X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2019 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Sensex Opens in Green; FMCG & Auto Stocks Gain
Fri, 7 Dec 09:30 am | Rini Mehta, TM Team

Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.1% while the Hang Seng is up 0.2%. The Shanghai Composite is trading up by 0.1%.

Meanwhile, Wall Street had a rollercoaster ride on Thursday, with the Dow Jones Industrial Average swinging from a session low where it was down 784 points, to end the day with a decline of just 77 points. The fall came on the back of the arrest of a Chinese technology executive fanned fears of US-China tensions over trade.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 108 points while the NSE Nifty is trading up by 24 points. The BSE Mid Cap index opened the day up by 0.4% while BSE Small Cap index opened up by 0.2%.

Sectoral indices have opened the day on a mixed note with metal stocks and IT stocks witnessing maximum selling pressure. While, FMCG stocks and automobile stocks have opened the day in green.

The rupee is currently trading at Rs 70.84 against the US$.

In the news from the oil space. Oil prices fell on Friday, pulled down by Organisation of the Petroleum Exporting Countries (OPEC)'s decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.

International Brent crude oil futures fell below US$60 per barrel early in the session, trading at US$59.50 per barrel, down 0.9% from their last close.

The declines came after crude slumped by almost 3% the previous day, with the OPEC ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.

--- Advertisement ---
We Hope You Haven't Bought This Book From Amazon

One of our most popular books, Equitymaster's Secrets, is available on Amazon for Rs 1,450…

We'd say it's cheap even at that price, considering it contains a wealth of secrets and wisdom from our 20+ years of successful stock-picking.

But as an Equitymaster reader, you shouldn't have to pay that much for this book…

Which is why, for a short while only, we're giving away virtually free copies of the latest version of this book to the first 500 readers to act.

Here are the details.
------------------------------

Oil producers have been hit by a 30% plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.

Oil output from the world's biggest producers - OPEC, Russia and the United States has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60% of global consumption.

That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates.

The surge is largely down to soaring U.S. crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer.

As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, the reports noted.

Talking about the OPEC meeting and its impact on crude oil prices, here's some interesting data.

After OPEC meetings, crude oil prices have seen volatile moves both ways.

Look at this chart...

Volatile Up and Down Moves Post-OPEC Meetings

Here's what Research Analyst, Sarvajeet Bodas thinks about the movement in crude oil prices:

  • "In the last four years, crude oil prices have moved between -7% and 9% in a single day immediately after OPEC meetings.

    So, I won't be surprised if we see a similar volatility after today's meeting.

    It is important to note that, in the short term, OPEC has significant influence on the price of crude oil. But in the long term, its ability to influence the price of oil is quite limited. This because individual countries within OPEC have different incentives than the group as a whole."

Moving on to the news from the currencies space. Indian rupee opened higher by 34 paise against the greenback today, boosted by sluggish US dollar and weak oil prices.

In the early trade today, the rupee was trading at 70.52 a dollar, up 38 paise from its Thursday's close of 70.90. The currency opened at 70.56 and touched a high and a low of 70.52 and 70.59 a dollar, respectively.

The rupee depreciated by 44 paise to close at 70.90 against the US dollar on Thursday amid a strengthening greenback and sharp decline in equity markets.

But the sentiment turned positive today as the dollar struggled to recover against its key rivals in Asian trade.

Also fueling the risk appetite was weak oil prices, which were pulled down by OPEC's decision to delay a final decision on output cuts.

India imports nearly 80% of its total oil needs and a fall in dollar help drive down the value of its imports.

Besides, fund inflows by foreign investors also supported the domestic unit.

Reportedly, foreign portfolio investors (FPIs) net bought shares worth Rs 724.7 million Thursday, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 3.9 billion.

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

Equitymaster requests your view! Post a comment on "Sensex Opens in Green; FMCG & Auto Stocks Gain". Click here!

  

Most Popular

My Top 3 Dividend Millionaire Stocks(Profit Hunter)

Aug 7, 2019

As markets continue to rattle amid earning season, upcoming elections, volatile crude price and US China trade war, it's a great idea to add some stability to your portfolio by adding dividend stocks.

The Perfect Stock in the Rebirth of India(The 5 Minute Wrapup)

Aug 8, 2019

This debt-free, well-managed company is all set to soar.

This 60-Year Old Smallcap Company Could Be Our Next Recommendation(The 5 Minute Wrapup)

Aug 12, 2019

My experience at the recent AGM of this smallcap company which has financials of any FMCG major.

Super investor Pulak Prasad is Buying Stocks Big Time...and You Should Too(The 5 Minute Wrapup)

Aug 9, 2019

Here's why the relentless correction in the Indian stock markets has not unnerved the big investors.

Qatar is Rearing Cows...this is Good News for India

Aug 9, 2019

Qatar has turned around after the Saudi embargo. This is good news for India.

More

Get the Indian Stock Market's
Most Profitable Ideas

How To Beat Sensex Guide 2019
Get our special report, How to Beat Sensex Nearly 3X Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Aug 16, 2019 (Close)

MARKET STATS