Sensex Trades Marginally Higher; Tata Motors and Yes Bank Top Gainers

Tue, 6 Nov 12:30 pm

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Share markets in India are presently trading on a positive note. Sectoral indices are trading mixed with stocks in the realty sector and IT sector witnessing maximum buying interest.

The BSE Sensex is trading up by 137 points (up 0.4%), while the NSE Nifty is trading up by 33 points (up 0.3%). The BSE Mid Cap index is trading up 0.1%, while the BSE Small Cap index is trading up by 0.4%.

In the news from the currencies space, the Indian rupee erased some of its early gains and is trading at Rs 72.98 against the US$.

Rupee, after strengthening in the past few sessions came under pressure in yesterday's sessions ahead of the important mid-term elections and FOMC policy statement that will be released this week.

Note that, the rupee is the worst performer in Asia in 2018. It has fallen by around 12% against the US dollar this year.

Indian Rupee is the Worst Performing Currency in Asia

The rupee is under pressure due to a strong dollar and high oil prices.

The falling rupee is also triggering sales of bonds and stocks, which in turn is further pressuring the rupee.

That said, in the near term, the rupee being under pressure could benefit export-oriented businesses.

The recent Smart Money Secrets recommendation will benefit from the rupee depreciation.

If you're a Smart Money Secrets subscriber, read the detailed report here.

If not... you can get the report by signing up here.

On the domestic front, no major economic data is expected to be released but market participants will be tracking crude oil prices.

Yesterday, crude rebounded from its lows after a five-day slump as the US formally imposed punitive sanctions on Iran but granted eight countries temporary waivers allowing them to keep buying oil from the Islamic Republic.

Oil markets have been anticipating the sanctions for months. Prices have been under pressure as major producers including Saudi Arabia and Russia have ramped up output to near-record levels.

In the news from the banking space, State Bank of India share price is in focus today after the bank declared its quarterly results.

The bank reported a 40% YoY decline in its net profit at Rs 9.4 billion for September quarter of FY19 against Rs 15.8 billion reported in the year-ago quarter.

You can read State Bank of India Q2FY19 result analysis here.

You can also read our recently released Q2FY19 result analysis of the following companies: Asian Paints, TVS Motors, Wipro, Ambuja Cement, HDFC Bank, Infosys and more.

Moving on to the news from the IPO space, India insurance company PNB MetLife has received market regulators approval to float an initial public offer (IPO).

According to the draft papers, the IPO will put up 49,58,98,076 shares for sale, worth 24.6% stake dilution.

With the IPO, the company will enhance the PNB MetLife brand name and provide liquidity to the existing shareholders.

With so many IPOs set to hit the markets, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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

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Indian Share Market Update: Top Gainers and Losers