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Sensex Trades Marginally Lower, Nifty Below 18,000; Energy Stocks Under Pressure

Wed, 17 Nov 10:30 am

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Asian share markets are lower today despite gains on Wall Street, as investors eye key economic and inflation data.

The Nikkei plunged 0.5% while the Hang Seng fell 0.7%. The Shanghai Composite is up 0.2%.

In US stock markets, Wall Street indices closed higher on Tuesday as earnings from Home Depot and retail sales data signaled solid consumer health and eased worries about a Federal Reserve that may have to become more aggressive in the face of rising inflation.

The Dow Jones added 0.2% while the Nasdaq rallied 0.8%.

Back home, Indian share markets are trading on a negative note.

The BSE Sensex is trading down by 143 points. Meanwhile, the NSE Nifty is trading lower by 32 points.

NTPC and Asian Paints are among the top gainers today. Reliance Industries, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.1% and 0.4%, respectively.

Sectoral indices are trading mixed with stocks in the power sector and automobile sector witnessing buying interest.

Oil & gas stocks and energy stocks, on the other hand, are trading in red.

Shares of CRISIL and TCNS Clothing hit their 52-week highs today.

The rupee is trading at 74.48 against the US$.

Gold prices are trading up by 0.1% at Rs 49,105 per 10 grams.

Meanwhile, silver prices are trading up by 0.3% at Rs 66,430 per kg.

Gold inched higher today but hovered around a recent low, after a jump in US retail sales kept the dollar close to a 16-month high.

Crude oil prices dropped today after US gasoline stocks fell more than expected last week, which could heighten pressure on the Biden administration to release oil from emergency reserves to cap soaring gasoline prices.

Speaking of stock markets, Brijesh Bhatia talks about why he is bullish on the Bank Nifty and which levels you should be looking out for, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

In news from the IPO space, Go Fashion has raised Rs 4.6 bn from 33 anchor investors, ahead of its initial public offering (IPO).

The IPO will open for subscription on today and close on 22 November.

Government of Singapore, Monetary Authority of Singapore, Nomura, Abu Dhabi Investment Authority, Fidelity, Neuberger Berman Emerging Markets Equity Master Fund, and University of Notre Dame are among marquee investors invested in Go Fashion through anchor book.

Meanwhile, domestic investors included SBI Mutual Fund, HDFC Trustee, ICICI Prudential, Axis Mutual Fund, Aditya Birla Sun Life, SBI Life Insurance, and Kotak Mutual Fund.

Go Fashion is planning to mop up Rs 10.1 bn through its public issue that comprises a fresh issue of Rs 1.3 bn and an offer for sale (OFS) of 12.8 m equity shares by selling shareholders.

The price band for the offer has been fixed at Rs 655-690 per equity share.

How this IPO sails through remains to be seen.

Moving on to news from the PSU space, the government wants state-owned oil and gas explorer ONGC to carve out non-producing high-potential areas of the prolific Mumbai High and Bassein fields for privatisation, not privatise entire fields.

ONGC produces more than 60% of India's oil and gas output and has resisted several attempts at privatizing its fields over the past few years.

In the latest move, the oil ministry wrote to ONGC last month, asking it to give away 60% participating interest and operatorship in Mumbai High and Bassein fields to international players.

These two fields together account for half of domestic gas and more than 23% of oil production.

In the ministry's letter, lower recovery rates in the two ageing fields, slower project implementation by ONGC, and government rules that constrain a public-sector enterprise's functioning were cited as the key grounds for privatization.

Reports state that this letter has rattled ONGC executives. As per them, these suggestions were 'unfair' to the company and that the government should instead encourage foreign companies to bid for exploration acreages.

Now, the government is softening its stand. Oil Secretary Tarun Kapoor said the proposal of a 60% stake sale would not apply to producing areas of the two fields.

Kapoor also said that the government will no longer insist on ONGC hiving off its drilling and well services arm.

The government is expecting ONGC to help build a robust domestic oilfield services industry by taking on more projects quickly and providing local service providers more business opportunities.

Shares of ONGC are currently trading higher by 0.4%.

To know more, check out ONGC's 2020-21 annual report analysis.

Speaking of PSUs, have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in BSE PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in one of the edition of Profit Hunter...

• However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.
  
  In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.

One of Richa's stock recommendation is a PSU stock. This smallcap PSU is leading the digitisation drive from the frontlines.

Richa believes it could be a perfect bet for these uncertain times. Hidden Treasure subscribers can read the recommendation here.

And if you're not a subscriber, here's where you can sign up.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers