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Sensex Ends 297 Points Higher; Energy and Realty Stocks Witness Buying
Tue, 16 Oct Closing | Monish Vora, TM Team

Share markets in India continued their momentum during closing hours and ended the day on a positive note. Sectoral indices were trading on a positive note, with stocks in the energy sector and realty sector leading the gains.

At the closing bell, the BSE Sensex stood higher by 297 points (up 0.9%) and the NSE Nifty closed up by 72 points (up 0.7%). The BSE Mid Cap index ended the day up 1.1%, while the BSE Small Cap index ended the day up by 1.7%.

The rupee was trading at Rs 73.65 against the US$ in the afternoon session.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was up by 0.1% and the Shanghai Composite was down by 0.9%. The Nikkei 225 was up by 1.2%. European markets were also trading on a mixed note. The FTSE 100 was down by 0.3%. The DAX was up by 0.4%, while the CAC 40 was up by 0.3%.

In the news from the banking space, Federal Bank share price was in focus today as the bank posted a 0.9% rise in September quarter net profit helped by higher interest income.

Net profit for the bank stood at Rs 2.66 billion in the quarter ended September 30, compared with Rs 2.64 billion a year earlier.

Gross bad loans as a percentage of total loans stood at 3.11% at September-end compared with 3% in the previous quarter and 2.39% a year earlier, while interest earned rose 16.2% during the quarter to Rs 27.6 billion.

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In the news from oil & gas sector, as per a leading financial daily, the government is said to have asked oil PSUs to consider Rs 200 billion in share buybacks.

As per the news, Indian Oil Corporation (IOC) is expected to buy back 3% of its shareholding, valued at Rs 40 billion, while Oil and Natural Gas Corporation's (ONGC) buyback programme is slated to be about Rs 48 billion and Oil India Ltd's Rs 11 billion.

It would be interesting to see how this pans out. Meanwhile, we will keep you updated on all the developments from this space.

In news from the commodity markets, as per a leading financial daily, OPEC Secretary-General Mohammad Barkindo today advised oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity is declining worldwide.

He said that countries that are holding spare capacity are now shrinking because there has been less investment in exploration.

As per him, the global oil sector needs about US$ 11 trillion in investment to meet future oil needs in the period up to 2040 adding that import-dependent countries such as India were concerned about future oil supply.

Speaking of crude oil, almost every time a rise or fall in the stock markets is invariably linked to crude oil prices.

Logically, it seems right too. Rise in crude oil increases input costs for dependent firms. It also means rising inflation. Rising inflation means rising interest rates.

It also puts pressure on the government to cut excise duty, thereby impacting its revenues. We have already seen that happening. After all, there is an election year coming up.

But has it really affected the stock markets?

Are Stock Market Returns Really Linked to Crude Oil Prices?

Here's what Girish Shetty wrote about it on one of the recent editions of The 5 Minute WrapUp...

  • In the short-term: Yes.

    But in the long run, as we can see, Sensex returns have been independent of crude oil prices or even positively co-related!

    Crude oil prices doubled from US$ 41 in December 2008 to US$84 in April 2010. In the same time, Sensex also doubled from 8,800 levels to 17,600 levels.

    So, please don't fret unnecessarily about crude oil.

    Check if your business has a moat that helps it pass on input price increases to its customers. In the long run, they will survive and also gain market share from those that can't pass on prices. Short term pessimism due to rising crude oil prices provides a buying opportunity in these stocks.

As per him, focusing on quality stocks rather than crude oil will matter more in the long run.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

By the way, in our latest edition of the stock market podcast, we have our Research Analyst, Radhika Pandit present a contrary view on PSU sector. She talks about good PSU stocks that you must look at. Listen in... visit SoundCloud, iTunes or Stitcher.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Stock Market Updates

GE POWER INDIA LTD Surges by 5%; BSE CAPITAL GOODS Index Up 1.1% (Today's Market)

Oct 16, 2018 03:34 PM

GE POWER INDIA LTD share price has surged by 5% and its current market price is Rs 824. The BSE CAPITAL GOODS is up by 1.1%. The top gainers in the BSE CAPITAL GOODS Index are GE POWER INDIA LTD (up 5.0%) and FINOLEX CABLES (up 9.9%). The top losers are SCHAEFFLER INDIA LTD (down 0.1%) and CG POWER & INDUSTRIAL SOLUTIONS LTD (down 0.1%).

INDIABULLS HOU. FIN. Plunges by 5%; BSE 500 Index Up 0.9% (Today's Market)

Oct 16, 2018 03:34 PM

INDIABULLS HOU. FIN. share price has plunged by 5% and its current market price is Rs 977. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 16.8%) and FINOLEX CABLES (up 9.9%). The top losers are INDIABULLS HOU. FIN. (down 5.0%) and TATA COMM. (down 5.6%).

FINOLEX CABLES Surges by 10%; BSE CAPITAL GOODS Index Up 1.3% (Today's Market)

Oct 16, 2018 03:22 PM

FINOLEX CABLES share price has surged by 10% and its current market price is Rs 532. The BSE CAPITAL GOODS is up by 1.3%. The top gainers in the BSE CAPITAL GOODS Index is FINOLEX CABLES (up 10.3%). The top losers are CG POWER & INDUSTRIAL SOLUTIONS LTD (down 0.2%) and CARBORUNDUM UNIVERSAL (down 0.7%).

TATA ELXSI Surges by 5%; BSE IT Index Up 0.5% (Today's Market)

Oct 16, 2018 02:54 PM

TATA ELXSI share price has surged by 5% and its current market price is Rs 1,040. The BSE IT is up by 0.5%. The top gainers in the BSE IT Index is TATA ELXSI (up 5.2%). The top losers are INFOSYS LTD and HCL TECH.

CENTURY PLYBOARDS Surges by 12%; BSE 500 Index Up 0.9% (Today's Market)

Oct 16, 2018 02:46 PM

CENTURY PLYBOARDS share price has surged by 12% and its current market price is Rs 201. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are CENTURY PLYBOARDS (up 12.0%) and HEG LTD (up 10.5%). The top losers are COROMANDEL INTERN. and JSW STEEL .

Indian Indices Trade Strong; Capital Goods Stocks Lead Gains (Today's Market)

Oct 16, 2018 12:30 pm

The BSE Sensex is trading up by 198 points, while the NSE is trading up by 50 points.

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