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 Ends 281 Points Higher; Oil & Gas and Banking Stocks Witness Buying
Fri, 13 Sep Closing | Monish Vora, TM Team

Indian share markets witnessed buying interest during closing hours and ended on a strong note.

Barring healthcare sector and telecom sector, all sectoral indices ended on a positive note with stocks in the oil & gas sector, consumer durables sector and metal sector witnessing maximum buying interest.

At the closing bell, the BSE Sensex stood higher by 281 points (up 0.8%) and the NSE Nifty closed higher by 93 points (up 0.9%). The BSE Mid Cap index ended the day up by 0.4%, while the BSE Small Cap index ended up by 0.8%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 0.8% and the Nikkei was up by 1.1%. The Shanghai Composite stood higher by 0.8%.

The rupee was trading at 71.06 to the US$ at the time of writing.

--- Advertisement ---
Ex-Swiss Investment Banker Reveals His Biggest Investment Strategy in 4 Free Video Classes

Rahul Shah, ex-Swiss investment banker and Co-Head of Research at Equitymaster, is hosting a series of 4 free video classes for his readers, where he will reveal the details of something he's been working on for years…

The Double Income Project…

Rahul will show his readers, step-by-step, how to dramatically increase their income, potentially even double it…in what he believes is the earliest amount of time possible. a few short years.

For instance, if you make Rs 50,000 a month…Rahul's goal is to show you how to take it to Rs 100,000 in the long run.

Or if you make Rs 100,000…Rahul will show you how you could potentially increase it to Rs 200,000 in the long run.

This is different from anything Rahul Shah has ever done before – there's nothing to pay, no service to subscribe to and no forms to fill to attend these classes.

Just click here to sign up for the free video classes.
------------------------------

In news from the commodity space, oil witnessed selling pressure today. Prices slipped to around US$ 60 a barrel as concerns about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute.

The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus next year, despite an OPEC-led pact to cut supply that runs until March.

An OPEC+ monitoring committee met earlier this week and secured pledges from OPEC members Nigeria and Iraq to deliver their share of the cut, something they have failed to do so far, but made no progress on possibly deepening the supply cut.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's article here: Message of the Markets - What is Crude Oil Indicating?

In news from the banking sector, Yes Capital and Morgan Credits, the two promoter shareholders of Yes Bank have written to the surveillance departments of stock exchanges alleging that short sellers are hammering the stock by spreading negative messages about the private lender.

The Double Income Project: The Lazy Man's Guide to Doubling Your Income in The Long Term

Yes Capital and Morgan Credit are facing heat from investors and stake holders over multiple rating downgrade and stakes in fraud-hit CG Power.

The letter said, "we continue to witness unabated speculation in Yes Bank stock, particularly by short sellers who appear to be speculating on the back of unpublished information led by the countless highly negative messages circulated on WhatsApp chat group banking institution - Yes Bank. We request you to kindly (look into) this highly serious matter."

Note that the two shareholders had sent a similar letter to the stock exchanges last month as well.

Last month, global rating agency Moody's Investors Service had downgraded the lender's long-term foreign currency issuer rating, citing the bank's capital raise that fell short of its expectations.

Yes Bank share price ended the day down by 0.2%.

Moving on to news from the finance sector, Dewan Housing Finance Corporation (DHFL) has defaulted Rs 1966.5 million on bond repayment obligation.

The default by the company is towards principal and interest on non-convertible debentures (NCDs) worth Rs 3500 million issued by it.

--- Advertisement ---
Watch this Video Now And You Will Stop Worrying About Money...

If you are concerned about money, then you MUST watch this exclusive video right now.

Because in this video, Richa Agarwal, Head of Small Cap Research, talks about stocks that have made a select group of people Crorepatis.

They invested in just one stock and ended up becoming Crorepatis in the long run.

In this video, Richa also reveals her unique formula to identify such potential RARE stocks.

Plus, she also discusses her special report, 'One Stock Crorepati: How to Get Rich With This Little-Known Indian Stock'.

This video is now available for your viewing...

This video could be taken down any time soon. So, hurry…

Click here to watch the video right away…
------------------------------

In other news, foreign private equity backed Altico Capital, a lender to real estate companies said it has defaulted on interest payments to Mashreq Bank of Dubai.

As per the regulatory filing with the exchanges, an interest payment of Rs 199.7 million was due on September 12. The gross principal amount for the external commercial borrowing on which Altico Capital has defaulted stands at Rs 3.4 billion.

The company further said that its failure to repay the amounts may result in an acceleration of interest repayment / redemption obligations in respect of non-convertible debt securities issued by the company and may trigger a default in their timely repayments.

Reports state that the company has borrowed Rs 43.6 billion from banks and financial institutions.

The default by Altico comes after a rating downgrade by India Ratings and the resignation of its chairperson and independent director Naina Lal Kidwai, earlier this month.

On September 3, India Ratings and Research downgraded Altico Capital's long-term issuer rating to "IND A+" from "IND AA-" and short-term issuer rating to "IND A1" from "IND A1+", with a negative outlook.

