrote about this in today edition of The 5 Minute WrapUp...

• India needs a big push towards modernisation of its weapons.
  • The government's recent policies are aimed at rectifying two major issues.
  • Reducing India's over dependence on imports.
  • Expanding the defence budget to modernise existing equipment.
  India's recent tensions with its neighboring countries is likely to accelerate these initiatives. The players most likely to benefit are India's private sector defence manufacturers.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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