Sensex Finishes Flat; Consumer Durables & Bank Stocks Gain the Most

Thu, 9 Nov Closing

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Indian share markets finished the trading day marginally higher amid mixed international indices. At the closing bell, the BSE Sensex closed higher by 32 points and the NSE Nifty finished up by 6 points. The S&P BSE Mid Cap finished up by 1% while S&P BSE Small Cap finished up by 0.8%. Gains were largely seen in consumer durables stocks, power stocks and bank stocks. Pharma stocks and auto stocks finished in red.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.79% and the Shanghai Composite rose 0.36%. The Nikkei 225 lost 0.20%. European markets are mixed. The DAX is higher by 0.07%, while the CAC 40 & FTSE 100 are down 0.11% and 0.01% respectively.

Rupee was trading at Rs 64.90 against the US$ in the afternoon session. Oil prices were trading at US$ 56.84 at the time of writing.

Oil prices has increased nearly 130% since January 2016. This is a typical capital cycle. And it gets interesting every time.

The OPEC is expected to extend a cut of around 1.8 million barrels per day into the whole of 2018. Since June 2017 onwards, prices of Brent have been on the rise, on the back of a drop in US crude inventories, geopolitical tension between OPEC countries, and disruption in production caused by the hurricane activity in the US.

Crude Oil Hits 28-Month High

From India's perspective, rising oil prices warrant close attention. This could lead to rising risks of fiscal slippage, greater inflationary pressures, and lower likelihood of a rate cut by the Reserve Bank of India (RBI) in December prompt investors to review their positions.

In news from the economy, as per a leading financial daily, a study carried out by Centre for Digital Financial Inclusion (CDFI) has indicated that the government's move to demonetise Rs 500 and Rs 1,000 currency notes has broadened the scope for digitisation with around 63% retailers in rural as well as urban India willing to use digital payments such as mobile payments and card payments.

The study further showed that till March 2017, the actual cashless transaction was only 11%, though the interview showed 63% retailers willing for it. It also noticed that there was 11% digital transaction across the board, whether rural or urban areas and the perception has changed substantially with large number of people willing to embrace it.

Adding further, it noted that as note ban pushed the demand for cashless transaction, finance minister Arun Jaitley announced that additional 10 lakh point-of-sale would be made available in the market. It also highlighted that the country had 94% mobile users of which 41% people had smart phone, which was a good sign to adopt cashless payment.

Moving on to news from bank stocks. Punjab National Bank (PNB) share price finished the day up by 2% after it was reported that the bank has identified 300 branches to either be merged with profitable ones or be relocated. The company plans to make operations more efficient.

The bank has also formed a group of senior officials to carry out a detailed study and flesh out strategies for branch network rationalization.

As per the reports, the company has a customer base of 100 million. The bank added nine branches to its network from April to June, but also closed six in the second quarter, taking the total to 6,940 till September end.

Last week, the bank said that September quarter net profit rose just 2% to Rs 5.60 billion from a year ago, as provisions for bad loans increased.

In news from telecom sector, as per an article in The Livemint, about a dozen companies, including Bharti Airtel Ltd and Reliance Jio Ltd, have evinced interest in buying majority stake or some of the assets of Reliance Communications (RCom).

While Airtel is keen to buy a select spectrum or airwaves as also some equipment held by RCom, others have shown interest in buying majority stake. Loss-making RCom, which last month announced shutting down of its 2G and 3G mobile telephony business by 30 November, is saddled with Rs 443 billion of debt.

In another development, Rcom's 110 billion tower deal with Canada's Brookfield has collapsed. The setback comes at a time when lenders to the company are trying to sell assets in a piece-meal fashion to recover their dues, nearly a month after the telco's merger deal with Aircel had fallen through.

Telecom stocks finished the day on a negative note with Tata Teleservices share price and Rcom share price leading the losses.

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