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Sensex Finishes Flat; BPCL Tanks 2.2% on Weak Q4 Results
Tue, 30 May Closing

Indian share markets continued to trade flat with positive bias during the afternoon session taking a breather after record closes in the previous few sessions as investors booked profits in recent outperformers.

At the closing bell, the BSE Sensex stood higher by 50 points, while the NSE Nifty finished up by 20 points. Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap finished up by 0.8% and 0.5% respectively. Gains were largely seen in pharma stocks, realty stocks and bank stocks.

The Top Five Performers of the BSE 500 Over the Last Five Years

Holding stocks for a number of years and being patient reaps large rewards. We took a look at the top five performers in the S&P BSE 500 index over the last five years. The above chart of the day pegs the point to point returns delivered by these companies over this period.

On a compounded annual basis, these returns come to a staggering 161% for Indo Count Industries, 156% for Caplin Point Laboratories, 127% for Avanti Feeds, 115% for 8K Miles Software Services and 100% for Marksans Pharma.

To our pleasant surprise, two of these five stocks happen to have been recommended at different times in our service The India Letter. The India Letter is an effort aimed at guiding its subscribers to make money from what we call The Golden Decade Megatrend, which takes the view that India is going to grow rapidly in the decades to come.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.24% and the Shanghai Composite rose 0.07%. The Nikkei 225 lost 0.02%. European markets are mixed. The DAX is higher by 0.02%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.56% and 0.28% respectively.

The rupee was trading at Rs 64.63 against the US$ in the afternoon session. Oil prices were trading at US$ 49.57 at the time of writing.

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World Bank in its 'India Development Report' has increased its hopes that India will grow at 7.2% in the current fiscal and further up to 7.7% by 2019-20 on strong fundamentals, reform momentum and improving investment scenario. The World Bank had in January scaled down India's growth forecast to 7% for 2016-17 and had estimated growth to rebound in 2017-18 to 7.6%.

In its latest report, it said that Economic activity ought to accelerate in 2017-18 and GDP is projected to grow at 7.2% from 6.8% in 2016- 17. Growth to increase gradually to 7.7% by 2019-20, underpinned by recovery in private investments

The report pointed that India remains the fastest growing economy in the world and it will get a boost from its approach to GST which will reduce the cost of doing business for firms, reduce logistics cost of moving goods across states, while ensuring no loss in equity. The World Bank report said that the overall impact of GST on equity and poverty is likely to be positive.

The Indian Development Update further said that Indian economy was slowing down in early 2016-17, until the favorable monsoon started lifting the economy, but the recovery was temporarily disrupted by the government's 'demonetization' initiative, but things seems to be bettering.

According to the report, reforms such as the insolvency code and measures to deal with bad loans of public sector banks, including promulgation of the new ordinance, will also be crucial to enhance growth. It expects inflation and external conditions to remain stable this fiscal, attributing it to coping mechanisms (which included greater usage of digital transactions), higher rural incomes, and robust public consumption.

In news from oil & gas sector, Bharat Petroleum Corporation of India (BPCL) share price plunged 2.4% in today's trade after the company reported a decline of 12.96% in its net profit for the March quarter.

its net profit during the quarter under review declined to Rs 18.41 billion from Rs 21.16 billion reported in the corresponding period of 2015-16. However, the Q4 standalone total income of the company edged higher by 24.17% to Rs 666.85 billion from Rs 537.04 billion earned in the corresponding period of previous fiscal.

The company's capital expenditure for last financial year 2016-2017 grew by 54% to Rs 168.1 billion.

Meanwhile, ONGC share price finished up by 1.9% as the company's onshore domestic crude oil production increased to 5.97 MMT during the fiscal year ended March compared to 5.82 MMT in FY16, registering a growth of 2.4%.

This rise in production is due to early monetization of discoveries at Ankleshwar, Cauvery (Madnam) and Rajahmundry (Keshnapalli West), among others. The company had as many as 23 new discoveries in 2016-17 as compared to 17 in 2015-16.

With a steady rise in domestic fossil fuel consumption making the country's target of cutting import dependence on oil more challenging, ONGC has decided to aggressively expand its acreage under exploration and production from July once the government starts accepting bids for 26 unexplored sedimentary basins.

The country's largest oil and gas producer intends to increase its exploration and production acreage at least by 30% over the next few years from 90,000 square kilometers at present.

Moving on to news from power sector. Power Grid Corporation of India Ltd.'s profit rose in the three months ended March, but missed analyst expectations. The company's standalone net profit jumped 22% year-on-year to Rs 19.16 billion in the quarter ended on March 31, 2017. The company had reported a standalone net profit of Rs 15.68 billion in the quarter ended on March 31, 2016.

Its total income rose to Rs 70.54 billion in the fourth quarter of 2016-17 from Rs 59.84 billion in the year ago period.

Meanwhile, the board of the company approved non-sovereign loan assistance from Asian Development Bank of US$500 million for Green Energy Corridor and Grid Strengthening Projects.

The board also approved investment of Rs 4.45 billion for transmission system for Tumkur Ultra Mega Solar Park. It also gave approval for purchase of security equipment for Rs 1.99 billion.

Power Grid share price finished the day down by 2.2% on the BSE.

And here's a note from Profit Hunter:

Aurobindo Pharma is the top gainer from the Nifty 50 Index - up 13% for the day. Let's have a look at its chart.

After the stock bottomed out at Rs 40 in November 2011, it had a spectacular bull run to hit a life high of Rs 891 in December 2015. It then faced a serious correction and fell to 590 level. The stock resumed its up move to re-test its life high. But it found resistance there and fell to break below 590 level. Thus the stock formed a double top pattern.

Yesterday, the stock made a low of Rs 503, and today it's up 13% supported by heavy volumes. The RSI indicator also formed a bullish divergence indicating strength.

But now the stock is trading near 590 level, which is the neckline of the double top pattern.

So it will interesting to see if today's rally is only a pullback move of the double top pattern or if the stock has bottomed out to resume its larger uptrend.

Aurobindo Pharma Rallied 13% for the Day
Aurobindo Pharma Rallied 13% for the Day 

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Nov 22, 2017 11:09 AM

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