Sensex Ends 190 Points Higher; Consumer Durable and Healthcare Stocks Witness Buying

Tue, 11 Dec Closing

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After trimming sharp losses in the afternoon session, Indian share markets continued to witness buying interest and ended the day on a positive note. Gains were largely seen in the consumer durables sector and healthcare sector, while oil & gas stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 190 points (up 0.5%) and the NSE Nifty closed higher by 61 points (up 0.6%). Both, the  BSE Mid Cap index and the BSE Small Cap index, ended the day up by 1.5%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood up by 0.07% and the Nikkei was trading down by 0.3%. The Shanghai Composite stood higher by 0.37%.

European markets were trading on a positive note. The FTSE 100 was up by 1.1%. The DAX was up by 1.4% while the CAC 40 was up by 1.5%.

The Indian rupee witnessed selling pressure today against the US dollar as nagging worries on global trade war front and uncertain crude prices weighed forex market sentiment.

Besides, the trading pattern in the forex market was impacted by massive sell-offs in domestic equities as investors panicked over exit polls suggesting the Congress giving a tough fight to the ruling BJP in state elections.

The rupee opened lower at 71.28 against the US dollar today and dropped further to 71.44. It was trading at 71.84 to the US$ at the time of writing.

Meanwhile, capital markets regulator and the stock exchanges stepped up their surveillance systems today to keep manipulative forces in check amid an extreme volatility expected due to the sudden resignation of RBI Governor Urjit Patel and the state assembly election results.

Speaking of elections, are we heading for a volatile election year?

If history is anything to go by, it's time to fasten the seat belt.

Every year before the Indian General Election, the stock market has bordered on the extreme. Two of these elections have also coincided with one of the biggest stock market corrections in recent history.

Why this volatility though? Why should elections matter to the stock markets?

Investors, both domestic and foreign, expect stability at the central government level. A stable government will be in a position to implement a clear roadmap for the future.

On the other hand, a divided mandate could mean policy paralysis and roadblocks. Markets speculate on these factors.

Also, certain sops are announced before the elections to appease the masses. That too has an indirect effect on listed companies.

Should investors be mindful of these factors? Does this one-year volatility even matter for long-term investors?

As per Research Analyst, Girish Shetty, it ideally shouldn't but the year can certainly throw up a lot of opportunities if there is an irrational reaction to high-quality safe stocks.

With the state and general elections ahead, market participants expect the stock markets to remain volatile. In our latest episode of Indian Stock Market Podcast, Rahul Shah talks about his mantra to ride out the volatility in times like these. Listen in... visit SoundCloud, iTunes or Stitcher.

In the news from the banking space, State Bank of India (SBI) said that extradition of Vijay Mallya from the UK to India will speed up the recovery of over Rs 90 billion worth of loans.

Note that in a major boost to India's efforts to bring back Mallya, who is wanted for loan default worth around Rs 90 billion to a consortium of 13 banks led by SBI, a UK court ordered his extradition yesterday.

SBI chairman Rajnish Kumar today said that higher recovery of loans is a possibility and that extradition is a message that you just can't default and run away from the country

In the news from macroeconomic space, global rating agency Fitch today said that Urjit Patel's exit as RBI Governor is going to raise macroeconomic risks for India.

This came on the back of Reserve Bank of India (RBI) governor Urjit Patel's resignation on Monday.

Patel, whose three-year term was to end in September 2019, is the first governor since 1990 to step down before his term ended.

Urjit Patel's resignation came four days ahead of the 14 December meeting of the central bank that is scheduled to discuss issues of simmering differences with the government.

Patel cited personal reasons for his resignation, but as per the reports, there were undercurrent since the government cited hereto never-used-before provisions of the law to bring him to negotiating table on issues it felt were of national interest.

Speaking of a tiff between the government and the RBI, here's an excerpt of what Vivek Kaul, the editor of Vivek Kaul Publishing, wrote in his article titled RBI-FinMin Bhai Bhai is Always a Bad Idea...

• The comment has been made in light of the Reserve Bank of India (RBI) not going all out to defend the value of the rupee against the dollar. The trouble, as I have explained on multiple occasions before is, a central bank getting obsessed with holding the value of its currency against the dollar, is inevitably a bad idea.
  
  If that means that the RBI does not do what the finance ministry wants it to, then it is basically doing the right thing, the lack of coordination notwithstanding. If central bankers always did what politicians and bureaucrats wanted it to do, the world would have been a much worse place by now.

Owing to this development, banking stocks were in focus today.

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!

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