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Indian Indices Trade Volatile, Energy Stocks Show Uptick
Tue, 9 Oct Pre-Open | Monish Vora, TM Team

On Friday, share markets in India opened on a negative note and ended the day in green after a volatile day of trading.

The BSE Sensex closed higher by 97 points to end the day at 34,474. While the broader NSE Nifty ended the day up by 283 points to end at 10,348.

Among BSE sectoral indices, energy stocks rose the most by 3.3%, followed by bank stocks at 1.2%. Yes Bank and Reliance Industries. were among the top gainers.

Top Stocks in Action Today

L&T share price is likely to be in focus today after the company's subsidiary bagged major orders.

The power and transmission business of the subsidiary L&T Construction won orders worth Rs 18.8 billion in both domestic and international markets.

Yes Bank share price will be in focus today after the bank announced that it appointed a search committee to find the current CEO Rana Kapoor's successor.

Company has appointed two former chairmen -- TS Vijayan of LIC and OP Bhatt of SBI to its search and selection committee to find the CEO's successor.

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Fuel Price Reduction to Hurt OMCs: Moody's

According to global credit ratings agency Moody's, the government's decision last week to reduce fuel prices through a mix of state and centre tax cuts and price cuts taken by oil marketing companies (OMCs) may have far-flung impact on the domestic oil industry.

The immediate impact, according to the rating agency's note would be a credit negative for the OMCs.

Moody's raised concerns over increased borrowings for OMCs, rating downgrades, further directives to absorb fuel prices and pressure on upstream companies to increase in shareholder returns or subsidise crude oil prices.

On October 4, the government reduced petrol and diesel retail selling prices by Rs 2.50 per litre, through cuts in excise duties by Rs 1.50 per litre and asking OMCs to absorb the remaining Re 1 per litre price cut.

Moody's estimated the government's decision will reduce the combined Earnings before interest, taxation, depreciation and ammortisation (EBITDA) of the three OMCs by Rs 65 billion in fiscal 2019, ending March 2019, which is around 9% of their total EBITDA of Rs 692 billion in fiscal 2018.

The agency added that despite the negative earnings effect of the government's decision, we continue to expect the three OMC to report higher EBITDA in fiscal 2019 versus fiscal 2018, given higher sales volume, stable refining margins and the depreciating rupee. However, borrowing for these OMCs is likely to increase.

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Stock Market Updates

MRPL at 52 Week High; BSE 500 Index Up 2.0% (Today's Market)

Mar 1, 2021 03:34 PM

MRPL share price has hit a 52-week high. It is presently trading at Rs 45. BSE 500 Index is up by 1.7% at 19,713. Within the BSE 500, MRPL (up 8.3%) and RCF (up 20.0%) are among the top gainers, while top losers are HIMADRI SPECIALITY CHEMICAL and BHARTI AIRTEL.

KEC INTERNATIONAL Share Price Up by 5%; BSE CAPITAL GOODS Index Up 1.6% (Today's Market)

Mar 1, 2021 03:26 PM

KEC INTERNATIONAL share price is trading up by 5% and its current market price is Rs 454. The BSE CAPITAL GOODS is up by 1.6%. The top gainers in the BSE CAPITAL GOODS Index are KEC INTERNATIONAL (up 5.2%) and BHARAT ELECTRONICS (up 6.5%). The top losers are SCHAEFFLER INDIA (down 0.2%) and HINDUSTAN AERO. (down 0.3%).

GUJARAT ALKALIES Share Price Up by 10%; BSE 500 Index Up 1.6% (Today's Market)

Mar 1, 2021 03:24 PM

GUJARAT ALKALIES share price is trading up by 10% and its current market price is Rs 346. The BSE 500 is up by 1.6%. The top gainers in the BSE 500 Index are GUJARAT ALKALIES (up 10.2%) and DEEPAK NITRITE (up 14.5%). The top losers are COLGATE and HDFC AMC .

DEEPAK NITRITE Share Price Up by 13%; BSE 500 Index Up 1.4% (Today's Market)

Mar 1, 2021 03:10 PM

DEEPAK NITRITE share price is trading up by 13% and its current market price is Rs 1,553. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are DEEPAK NITRITE (up 12.8%) and JUST DIAL (up 14.2%). The top losers are BAJAJ HOLDINGS & INVESTMENT and CADILA HEALTHCARE .

HIMADRI SPECIALITY CHEMICAL Share Price Down by 11%; BSE 500 Index Up 1.4% (Today's Market)

Mar 1, 2021 03:08 PM

HIMADRI SPECIALITY CHEMICAL share price is trading down by 11% and its current market price is Rs 55. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are RCF (up 20.0%) and MMTC (up 20.0%). The top losers is HIMADRI SPECIALITY CHEMICAL (down 11.3%).

Sensex Trades Over 300 Points Higher; Dow Futures Up by 204 Points (Today's Market)

Mar 1, 2021 12:30 pm

BSE Sensex is trading up by 378 points, while the NSE Nifty is trading up by 165 points.

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