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Sensex Ends 160 Points Higher; FMCG and Auto Stocks Witness Buying
Fri, 12 Apr Closing | Monish Vora, TM Team

Indian share markets witnessed buying interest during closing hours and ended their day higher. Gains were largely seen in the FMCG sector and power sector, while telecom stocks and consumer durable stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 160 points (up 0.4%) and the NSE Nifty closed up by 47 points (up 0.4%). The BSE Mid Cap index closed up by 0.3%, while the BSE Small Cap index ended the day higher by 0.4.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 0.2% and the Nikkei was trading up by 0.7%.

European markets were trading on a positive note. The FTSE 100 was up by 0.4%. The DAX was trading up by 0.5%, while the CAC 40 was up by 0.3%.

The rupee was trading at 69.16 to the US$ at the time of writing.

In the news from the commodity space, oil prices rose as involuntary supply cuts from Venezuela, Libya and Iran supported perceptions of a tightening market.

Oil markets have been risen by more than a third this year by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), US sanctions on oil exporters Iran and Venezuela, and an escalating conflict in Libya.

OPEC and its allies will meet in June to decide whether to continue withholding supply, and while OPEC's de-facto leader, Saudi Arabia, is seen to be keen to continue cutting, sources said it may raise output from July if disruptions elsewhere continue.

On the demand side, most of the world's growth in fuel consumption is coming from Asia, where China's economic growth is expected to slow to a near 30-year low of 6.2% this year.

In the news from the steel sector, the Supreme Court stopped ArcelorMittal from making a payment to lenders to buy Essar Steel India, extending Lakshmi Mittal's wait to enter the South Asian country's steel market.

The Supreme Court's two-judge bench said status quo is to be maintained regarding Arcelor's plan to buy Essar Steel. The court directed the bankruptcy appellate tribunal to expeditiously decide on appeals in the case.

Reportedly, the order may delay Arcelor's plans to purchase the steel mill, which can produce 10 million metric tons of the metal annually.

The bankruptcy court had approved Arcelor and its partners Nippon Steel Corp's offer to pay US$ 6 billion upfront to lenders and invest about another US$ 1.1 billion in the company to turn it around.

As per an article in The Economic Times, the case which has dragged on for almost two years saw some closure when the NCLAT finally gave its approval to the ArcelorMittal's bid of Rs 420 billion for the beleaguered steel giant.

Here's an excerpt from the article:

  • The NCLAT had said that it could ask the ArcelorMittal to deposit Rs 420 billion in a separate account or with the Ahmedabad branch of the NCLT in the next hearing scheduled for April 23.

    The NCLAT had also asked the winning bidder (ArcelorMittal) to file an affidavit laying out the details of resolution plan for the steel giant.

In other news, India's finished steel exports fell more than a third in the 2018-19 fiscal after the United States and Europe, the world's two biggest buyers of the alloy, imposed safeguard duties in the past one year.

Finished steel exports between April 2018 and March 2019 fell 34% from the previous year to 6.4 million tonnes. Finished steel imports by India rose 4.7% to 7.8 million tonnes, leaving India as a net importer.

Speaking of interesting development in the steel sector, did you know In the last 6 years, India has been the world's fastest growing steel producer, among the top 10.

Have a look at the chart below which shows India's steel production growing at the fastest rate:

India's Steel Production Growing at the Fastest Rate

The above data validates Tanushree's optimism about India's future.

Here's what we wrote in one of the recent edition of The 5 Minute WrapUp...

  • Over the last 6-year period, India's steel production grew at a CAGR of 6%. Countries such as Germany and Japan registered negative growth. Growth has been flat in USA, South Korea, Russia, and Brazil.

    China, the world leading steel producer, which saw double-digit growth over 2001-2010, grew marginally by 4% CAGR in the last six years.

    Importantly, India's production growth is due to strong domestic demand. Particularly, on the back of strong infrastructure development and housing demand, especially affordable housing.

No wonder India has surged past Japan and USA to become the second largest steel producer in the world.

Moving on, market participants were tracking ITC share price. Shares of ITC hit a six-month high of Rs 305, extending its previous day's gain, on the back of heavy volumes on the BSE.

The trading volumes on the counter jumped more than five-times with a combined 20.7 million shares changing hands on the NSE and BSE.

Last month, ITC had increased prices of three brands by about 7% to 14%.

As per reports, ITC's cigarette volume growth (7.5% YoY) was healthy during Q3FY19 leading to a sales value growth of 10% YoY.

However, the lack of price hikes led to a 50bps YoY drop in cigarette EBIT (earnings before interest and tax) margin to 70.1% and 9% YoY growth in cigarette EBIT.

ITC share price ended the day up by 3.3%.

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Stock Market Updates

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Aug 14, 2020 09:53 AM