The ratings agency added that Altico's loan book is concentrated, given the high single party exposures. The top ten individual exposures accounted for 39% of the loan book and the top 10 group exposures accounted for 60% of the loan book as on Q4FY19.

Shares of non-banking financial companies (NBFCs) witnessed selling pressure today on back of the above news. LIC Housing Finance, M&M Financial Services, and Power Finance Corporation (PFC) fell over 3% in early trade today.

Speaking of NBFC space, the liquidity crisis, a slew of corporate defaults, and the bloodbath in many stocks from this sector has left investors in deep fear and panic.

However, it is not that all NBFCs have fared badly.

In a recent edition of The 5 Minute WrapUp, Ankit Shah has picked the top three NBFC gainers and losers (in terms of market capitalisation) over the last one year.

As can be seen in the chart below, while several NBFCs have suffered badly and destroyed investor wealth, there have also been quality NBFC stocks that have been wealth creators.

NBFC Crisis - Top Gainers and Losers

NBFC Crisis - Top Gainers and Losers

So, the key takeaway here is to never write off an entire sector and to always stay on the lookout for quality stocks in sectors going through temporary headwinds.

In fact, in Ankit's premium newsletter Insider, one of his cherry-picked housing finance stock has performed quite well despite the NBFC crisis.

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 Ends 281 Points Higher; Oil & Gas and Banking Stocks Witness Buying". Click here!

  

Stock Market Updates

Sensex Ends 1,921 Points Higher; Banking and Auto Stocks Witness Huge Buying (Today's Market)

Sep 20, 2019 Closing

While the BSE Sensex closed higher by 1,921 points, NSE Nifty closed higher by 569 points.

Sensex Zooms Over 1,900 Points after Government Slashes Corporate Tax Rates (Today's Market)

Sep 20, 2019 12:30 pm

Much needed tax relief buoys markets.

ASHOK LEYLAND Surges by 13%; BSE AUTO Index Up 7.5% (Today's Market)

Sep 20, 2019 11:55 AM

ASHOK LEYLAND share price has surged by 13% and its current market price is Rs 66. The BSE AUTO is up by 7.5%. The top gainers in the BSE AUTO Index are ASHOK LEYLAND (up 13.3%) and EICHER MOTOR (up 13.8%). The top losers [TOPLOSERS].

VOLTAS Surges by 6%; BSE CAPITAL GOODS Index Up 6.1% (Today's Market)

Sep 20, 2019 11:55 AM

VOLTAS share price has surged by 6% and its current market price is Rs 664. The BSE CAPITAL GOODS is up by 6.1%. The top gainers in the BSE CAPITAL GOODS Index are VOLTAS (up 6.1%) and HONEYWELL AUTOMATION (up 6.4%). The top losers are KALPATARU POWER (down 0.1%) and CG POWER & INDUSTRIAL (down 4.9%).

TVS MOTORS Surges by 9%; BSE AUTO Index Up 7.5% (Today's Market)

Sep 20, 2019 11:55 AM

TVS MOTORS share price has surged by 9% and its current market price is Rs 413. The BSE AUTO is up by 7.5%. The top gainers in the BSE AUTO Index are TVS MOTORS (up 9.1%) and EICHER MOTOR (up 13.8%). The top losers [TOPLOSERS].

TATA STEEL Surges by 5%; BSE METAL Index Up 3.8% (Today's Market)

Sep 20, 2019 11:55 AM

TATA STEEL share price has surged by 5% and its current market price is Rs 368. The BSE METAL is up by 3.8%. The top gainers in the BSE METAL Index are TATA STEEL (up 5.1%) and JINDAL STEEL & POWER (up 6.9%). The top losers is NMDC LTD (down 0.1%).

View More Indian Share Market News

Most Popular

Buy these 7 Stocks if You Believe in India(The 5 Minute Wrapup)

Sep 12, 2019

News headlines predict gloom and doom for India these days. You should ignore them.

A Rare Opportunity to Buy the Top 5 Stocks in the Market(The 5 Minute Wrapup)

Sep 16, 2019

The stock market today is throwing up a great opportunity to pile on quality stocks.

A Recession Proof Stock You Can Bet On(Profit Hunter)

Sep 10, 2019

Usually, the typical horizon period for my smallcap recommendations is 3 to 5 years. But if you ask me, this could be one business that you could own and pass on to future generations.

This Company Will Do Well Despite the Slowdown(The 5 Minute Wrapup)

Sep 11, 2019

How financial inclusion provides a big runway for this stock recommendation.

The 5 Best Trading Opportunities I've Spotted(Profit Hunter)

Sep 13, 2019

These 10 auto stocks should be in your watchlist for the next 32 months. Paste them on your workstation NOW.

More

Get the Indian Stock Market's
Most Profitable Ideas

How To Beat Sensex Guide 2020
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


Sep 20, 2019 (Close)

MARKET STATS