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Sensex Ends 292 Points Higher; Automobile and Metal Stocks Witness Buying
Tue, 15 Oct Closing | Monish Vora, TM Team

After opening the day marginally higher, Indian share markets witnessed buying interest throughout the day and ended on a strong note. The BSE Sensex surged as much as 420 points intraday, while the NSE Nifty rose above 11,450.

Gains were largely seen in the metal sector, automobile sector and banking sector, while telecom stocks and IT stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 292 points (up 0.8%) and the NSE Nifty closed higher by 87 points (up 0.8%). The BSE Mid Cap index ended the day up by 0.7%, while the BSE Small Cap index ended down by 0.1%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng was down 0.1% and the Nikkei was up by 1.9%. The Shanghai Composite stood lower by 0.6%.

The rupee was trading at 71.46 to the US$ at the time of writing.

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Speaking of Indian stock markets, the stock market has not been kind to investors of late.

There has been a sudden shift in market sentiment on the back of some major developments.

And investors across the rank and file - from institutional to retail - have been at the receiving end. The mayhem has spared no one.

Amid all this, Tanushree Banerjee, in the video below, talks about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times.

Tune in to find out more...

Market participants were tracking ACC share price, Wipro share price and SBI Life Insurance share price as these companies announced their September quarter (Q2FY20) results today.

You can also read our recently released Q2FY20 results of other companies here: Infosys, TCS, IndusInd Bank, Bajaj Consumer Care.

In the news from the IPO space, IRCTC share price was in focus today. Stock of the company dropped marginally in early trade today after making a strong debut yesterday.

Yesterday, shares of the company got listed at Rs 644 on BSE, a 101.25% premium over issue price of Rs 320.

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The Rs 6.5 billion initial public offering (IPO) of state-owned Indian Railway Catering and Tourism Corporation (IRCTC) was subscribed almost 112 times, making it the most successful share sale in over 20 months.

The offer got bids for 2,256 million shares compared to the total issue size of 202 million shares.

The portion reserved for QIBs got subscribed 108.8 times, while HNI portion got subscribed 354.5 times. Retail and employees portion got subscribed 14.6 times and 5.8 times, respectively. Both retail investors and employees will receive shares at a Rs 10 discount to the final offer price.

IRCTC is a central public sector enterprise, wholly owned by the Government of India and under the administrative control of the Ministry of Railways. It is the only entity authorized by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.

The company has also diversified into other businesses, including non-railway catering and services such as e-catering, executive lounges and budget hotels, which are in line with its objective to build a "one stop solution" for its customers.

Ankit Shah has shared the detailed note of the IPO in one of the Equitymaster Insider issues. You can read the entire note here: IRCTC IPO: The IPO Season Kickstarts After Corporate Tax Cuts.

In the news from the automobile sector, as per a leading financial daily, Indian auto stocks remain among the most expensive in the world, even though the sector is going through one of its worst slowdowns in history.

Maruti Suzuki, Tata Motors, TVS Motor, Bajaj Auto, and Hero MotoCorp figure among the top 15 most expensive global auto stocks based on their price to estimated earnings for the current fiscal year.

India is the world's fourth largest automobile market, but sales have been falling since last year. According to IHS, the volume drop was the most after China in first half of 2019.

On returns part, however, Indian auto companies have been in line with their global counterparts in the past one year.

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

Also, speaking of the auto sector, multiple factors have affected the auto sector of late. The liquidity crisis faced by NBFCs, regulatory changes leading to increased costs, new emission norms...they have all taken their toll.

The industry's sales and production levels have plunged, leading to job losses. In August, all major OEMs consisting of passenger, commercial, two and three-wheeler manufacturers have reported a massive decline in domestic sales.

As per Society of Indian Automobile Manufacturers' (SIAM) August sales figures, the overall sectoral offtake in the domestic market has plunged 23.6% to 1,821,490 units, from 2,382,436 units sold during the corresponding month of the previous year.

