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Sensex Ends 490 Points Higher; Oil & Gas and Telecom Stocks Witness Buying
Wed, 24 Apr Closing | Monish Vora, TM Team

Indian share markets continued to witness buying interest and ended their trading session on a positive note. Gains were largely seen in the oil & gas sector and telecom sector, while stocks from the auto sector witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 490 points (up 1.3%) and the NSE Nifty closed higher by 150 points (up 1.3%). Both, the BSE Mid Cap index and the BSE Small Cap index ended the day up by 0.4%.

Asian stock markets finished on a negative note as of the most recent closing prices. The Hang Seng stood down by 0.5% and the Nikkei was trading down by 0.3%.

European markets were trading on a mixed note. The FTSE 100 was down by 0.4%. The DAX was trading up by 0.48%, while the CAC 40 was down by 0.2%.

The rupee was trading at 69.84 to the US$ at the time of writing.

Speaking of markets, the mood in the Indian stock market changes in a matter of months.

Till February 2019, mutual fund inflows were on a steady decline.

And that's when Tanushree had asked her readers to stay put and not give into the panic.

Holding and buying quality businesses during times of extreme pessimism goes a long way in creating long-term wealth.

The mutual fund data from the March 2019 certainly proves this point.

Rising Mutual Fund Inflows - Is the Market Correction Over?

As can be seen from the chart above, the net inflows into Equity fund in March 2019 (Rs 117 billion) are its highest levels since October 2018.

The reason could be people believing the Modi government will return to power.

Here's what Tanushree wrote about this in one of the recent editions of The 5 Minute WrapUp...

  • While we recommended to not give into panic in February 2019, this time its euphoria we're recommending against.

    Don't fall into the greed trap.

    Hold on to your safe stocks and don't go looking for overvalued stocks. Maintaining your calm when everyone is losing theirs will help you build long-term wealth.

In the news from the macroeconomic space, sovereign bonds rallied in India after the central bank said it will resume open-market purchases of debt.

The yield on the benchmark 2029 debt fell 4 basis points to 7.43%, while that on the most-traded 2028 securities was down 6 basis points.

Note that high crude oil prices and the central bank taking a less dovish path than expected had pushed up 10-year yields in recent weeks.

In the news from the global financial markets, Sri Lanka's main stock index traded at its lowest since December 2012 today.

This came as investors sold the island nation's risky assets for the second day following deadly Easter Sunday attacks that killed more than 350 people.

The Sri Lankan stock index fell 3.63% yesterday. This was its worst drop in more than seven years. This was seen due to retail panic selling in its first trading day after the attacks.

In the news from the cement sector, ACC share price was in focus today. The stock of the company witnessed selling pressure today after it reported its March quarter results yesterday.

The company reported a 38.2% rise in its consolidated profit at Rs 3.5 billion for the first quarter ended March 2019.

The company's total income during the period under review was up 10.99% at Rs 40.8 billion as against Rs 36.7 billion in the corresponding period of the previous fiscal.

The company's cement realization, which stands at Rs 4,609 per tonne, improved by only about 0.8% on a quarter-on-quarter (QoQ) basis against about 2%, on average, improvement in pan-India realization during the same period.

Apart from above, market participants were tracking Indiabulls Housing Finance share price, UltraTech Cement share price and Tata Global Beverages share price as these companies announced their Q4FY19 results today.

You can also read our recently released Q4FY19 results: HDFC Bank, Mahindra Lifespace, Reliance Industries.

And to know what's moving the Indian stock markets today, 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!

Read the latest Market Commentary

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Stock Market Updates

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DIXON TECHNOLOGIES share price has hit an all time high at Rs 5,573 (up 4.4%). The BSE CONSUMER DURABLES Index is up by 1.8%. Among the top gainers in the BSE CONSUMER DURABLES Index today are DIXON TECHNOLOGIES (up 4.4%) and TTK PRESTIGE (up 2.8%).

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Jun 3, 2020 12:10 PM

BAJAJ CONSUMER CARE share price has surged by 5% and its current market price is Rs 156. The BSE FMCG is up by 1.6%. The top gainers in the BSE FMCG Index are BAJAJ CONSUMER CARE (up 5.2%) and GSK CONSUMER (up 5.1%). The top losers are TATA CONSUMER PRODUCTS (down 0.1%) and EMAMI LTD (down 0.1%).

BOMBAY BURMAH Surges by 10%; BSE 500 Index Up 1.6% (Today's Market)

Jun 3, 2020 12:10 PM

BOMBAY BURMAH share price has surged by 10% and its current market price is Rs 1,047. The BSE 500 is up by 1.6%. The top gainers in the BSE 500 Index are BOMBAY BURMAH (up 10.0%) and TEAMLEASE SERVICES (up 15.4%). The top losers are DIVIS LABORATORIES and HDFC AMC .

GODREJ PROPERTIES Surges by 5%; BSE REALTY Index Up 1.8% (Today's Market)

Jun 3, 2020 11:47 AM

GODREJ PROPERTIES share price has surged by 5% and its current market price is Rs 808. The BSE REALTY is up by 1.8%. The top gainers in the BSE REALTY Index is GODREJ PROPERTIES (up 5.4%).

LA OPALA RG Surges by 12%; BSE 500 Index Up 1.3% (Today's Market)

Jun 3, 2020 11:27 AM

LA OPALA RG share price has surged by 12% and its current market price is Rs 173. The BSE 500 is up by 1.3%. The top gainers in the BSE 500 Index are LA OPALA RG (up 11.7%) and TEAMLEASE SERVICES (up 15.1%). The top losers are MRF LTD. and TATA CONSUMER PRODUCTS .

Sensex Opens Over 500 Points Up; Banking and Finance Stocks Lead (Today's Market)

Jun 3, 2020 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 514 points, while the Nifty is trading up by 153 points.

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Jun 3, 2020 12:33 PM