Indian Indices End on a Positive Note; Oil & Gas and IT Stocks Witness Buying

Tue, 18 Jun Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   12:30 pm   

Indian share markets traded on a positive note most of the day and ended marginally higher. Gains were seen in the oil & gas sector and IT sector, while automobile stocks and healthcare stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 86 points (up 0.2%) and the NSE Nifty closed higher by 19 points (up 0.2%). The BSE Mid Cap index ended the day up by 0.1%, while the BSE Small Cap index ended the day down by 0.4%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.9% and the Shanghai Composite was up by 0.1%. The Nikkei 225 was down 0.7%.

The rupee was trading at 69.68 against the US$.

In the news from airlines space, Jet Airways share price was in focus today. Shares of the company witnessed sharp selling today after a media report indicated that State Bank of India filed insolvency petition against the company to recover dues.

As per the news, insolvency proceedings against Jet Airways are likely to begin this week as a consortium of lenders led by the State Bank of India (SBI) failed to find a buyer for the beleaguered airline.

The National Company Law Tribunal (NCLT) could hear insolvency petitions filed by the airline's operational creditors for recovery of dues on June 20.

Note that Jet Airways has a debt of nearly Rs 85 billion on its books with total liabilities of around Rs 250 billion.

Several people from the top management have left the airline company in the past few months. Lenders to the cash-strapped airline, led by the SBI are seeking investors to recover their dues.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments form this space.

In the news from the commodity markets, crude oil witnessed selling pressure today. Losses were seen on signs that global economic growth is being hit by the US-China trade war.

Losses, however, were limited by tensions in the Middle East after last week's tanker attacks.

The US energy department said on Monday that shale oil output is expected to reach a record in July. This news also dragged crude oil prices lower.

Market participants are also awaiting a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+. The meeting will decide whether to extend a production cut agreement that ends this month.

Oil prices were also trading in the red last week as the US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth. Also, the EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd. It wound back its forecast for 2019 US crude production to 12.32 million bpd. This is 140,000 bpd less than the May forecast.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

To know more about commodity and currency markets and which are the best counters to trade in this space, you can read one of Vijay Bhambwani's recent article: Why Do I Recommend Trading Only Nickel, Crude oil, Gold, Copper, and USDINR?

In the news from macroeconomic space, data available with the NSE showed foreign portfolio investors (FPIs) sold Rs 3,312 million worth of domestic stocks on Monday. On the other hand, DIIs were net buyers to the tune of Rs 12.57 billion worth of stocks.

Note that FII have turned net sellers in June in the cash market.

FIIs have been mostly net buyers in Indian markets so far in 2019. A slowdown in liquidity from FIIs will keep domestic market trade on a volatile note.

Speaking of FIIs, the bullishness that we witnessed in the markets from March until mid-April was driven by renewed foreign investor flows into Indian equities. And one of the key reasons this money poured into India, including other emerging markets, was the shift in monetary policy stance by the US Federal Reserve.

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

• The US central bank, until some months ago, was on track to hike interest rates and shrink the Fed balance sheet. But seeing signs of slowdown in the economy and the nervousness in the stock markets, it showed its willingness to turn dovish.
  
  So, it's unlikely we'll see any interest rate hikes by the US Federal Reserve in 2019.
  
  In fact, my reading suggests that the Fed may resume its easy money policies if the global economic slowdown persists and the markets gets jittery.
  
  One of the key triggers for the ongoing market correction is the escalation in the US-China trade war amid increasing fears of a global slowdown.

The chart below shows how foreign money moved in and out of India over the last three months owing to the evolving global events:

Foreign Investors Turn Sellers in May 2019

It would be interesting to see how the FII trend shapes up this week with the two-day FOMC meeting kicking off today.

Meanwhile, in times like these, 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.

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

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers