Sensex Trades Flat; Yes Bank & Wipro Top Gainers

Fri, 30 Nov 12:30 pm

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Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the realty sector, healthcare sector and IT sector witnessing maximum buying interest while oil & gas stocks and PSU stocks are witnessing selling pressure.

The BSE Sensex is trading up by 52 points (up 0.1%), while the NSE Nifty is trading up by 17 points (up 0.2%). The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up by 0.5%.

The rupee is trading at Rs 69.64 against the US$.

In the news from the banking space, Yes bank share price is witnessing buying interest today after it was reported that the Managing Director and CEO Rana Kapoor may not be in the contest for the post of chairman.

It was also reported that the private bank's promotor Rana Kapoor doesn't have any ownership in Morgan Credits or Yes Capital.

The bank said all necessary legal, technical approvals have been taken. The company had received full disclosures for these promoter companies.

Note that the stock of the company plunged to its lowest levels in over two years in yesterday's trade before recovering during closing hours. Losses were seen after credit rating agencies ICRA and CARE ratings downgraded the bank's debt instruments.

ICRA downgraded domestic long-term ratings of the bank's senior debt instruments to 'ICRA AA' from 'ICRA AA+' and its subordinate debt instruments to 'ICRA AA-' from 'ICRA AA'.

Meanwhile, CARE Ratings cut domestic ratings of Yes Bank's senior debt instruments to 'CARE AA+' from 'CARE AAA' and subordinate debt instruments to 'CARE AA' from 'CARE AA+'.

Earlier this week, Moody's also downgraded the bank's foreign currency issuer rating and changed the outlook on the bank to 'negative' from 'stable'.

Yes bank share price is presently trading up by 4.7%.

To know more about the company, you can access to Yes bank Q2FY19 result analysis and Yes bank Stock Analysis on our website.

Moving on to the news from the commodity space, oil prices are trading on a firm note on expectations that Organization of the Petroleum Exporting Countries (OPEC) and Russia will agree some form of production cuts next week, although increasing US supplies kept markets in check.

Despite the firm prices, crude oil has lost almost a third of its value since early October because of an emerging supply glut following a global surge in production, including from the US, Russia and OPEC.

The US, Russia and Saudi Arabia will be part of a meeting of the Group of 20 industrialized nations in Buenos Aires, Argentina, this weekend.

The OPEC plus Russia and other allies will meet on 6th and 7th December. Producers are also discussing a supply curb of 1 million to 1.4 million barrels per day (bpd) and possibly more.

Speaking of crude oil, India's crude oil production was lower by 4.2% in September 2018 as compared to last year.

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 one of the recent editions 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.

To know more on what moved the Indian stock markets today, you can check out the most recent share market updates here.

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