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Markets will remain closed on 18th October, 2018 on account of Dussehra.

Sensex Ends 383 Points Lower; Realty and Auto Stocks Drag
Wed, 17 Oct Closing | Monish Vora, TM Team

After trading on a volatile note throughout the day, share markets in India witnessed selling pressure during the closing hours and ended the day in red. All sectoral indices traded in red, with stocks in the auto sector and realty sector leading the losses.

At the closing bell, the BSE Sensex stood lower by 383 points (down 1.1%) and the NSE Nifty closed down by 132 points (down 1.2%). The BSE Mid Cap index ended the day down 2.2%, while the BSE Small Cap index ended the day down by 2.1%.

The rupee was trading at Rs 73.57 against the US$.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.1% and the Shanghai Composite was up by 0.6%. The Nikkei 225 was up by 1.3%. Meanwhile, European markets were trading on a mixed note. The FTSE 100 was trading flat. The DAX was down by 0.2%, while the CAC 40 was down by 0.6%

IIFL Holdings share price witnessed selling pressure today as the company yesterday said that its subsidiary IIFL Wealth Management acquired Wealth Advisors India, a Chennai-based wealth management firm for a total consideration of Rs 2.35 billion.

From the IT sector, Infosys share price was in focus today as the company posted a surprise 3.2% dollar revenue growth in the September quarter (Q2FY19) as compared to the preceding three months.

This was the fastest sequential growth by India's second-largest information technology (IT) services company in more than a year.

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In constant currency terms, Infosys's Q2 revenue rose 4.2% from the preceding three months.

Currency fluctuations, however, took some sheen off the company's growth as dollar revenue increased at a slower pace to US$2.92 billion in the quarter ended 30 September.

Net profit rose 0.5% to US$ 581 million in the September quarter from US$ 578 million in the preceding quarter. Operating margin was 23.7%, same as in the June quarter.

The above better-than-expected performance was largely helped by a 4.7% sequential growth from clients in the financial services space, which contributed to 32.2% of revenue.

Also, a 4.9% increase in business from retail clients, accounting for about 17% of revenue, also helped the company's performance.

In the news from commodity space, crude oil was witnessing buying interest today as industry data showed a surprise decline in US crude inventories.

As per the data from American Petroleum Institute (API), US crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels.

US gasoline stocks dropped by a larger-than-expected 3.4 million barrels, while distillate fuel stockpiles declined by a smaller-than-expected 246,000 barrels.

Also, in another news around crude oil... As per a leading financial daily, the Organisation of the Petroleum Exporting Countries (OPEC) has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of US legal action for manipulating the market.

The decision underlines how Trump's aggressive stance on the oil market is unsettling OPEC and testing ties between allies Riyadh and Washington.

Apart from the above, OPEC officials are also advised to explore diplomatic lobbying channels to try and prevent the NOPEC bill from becoming law.

Note that Donald Trump has been a vocal critic of the OPEC and has blamed it for high oil prices. He has been urging it to increase output to relieve rising prices for the market which is hovering around four-year highs.

This has made OPEC and its unofficial leader, Saudi Arabia, nervous about what it might mean for NOPEC, or No Oil Producing and Exporting Cartels Act.

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

Also, 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

TORRENT POWER LTD Plunges by 5%; BSE POWER Index Down 1.1% (Today's Market)

Oct 17, 2018 03:34 PM

TORRENT POWER LTD share price has plunged by 5% and its current market price is Rs 250. The BSE POWER is down by 1.1%. The top gainers in the BSE POWER Index is POWER GRID (up 0.7%). The top losers are TORRENT POWER LTD (down 5.1%) and SUZLON ENERGY (down 6.2%).

ADANI PORTS & SEZ Plunges by 5%; BSE 500 Index Down 1.6% (Today's Market)

Oct 17, 2018 03:34 PM

ADANI PORTS & SEZ share price has plunged by 5% and its current market price is Rs 340. The BSE 500 is down by 1.6%. The top gainers in the BSE 500 Index are NIIT TECHNOLOGIES (up 5.1%) and MOIL LTD (up 4.8%). The top losers are ADANI PORTS & SEZ (down 5.1%) and HEG LTD (down 6.4%).

INOX WIND Plunges by 6%; BSE CAPITAL GOODS Index Down 1.6% (Today's Market)

Oct 17, 2018 03:34 PM

INOX WIND share price has plunged by 6% and its current market price is Rs 97. The BSE CAPITAL GOODS is down by 1.6%. The top gainers in the BSE CAPITAL GOODS Index are LAKSHMI MACHINE (up 1.9%) and GRAPHITE INDIA (up 1.8%). The top losers are INOX WIND (down 6.3%) and BEML LTD. (down 7.2%).

The BSE METAL Index Down 2% ; JINDAL STEEL & POWER Among Top Losers (Today's Market)

Oct 17, 2018 03:34 PM

The BSE METAL Index Down at 13,222 (down 2.1%). Among the top losers in the BSE METAL Index today are JINDAL STEEL & POWER, TATA STEEL and JSW STEEL. Meanwhile, the BSE Sensex has plunged 1.1% to 35,605.

MAHINDRA HOLIDAYS Plunges by 6%; BSE 500 Index Down 1.6% (Today's Market)

Oct 17, 2018 03:32 PM

MAHINDRA HOLIDAYS share price has plunged by 6% and its current market price is Rs 212. The BSE 500 is down by 1.6%. The top gainers in the BSE 500 Index are NIIT TECHNOLOGIES (up 4.9%) and PHOENIX MILL (up 4.3%). The top losers are MAHINDRA HOLIDAYS (down 5.6%) and HEG LTD (down 6.2%).

Sensex Trades on a Volatile Note; Auto, Realty Stocks Drag (Today's Market)

Oct 17, 2018 12:30 pm

The BSE Sensex is trading up by 70 points, while the NSE Nifty is trading up by 4 points.

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