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?  

Sensex Continues Uptrend; Energy Stocks Witness Buying
Wed, 4 Oct 01:30 pm | Prasheel Vartak, TM Team

After opening the day on a positive note, the Indian share markets have continued the momentum and are currently trading comfortably in green. Sectoral indices are trading on a mixed note, with stocks in the pharma sector and the energy sector witnessing maximum buying interest. While, stocks in the telecom sector are leading the losses.

The BSE Sensex is trading up 185 points (up 0.6%) and the NSE Nifty is trading up 59 points (up 0.6%). Meanwhile, the BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 0.9%. The rupee is trading at 65.32 to the US$.

In news from stocks in the oil and gas sector. Oil marketing companies are in focus today after the government cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday.

While this would hit the revenues of the exchequer by Rs 130 billion in the second half of the current financial year at a time when the fiscal deficit has already touched 96% of the budget estimates. Consumers will get relief as the move would reduce the consumer price index (CPI)-based inflation rate by over 9 basis points.

While the move is set to hurt the exchequers revenues, the government plans to stick to its fiscal deficit target.

The government announced that it will stick to its budgeted market borrowing target for the fiscal year ending in March 2018, but didn't rule out the possibility of selling additional bonds to fund any new spending.

One of the important yardstick to measure the financial health of an economy is fiscal deficit. It is the difference between the government revenues and expenditure. The difference is generally bridged by debt. The present government is committed to reduce the gap. The long term fiscal deficit target is 3% of the Gross domestic product (GDP). This simply means relatively less expenditure. Hence, less government spending.

Government Sticks to Fiscal Deficit target of 3% of GD

In last one decade India is making serious efforts to reduce the fiscal deficit level. Ever since, the new government came in it has been in favor of fiscal consolidation and meet the long term fiscal deficit target of 3% by FY17-18.

At the time of writing, HPCL share price, BPCL share price and IOC share price were trading up by 2.2%, 1%, 0.8%, respectively.

Moving on to IPO news. The IPO market is buzzing ahead of the Rs 11.5 billion initial public offering of Godrej group company, Godrej Agrovet which opens for subscription today.

Just Released: Multibagger Stocks Guide
(2017 Edition)

In this report, we reveal four proven strategies to picking multibagger stocks.

Well over a million copies of this report have already been claimed over the years.

Go ahead, grab your copy today. It's Free.

NO-SPAM PLEDGE - We will NEVER rent, sell, or give away your e-mail address to anyone for any reason. You can unsubscribe from The 5 Minute WrapUp with a few clicks. Please read our Privacy Policy & Terms Of Use.

Ahead of its IPO, Godrej Agrovet which which deals in animal feed and agribusiness and has a diversified business across five verticals, raised over Rs 3.4 billion yesterday as part of the anchor book allocation.

The anchor book is that portion of an IPO that bankers can allot to institutional investors on a discretionary basis. Anchor book subscription opens a day before the launch of an IPO and acts as an indicator of institutional investor interest.

Shares were allotted to anchor investors at Rs 460 apiece, the upper end of the IPO price band of Rs 450-460 per share.

Institutional investors that participated in the anchor book allocation include the Government of Singapore, First State Indian Subcontinent Fund, The India Fund Inc-Aberdeen, Russel Investment Co., Goldman Sachs India and SBI Life Insurance.

Proceeds from the fresh issue of shares will be used by Godrej Agrovet for repayment of working capital facilities and commercial papers issued by the company.

Promoters and investors will collectively sell around 18.8 million shares in the Godrej Agrovet IPO. Promoter Godrej Industries Ltd plans to offload shares worth Rs 3 billion.

We will be releasing a recommendation note on the IPO shortly. You can access it on the IPO page.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

However, we don't need thousands of IPOs to get rich. That's not how super investors make their fortunes. But a few good IPOs could certainly become the multibaggers in your portfolio in a few years.

We have reviewed each of them and have released their recommendation notes. You can check the same on their IPO page.

Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

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 "Sensex Continues Uptrend; Energy Stocks Witness Buying". 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 SENSEX


Oct 17, 2017 03:35 PM

MARKET STATS