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Markets will remain closed on 2nd April, 2020 on account of Ram Navami.

Sensex Ends 580 Points Higher; Auto and Metal Stocks Witness Buying
Fri, 2 Nov Closing | Monish Vora, TM Team

Share markets in India continued their momentum during closing hours and ended the week on a strong note. Sectoral indices were trading on a positive note with stocks in the auto sector and metal sector leading the gains.

At the closing bell, the BSE Sensex stood higher by 580 points (up 1.7%) and the NSE Nifty closed up by 173 points (up 1.7%). The BSE Mid Cap index ended the day up 0.8%, while the BSE Small Cap index ended the day up by 0.7%.

The rupee was trading at Rs 72.49 against the US$.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 4% and the Shanghai Composite was up by 2.6%. The Nikkei 225 was up by 2.5%. European markets were also trading on a positive note. The FTSE 100 was up by 0.7%. The DAX was up by 1.4%, and the CAC 40 was up by 1.3%.

In the news from the banking space, Punjab National Bank share price was in focus today as the lender reported a loss of Rs 45.3 billion for September quarter. The underperformance was seen on the back of massive provisions and contingencies of Rs 97.6 billion the state-run lender made during the period.

These provisions for the quarter at Rs 97.6 billion were over three times Rs 24.4 billion the lender made in the year-ago period. Of these, provisions for non-performing assets (NPAs) stood at 77.3 billion.

In the news from currency markets, the rupee witnessed buying interest and climbed over 1% today. This was seen on the back of falling crude oil prices and a weaker dollar.

The above news comes as a welcome breather as the rupee has been witnessing selling pressure since the start of this year on the back of a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey has weighed on the rupee lately.

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

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However, 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.

The company derives around 65% of the revenue from exports. The icing on the cake is the company's focused entry into the B2C segment, which provides it a long runway for future growth.

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In the news from commodity markets, market participants were closely tracking crude oil prices today as the US sanctions on Iran come into effect from November 4.

Crude oil prices witnessed selling pressure today as surging output eased tensions of a tight supply as the sanctions come into place.

Prices fell to the lowest level since April due to growing concerns that global demand is weakening at a time when output from the world's major oil producers is surging.

Also, the data from the US Energy Department stating overall US crude output hit a record 11.35 million barrels per day in August, and it is expected to keep growing meant crude oil prices trading on a negative note.

Note that global financial markets are looking at Saudi to produce extra crude oil after the US sanctions on Iranian oil take effect in a week's time.

Last week, Saudi Arabia said it would make up for supply disruptions from US sanctions that are targeting Iran's petroleum exports.

Saudi Energy Minister Khalid al-Falih said that despite expected supply disruptions from the US sanctions against Iran that kick in from November 4, Saudi Arabia would step up to meet any demand that materializes to ensure customers are satisfied.

Oil buyers are seeking alternatives ahead of the start of the US sanctions on November 4 and creating a challenge to other OPEC oil producers as they seek to cover the shortfall.

Market participants are worried that Iranian sanctions could severely undersupply the oil market in 2018 and that will mean further rise in crude oil prices.

Speaking of crude oil, India's crude oil production was lower by 4.2% in September 2018 as compared to last year, as can be seen from the chart below.

India's Increasing Crude Oil Demand Supply Gap

The worrying factor is this was the lowest production this year.

Here's what Tanushree Banerjee wrote about it in a recent edition of The 5 Minute WrapUp...

  • Comparing domestic production with the crude oil processed by refineries gives an idea of the demand supply gap. Low domestic production as compared to the demand for crude oil places a huge burden on India's import bill.

    Rising crude oil prices could have severe implications. Rising inflation. Rising interest rates. Pressure on the government to cut excise duty, thereby impacting its revenues.

    We have seen some of this play out. With elections around the corner, expect a lot of subsidies on fuel prices. This is bound to worsen India's fiscal deficit further.

It would be interesting to see how this pans out. Meanwhile, we will keep you updated on all the developments from this space.

