Sensex Finishes Marginally Higher; Automobile & PSU Stocks Rise

Wed, 22 Nov Closing

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Indian share markets continued to trade well above the dotted line in the afternoon session amid firm international markets. At the closing bell, the BSE Sensex closed higher by 83 points and the NSE Nifty finished higher by 15 points. The S&P BSE Mid Cap finished down by 0.1% while S&P BSE Small Cap finished up by 0.2%. Gains were largely seen in automobile sector and PSU sector. Selling activity was seen in metal stocks and pharma stocks.

Small caps have comfortably outperformed the Large caps and how. The BSE Small Cap Index has returned 21.7% in FY18 compared to 12.5% by BSE 100 and 11.7% by the Sensex.

Small Caps - Outperformers in Current Financial Year

Expectedly, valuations of certain Small cap companies have gone through the roof. It is important to understand the highly volatile nature of these stocks. In a downturn, these stocks tend to move in the opposite direction much faster as well.

While there, undoubtedly, lies hidden opportunities in the small cap space, it is important to focus on fundamentals of these stocks. Next, assess if they have the potential to move on to the 'Safe stock' category in the future.

Asian stock markets finished higher today with shares in Hong Kong leading the region. The Hang Seng is up 0.62% while China's Shanghai Composite is up 0.59% and Japan's Nikkei 225 is up 0.48%. European markets are mixed. The FTSE 100 is higher by 0.27%, while the DAX is leading the CAC 40 lower. They are down 0.21% and 0.12% respectively.

Rupee was trading at Rs 64.75 against the US$ in the afternoon session. Oil prices were trading at US$ 57.83 at the time of writing.

In news from oil & gas sector, as per an article in a leading financial daily, Oil and Natural Gas Corp (ONGC)'s overseas arm ONGC Videsh Ltd (OVL) has acquired 15% stake from UK's Tullow Oil in an oil block in Namibia. Notably, this is OVL's second acquisition in as many months in the African nation.

Reportedly, the license is currently under First Renewal Exploration Period and the joint venture partners are carrying out data evaluation for identifying a drill prospect. Eco Oil and Gas Namibia Ltd, Azimuth Namibia Ltd and National Petroleum Corp of Namibia are the other partners in the license.

In October, ONGC Videsh acquired 30% participating interest in another exploration license from Tullow. The deals mark the consolidation of ONGC Videsh's interest in Namibian offshore, the reports noted.

The acquisition is consistent with ONGC Videsh's strategic objective of adding high quality exploration and production assets to its existing portfolio.

Meanwhile, Indian Oil Corporation (IOC) is considering buying Venezuelan crude for the first time in at least six years. This move could help crisis struck Venezuela settle unpaid bills with ONGC Videsh.

As per an article in The Economic Times, Venezuela's national oil company PDVSA has missed debt payments to ONGC Videsh for six months and wants to settle US$449 million dues using existing and new Indian clients.

ONGC share price finished the day on a flat note.

In another development, IOC is reportedly all set to start exporting aviation turbine fuel (ATF) to Myanmar from December 2017.

The company will export 12,000-14,000 tonnes of ATF and an equivalent amount of diesel to Myanmar for the next three months from Paradip Refinery on the Odisha coast to a joint venture of State-owned Myanmar Petroleum Enterprise (MPE) and Puma Energy. Diesel is added to the consignment to ensure critical volume and optimise shipping costs.

Meanwhile, the Myanmar government approved a proposal from IOC to open office in Yangon. The oil major is also exploring the possibility of getting comprehensive licence for end-to-end LPG distribution in Myanmar.

IOC share price finished the day down by 0.1%.

Automobile stocks finished the day on a mixed note with Tata Motors share price and TVS Motors share price leading the gains.

Global ratings agency, Fitch Ratings in its latest report has said that Indian passenger vehicles (PV) and two-wheelers sales are likely to continue growing in high single digits in the near-term highlighting auto industry's quick revival from the negative impact of note ban.

Indian auto industry is likely to grow further backed by sustained low cost of ownership and healthy rural spending due to good monsoons and higher public-sector wages.

It further said that CV sales are expected to benefit from the government's infrastructure spending and more- efficient interstate movement of goods after the GST came into effect

Fitch Ratings also noted that automobile manufacturers' spending on research and development is expected to remain high due to focus on new BS VI emission compliant models.

Leading automakers intend to invest in electric vehicles (EVS) after the government took steps to promote the switch to EVs over the long term. Fitch Ratings further said that component suppliers will benefit from growth in India and key overseas markets, including the CV market in the US, which showed signs of recovery in 2017.

Moving on to news from power sector. As per an article in The Economic Times, state-run Power Grid Corporation of India and private sector firms Sterlite Power and Adani Transmission, along with engineering players such as KEC International are vying for orders from Brazil to make up for the slack business in the domestic market.

Earlier this year, Brazil invited bids for power transmission projects that would cumulatively attract investments of US$4 billion.

Power Grid is looking at expanding its business overseas from only consultancy jobs to turnkey projects, and is keen to win projects in Brazil under the build-own-operate-transfer (BOOT) model while KEC International, plans to tap into the opportunity in Brazil by entering pre-bid pacts with international developers. The company already has a presence in Brazil through its acquired subsidiary, SAE Towers.

According to rating agency Crisil, power transmission is India's most attractive infrastructure segment to invest in. The country envisages investment of US$3.5 billion in the green energy corridor alone by 2021-22.

Power Grid share price, KEC international share price & Adani Transmission share price finished the day up by 0.3%, 0.7% and 1% respectively.

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