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Markets Rally on Strong Global Cues
Thu, 22 Sep Closing

Indian equity markets flourished in green through the entire trading session today, tracking a global rally after the US Federal Reserve kept interest rates unchanged. At the closing bell, the BSE Sensex stood higher by 266 points, while the NSE Nifty finished up by 90 points. The S&P BSE Mid Cap finished up by 1.4% while, the S&P BSE Small Cap finished up by 1%. Gains were highest in oil & gas, auto, pharma and banking stocks.

Asian markets finished higher today with shares in Japan leading the region. The Nikkei 225 is up 1.91% while China's Shanghai Composite is up 0.54% and Hong Kong's Hang Seng is up 0.38%. European markets are sharply higher today with shares in Germany leading the region. The German DAX and France's CAC 40 are both up 1.9% and London's FTSE 100 is up 1.2%.

The rupee was trading at 66.72 against the US$ in the afternoon session. Oil prices were trading at US$ 45.78 at the time of writing.

According to an article in The Economic Times, monsoon rains have reduced the need to use fuel in irrigation pumps. As a result, India's diesel exports are expected to surge near a three-year high in September.

Reflecting this trend, Indian Oil Corporation (IOC) exported diesel for the first time in more than five years. The exports are expected to remain high as the production is ramped up in the new refinery. The increase in shipments from IOC has driven the profit margins for refining diesel in Asia, to a seasonal six-year low.

IOC's 300,000 barrels per day (bpd) new Paradip refinery, which was commissioned in late 2015, will run at full capacity by the last quarter of the current financial year. The refinery is expected to boost IOC's diesel output by 200,000 tonnes next month, which will reduce its offtake of the fuel from private refiners by a similar amount. This in turn could drive up exports from private refiners like Essar Oil and Reliance Industries.

As per the reports, India is expected to ship out similar volumes in September compared to August, when it exported 2.85 million tonnes. Last month's volume was the highest since September 2013, when India shipped out 3.371 million tonnes.

Refineries in India are also running at near maximum capacity due to healthy refining margins driven by low feedstock prices.

Oil & Gas stocks finished on a strong note with Castrol India and Petronet LNG leading the gains.

Moving on to the news from FMCG sector. According to a leading financial daily, Nestle India has approached the Supreme Court seeking permission to dispose of about 550 tonnes of recalled stock that passed their shelf life. The procedures agreed for destroying the stocks include destruction in the incinerators of cement plants identified by Food Safety and Standards Authority of India (FSSAI) and its intimation to FSSAI.

According to the company, its storage may lead to health hazard at the 39 locations where it is stored across the country. It had 490 tonnes of stock pending destruction and 60 tonnes was received from the market.

Notably, nestle had destroyed approximately over 38,000 tonnes of Maggi noodles till 01 September 2015. The destruction was done by following a procedure agreed between it and FSSAI. Moreover, in August last year, the Bombay High Court lifted the ban on nine variants of the fast food and asked the company to go for fresh tests. Subsequently, nestle cleared the tests conducted by Central Food Technological Research Institute (CFTRI) and was back in the market.

In another development, it was reported that Nestle is planning to launch pricier variants and brands from its global portfolio in India. Apparently, this is a part of Nestle's strategy to widen its product portfolio beyond a few key brands like Maggi, following last year's controversy.

Further, Ferrero and Mondelez are considered to be the leading brands in the premium chocolate market of India. Nestle's move is seen as a challenger in this space where its rivals are on an aggressive investment spree.

Reportedly, Nestle's chocolate segment accounts for 12% overall and it grew 1.8% in the last six months. Nestle is also looking to launch its premium European range of chocolate bars with Alpino within a month.

The stock price of Nestle surged today and finished up by 2.6% on the BSE.

Moving on to the latest update from the IPO space, recently, many companies are considering going public. So expect more action in the IPO market going ahead.

Last week we promised you a special handbook on IPO investing. The wait is finally over. Without further ado, we would like to present Equitymaster's Handbook of IPO Investing (with special focus on never before Insurance IPOs). Click here to get your free copy right away.

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