Moving on, airline stocks witnessed buying interest today. Gains were seen on the back of falling crude oil prices today.

Stocks such as SpiceJet, IndiGo, and Jet Airways gained as much as 5% on the back of above development.

Speaking of airline sector, India's aviation industry is on a high-growth trajectory. India's domestic air traffic has seen a prolific growth of 20-25% during 2015 and 2016. And in 2017, it tapered to 17.4%. However, for the first time, domestic air traffic crossed an important landmark of 100 million passengers in a calendar year.

What's foreseeable for India's aviation traffic now is some pressure on the back of the consistent rise in crude oil prices.

Oil prices are closely monitored by the Indian air carriers, as aviation turbine fuel is their single largest input cost. A sharp rise in the cost of fuel puts pressure on margins, and consequently an increase in air fares.

Although air travel is becoming the new normal, investors need to understand the industry dynamics before buying up aviation stocks.

You can listen to this week's stock market updates in our brand new podcast below. Tune in!

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Stock Market Updates

PRESTIGE ESTATES Surges by 6%; BSE REALTY Index Down 3.0% (Today's Market)

Apr 1, 2020 03:33 PM

PRESTIGE ESTATES share price has surged by 6% and its current market price is Rs 185. The BSE REALTY is down by 3.0%. The top gainers in the BSE REALTY Index are PRESTIGE ESTATES (up 6.5%) and SOBHA LIMITED (up 5.6%). The top losers are OMAXE LTD (down 0.5%) and GODREJ PROPERTIES (down 1.0%).

NESCO Plunges by 5%; BSE CAPITAL GOODS Index Down 2.6% (Today's Market)

Apr 1, 2020 03:33 PM

NESCO share price has plunged by 5% and its current market price is Rs 491. The BSE CAPITAL GOODS is down by 2.6%. The top gainers in the BSE CAPITAL GOODS Index are FINOLEX CABLES (up 7.2%) and GRAPHITE INDIA (up 5.0%). The top losers are NESCO (down 5.4%) and BHARAT ELECTRONICS (down 6.6%).

CAPRI GLOBAL CAPITAL Plunges by 8%; BSE 500 Index Down 3.3% (Today's Market)

Apr 1, 2020 03:33 PM

CAPRI GLOBAL CAPITAL share price has plunged by 8% and its current market price is Rs 172. The BSE 500 is down by 3.3%. The top gainers in the BSE 500 Index are JINDAL SAW LTD (up 8.3%) and GUJ. STATE PETRONET (up 7.5%). The top losers are CAPRI GLOBAL CAPITAL (down 8.5%) and MRF LTD. (down 5.2%).

HCL TECHNOLOGIES Plunges by 5%; BSE IT Index Down 5.6% (Today's Market)

Apr 1, 2020 03:33 PM

HCL TECHNOLOGIES share price has plunged by 5% and its current market price is Rs 440. The BSE IT is down by 5.6%. The top gainers in the BSE IT Index are NIIT TECHNOLOGIES (up 2.9%) and FIRSTSOURCE SOL. (up 2.5%). The top losers are HCL TECHNOLOGIES (down 5.2%) and ORACLE FINANCIAL (down 5.2%).

MAHINDRA HOLIDAYS Plunges by 6%; BSE 500 Index Down 3.3% (Today's Market)

Apr 1, 2020 03:31 PM

MAHINDRA HOLIDAYS share price has plunged by 6% and its current market price is Rs 141. The BSE 500 is down by 3.3%. The top gainers in the BSE 500 Index are PRESTIGE ESTATES (up 8.0%) and JUBILANT LIFE SCIENCES (up 7.9%). The top losers are MAHINDRA HOLIDAYS (down 6.5%) and MRF LTD. (down 5.2%).

Indian Indices Extend Fall; Kotak Mahindra Bank & Tech Mahindra Top Losers (Today's Market)

Apr 1, 2020 12:30 pm

The BSE Sensex is trading down by 1,064 points, while the NSE Nifty is trading down by 304 points.

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