On 20 September, the government had reduced corporate tax rates from 30% to 22% to boost consumer demand and increase spending by private companies. The effective tax to be paid by the companies, including surcharge and cess, will be 25.17%.

However, in the euphoria of the government's tax rate cuts, an important announcement went unnoticed.

The road transport and highways ministry has proposed a huge increase in re-registration of vehicles which are more than 15 years old.

The proposed hike will be implemented from July 2020. The policy change is aimed at reducing pollution by scrapping older vehicles on the road.

As per Co-head of Research, Tanushree Banerjee, this might come as a welcome relief for automakers who have seen severe fall in sales over the past 1 year.

Signs of Revival in the Auto Sector

Here's what she wrote about it in one of the editions of The 5 Minute WrapUp...

  • The upcoming festive season and the recent policy measures might just be the trigger needed to revive the sector.

    A leading auto player makes it to my list of 7 stocks to buy.

    I believe, rising disposable incomes and aspirations of India's youth, will be the key trends benefiting this market leader in the long run.

As per Tanushree, these are just some of the trends that will play a big part in the Sensex 1,00,000 journey.

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

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Stock Market Updates

ASTER DM HEALTHCARE LTD Plunges by 6%; BSE HEALTHCARE Index Up 0.6% (Today's Market)

Nov 15, 2019 12:36 PM

ASTER DM HEALTHCARE LTD share price has plunged by 6% and its current market price is Rs 158. The BSE HEALTHCARE is up by 0.6%. The top gainers in the BSE HEALTHCARE Index are GLENMARK PHARMA (up 5.2%) and SUN PHARMA ADV. RES. (up 3.7%). The top losers are ASTER DM HEALTHCARE LTD (down 5.7%) and FORTIS HEALTHCARE (down 7.2%).

ICICI BANK at All Time High; BSE BANKEX Index Up 1.0% (Today's Market)

Nov 15, 2019 12:31 PM

ICICI BANK share price has hit an all time high at Rs 510 (up 1.1%). The BSE BANKEX Index is up by 1.0%. Among the top gainers in the BSE BANKEX Index today are ICICI BANK (up 1.1%) and KOTAK MAHINDRA BANK (up 0.7%). The top losers include INDUSIND BANK (down 0.4%) and AXIS BANK (down 0.5%).

Indian Indices Trade Higher; Bharti Airtel & SBI Top Gainers (Today's Market)

Nov 15, 2019 12:30 pm

Indian share markets are trading on a positive note with the BSE Sensex up by 227 points while NSE Nifty is trading higher by 62 points.

SBI Surges by 5%; BSE BANKEX Index Up 1.0% (Today's Market)

Nov 15, 2019 12:26 PM

SBI share price has surged by 5% and its current market price is Rs 322. The BSE BANKEX is up by 1.0%. The top gainers in the BSE BANKEX Index is SBI (up 5.1%). The top losers are INDUSIND BANK (down 0.3%) and AXIS BANK (down 0.5%).

AU SMALL FINANCE BANK Plunges by 5%; BSE BANKEX Index Up 0.9% (Today's Market)

Nov 15, 2019 11:56 AM

AU SMALL FINANCE BANK share price has plunged by 5% and its current market price is Rs 826. The BSE BANKEX is up by 0.9%. The top gainers in the BSE BANKEX Index are SBI (up 4.3%) and BANK OF BARODA (up 1.6%). The top losers is AU SMALL FINANCE BANK (down 5.3%).

FORTIS HEALTHCARE Plunges by 11%; BSE 500 Index Up 0.4% (Today's Market)

Nov 15, 2019 10:59 AM

FORTIS HEALTHCARE share price has plunged by 11% and its current market price is Rs 161. The BSE 500 is up by 0.4%. The top gainers in the BSE 500 Index are CORPORATION BANK (up 17.2%) and CENTRAL BANK (up 9.8%). The top losers is FORTIS HEALTHCARE (down 10.9%).

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