X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Bank stocks boost Indian share markets
Thu, 5 Sep 09:30 am

Barring China (down 0.1%), all major Asian stock markets have opened the day on a firm note with Hong Kong (up 1.2%) and Singapore (up 1.1%) leading the gains. The Indian share market indices have also opened the day on a positive note. Stocks in the banking and realty space are leading the gains. However, information technology stocks are trading weak.

The Sensex today is up by around 481 points (2.6%), while the NSE-Nifty is up by around 161 point (3%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 1.7% and 0.8% respectively. The rupee is currently trading at Rs 66.96 to the US dollar.

Auto stocks have largely opened the day on a firm note with Tata Motors, Maruti Suzuki and Ashok Leyland leading the gains. The slowdown in the economy coupled with high interest rates has severely impacted sales of the auto industry. Given the gloomy economic outlook, car companies have started deferring their capex plans. As per a leading financial daily, some of the major players who have resorted to defer capex plans include companies such as Maruti Suzuki, Mahindra & Mahindra (M&M) and Volkswagen. M&M had chalked out planned investments of about Rs 100 bn. Of this, Rs 75 bn had been earmarked for capex. However, given the poor market conditions the company is likely to defer investments of about Rs 10-12 bn by around 12 months. Leading passenger car maker Maruti is also going slow on planned investments for a new plant at Gujarat. The plant is unlikely to be commissioned even by the end of financial year 2015-16.

Oil & gas stocks have also opened the day on a firm note with Gujarat Gas Company, Reliance Industries and Gujarat State Petronet Ltd (GSPL) leading the gains. As per a leading financial daily, Gujarat Gas Company has signed a memorandum of understanding (MoU) with Gujarat State Petroleum Corporation (GSPC) for a long-term gas procurement deal. As per the MoU, GSPC has agreed to supply 0.85 million metric standard cubic meters (mmscm) of gas per day to Gujarat Gas from 1st January, 2014 to 30th June, 2025. The gas price will be determined in the relevant Gas Sales Contracts (GSC) and it is likely to be formula-based. The MoU is effective till 31 December 2013 or the signing of the relevant GSCs, whichever is earlier.

It must be noted that Gujarat Gas is India's largest private sector company in the natural gas transmission and distribution business. It supplies gas to more than 3.86 lakh domestic, commercial and industrial customers and serves more than 1.98 lakh compressed natural gas (CNG) users.

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

Equitymaster requests your view! Post a comment on "Bank stocks boost Indian share markets". Click here!

  

Become A Smarter Investor In
Just 5 Minutes

Multibagger Stocks Guide 2017
Get our special report, Multibagger Stocks Guide (2017 Edition) Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE AUTO


Oct 17, 2017 (Close)

S&P BSE AUTO 5-YR ANALYSIS

COMPARE COMPANY

MARKET STATS