X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
Investing in India? Get Equitymaster Research  
Energy, metals push up markets 
(Mon, 1 Nov 09:30 am) 
 
Asian markets have opened this week on a positive note. However, the Japanese markets are in the red due to concerns of the strengthening yen and weaker corporate earnings. Indian markets have opened on a positive note. Currently, stocks from energy and metal sectors are leading the pack of gainers.

The BSE-Sensex is trading higher by around 270 points (1.4%), while the NSE-Nifty is up by about 75 points (1.3%). Mid and small cap stocks are in the positive as well with the BSE-Midcap and BSE-Smallcap indices trading higher by around 1.2% and 1.1% respectively. The rupee is trading at 44.39 to the US dollar.

Energy stocks have opened the week on a strong note. Currently Reliance Industries, Cairn India and BPCL are the key gainers here. Reliance Industries (RIL) announced its 2QFY11 results late last week. The company's revenues grew by 23% YoY during the quarter on the back of improved refining margins. These stood at US$ 7.9 per barrel as compared to US$ 6 per barrel in 2QFY10. However, the revenues would have been higher had it not been for the one month shutdown of the refinery for repairs and maintenance. RIL's net profits grew by 28% YoY on the back of higher gas sales and improved refining margins. Going forward, the management has said that it is focused on identifying opportunities that leverage India's demographic and market potential.

Shipping stocks have opened this week under pressure, with selling seen in heavyweights like GE Shipping, Shipping Corp., and Varun Shipping. India's largest private sector shipping company, GE Shipping, announced its 2QFY11 results late last week. The company reported a 5% YoY decline in its consolidated net sales during the quarter. This was largely due to a 6% fall in the number of revenue days for the shipping business. However, its operating margins improved to 36% during the quarter, from 24% in 2QFY10. This was led by a sharp decline in the cost on hire of chartered ships. Subsequently, helped by the improvement in operating margins, and lower interest and depreciation charges, the company's net profits grew by 56% YoY during the quarter. Overall, GE Shipping benefited from the improvement in tanker freight rates during the quarter. The average rate of crude carriers, for instance, improved by 7% YoY during 2QFY11. A good improvement was also seen in the dry bulk tanker rates, as the same were higher by 16% YoY during the quarter.

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

View all commentaries | Archives  RSS
Read the latest Market Commentary
 
BSE-30
 

 
Go
 

Equitymaster requests your view! Post a comment on "Energy, metals push up markets". Click here!

  
 

Become A Smarter Investor In
Just 5 Minutes

Multibagger Stocks Guide 2017
Get our special report, Multibagger Stocks Guide (2017 Edition) Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Jul 21, 2017 (Close)

MARKET STATS