Sensex Opens Over 150 Points Up; IT & Consumer Durable Stocks Lead

Mon, 12 Nov 09:30 am

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Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.2% while the Hang Seng is up 0.4%. The Shanghai Composite is trading up by 0.6%. Meanwhile, Wall Street's three major stock indices lost ground on Friday, after a week of recovery from the October sell-off.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 164 points while the NSE Nifty is trading up by 51 points. The BSE Mid Cap index and BSE Small Cap index both opened the day on a positive note.

Sectoral indices have opened the day on a positive note with IT stocks and consumer durable stocks witnessing maximum buying interest. While, oil & gas stocks have opened the day in red.

The rupee is trading at Rs 72.79 against the US$.

In the news from the commodity space, India plans to lease out half of its Padur strategic oil reserve site in southern India to Abu Dhabi National Oil Co. (ADNOC) for storing crude.

Indian Strategic Petroleum Reserves ltd (ISPRL) will sign an initial agreement with ADNOC today in the presence of oil minister Dharmendra Pradhan.

The agreement will allow ADNOC to sell oil to local refiners but give the government of India the first right to the oil in the case of an emergency.

India relies heavily on oil imports, which accounts for about 80% of its total demand.

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.

In the latest developments from the results corner, Titan Company on Friday reported a 2.9% year-on-year rise in standalone net profit at Rs 3.1 billion for the quarter ended September.

It had posted a net profit of Rs 3.1 billion in the same quarter last year.

Total income increased 26.4% YoY to Rs 44.3 billion during the quarter under review as against Rs 35.1 billion in the same period last year.

Standalone profit before tax for Q2 FY19 stood at Rs 4.5 billion as against Rs 4.3 billion a year ago, registering a growth of 5%.

As per the company, the growth in the profit before tax for the quarter was muted due to provision made to the tune of Rs 0.3 billion for investments made as part of treasury operations in inter corporate deposits in the IL&FS group and certain one-time franchisee compensations on store takeover in the jewellery segment.

The jewellery business recorded an income of Rs 35.8 billion as compared to Rs 27.9 billion last year. The business grew by 29% over last year in Q2. The income from watches business recorded healthy growth for the quarter at Rs 6.8 billion against Rs 5.8 billion in the previous year, a growth of 17%.

Titan Company share price opened the day up by 3.5%.

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