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Sensex Opens on a Strong Note; Energy & Metal Stocks Rally

Mon, 23 Oct 09:30 am

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   11:30 am   

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Asian stock markets are trading mixed in morning trade. The Nikkei 225 is up by 1% as the dollar spiked to more than three-month highs against the yen following a snap election in Japan. Meanwhile, the Hang Seng and Shanghai Composite are trading in red. US stocks closed higher last week after the Senate took a step toward achieving tax reform.

Meanwhile, Indian share markets have opened the day on a firm note. BSE-Sensex is trading higher by 215 points and NSE-Nifty is trading higher by 62 points. S&P BSE Mid Cap is trading up by 0.3% and S&P BSE Small Cap is trading up by 0.5%.

Gains are largely seen in energy stocks and metal stocks. The rupee is trading at Rs 65.07 against the US$.

As per an article in The Livemint, Maruti Suzuki India has become the largest passenger vehicles exporter from India in the first half of the ongoing fiscal, dethroning Hyundai Motor India Ltd.

In the April-September period this fiscal, Maruti Suzuki India exported 57,300 units of passenger vehicles (PVs) as against 54,008 units in the year-ago period, up 6%.

Meanwhile, for the first time ever, revenues of Maruti Suzuki surged past those of its parent's local business. This was due to the strengthened hold of the Indian company over the market, and underpinning its importance for its Japanese parent Suzuki Motor Corporation.

Maruti Suzuki's net revenues stood at Rs 669.09 billion last year as against Rs 600.47 billion (standalone) net sales posted by Suzuki Motor Corporation during the same year.

This year so far, Maruti Suzuki beat the industry's growth with 17% increase in volumes at 822,000 during the April-September period as compared to the same period last year. The industry so far during the same period posted a growth of 9% at 1.1 million units.

Maruti Suzuki share price opened the trading week up by 0.6%.

S&P BSE Auto index is the best performing sectoral index since the global financial crisis. Auto index has surged by a mammoth 823% since November 2008. This is way ahead as compared to the benchmark index returns of 230% during the same period.

BSE Auto Index Witnessed the Highest Gains Since Financial Crisis

Within the auto index, Tata Motor's stock has appreciated the most since November 2008. The stock has posted a gain of 1180% since November 2008. Other stocks too such as Maruti Suzuki, Bajaj Auto, Mahindra and Mahindra have gained more than 1000% since then.

The main reason leading to this surge is the booming consumption story. Driving aspirations of the rising middle class have pushed up car sales in the world's second most populous country. Further, benign interest rates and lower oil prices too have supported this consumption boom.

Moving on to news from oil & gas sector. As per an article in The Economic Times, ONGC has chalked out a plan to raise crude oil production by 4 million tonne (MT) to 26.42 MT and almost double natural gas output by 2020.

The company has prepared the 'Roadmap for Import Reduction' two years after Prime Minister Modi set the target for reducing oil import dependence by 10%, from 77% in 2013-14. India spend almost US$ 1 trillion on crude imports from financial year 2005-06 to 2015-16.

India imported a record 4.83 million barrels per day (bpd) of oil in September. India shipped in 4.2% more oil last month than a year earlier and about 19% more than in the previous month. This is due to several refiners resuming operations after extensive maintenance to meet rising local fuel demand.

India, which imports about 80% of its oil needs, has emerged as a key driver for growth in global oil demand.

India is set to surpass China as the fastest-growing oil products market in Asia, with fuel demand growing by 6.1% in 2018, according to a recent report by the U.S. Energy Information Administration.

OPEC expects India's oil demand to rise by 150% to 10.1 million bpd by 2040 from about 4 million bpd.

ONGC share price opened the trading day up by 0.6% on the BSE.

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