Sensex Ends 164 Points Higher; Metal and IT Stocks Witness Buying

Mon, 1 Apr Closing

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Indian share markets ended their trading session on a positive note but off day's high on the back of last hour selling on the first day of the financial year 2020. Gains were largely seen in the metal sector and IT sector, while stocks from the realty sector witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 164 points (up 0.4%) and the NSE Nifty closed higher by 32 points (up 0.3%). The BSE Mid Cap index closed up by 0.4%, while the BSE Small Cap index ended the day up by 0.7%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 1.8% and the Nikkei was trading up by 1.4%.

European markets were also trading on a positive note. The FTSE 100 was up by 0.7%. The DAX was trading up by 1.3%, while the CAC 40 was up by 0.7%.

The rupee was trading at 69.30 to the US$ at the time of writing.

Speaking of the general mood in Indian stock markets these days, a lot of market participants are playing the prediction game ahead of the elections.

A common theme is to sit on cash to escape the volatility ahead of the upcoming elections. In case there is an unexpected event, you can then get in post the correction.

But does timing the market work?

Not really, if you see the market performance in the year of the past three national elections (2004,2009 and 2014).

Downside of Timing The Stock Market

Looking at the returns in the above chart, staying out of the market to escape volatility would have been a costly affair every time.

The market gave above average returns in all three of those years.

This does not mean one can expect the same in the future.

But there's one thing for sure. Predicting short-term directions of the market is a futile and many a times a costly affair.

That's why we believe in picking safe stocks when they are actually 'safe' i.e. during such times of high pessimism and uncertainty.

In the news from the banking sector, Bank of Baroda (BoB) share price was in focus today as the bank became the second largest state-owned lender after merging Dena Bank and Vijaya Bank into itself as part of the first three-way amalgamation.

As per the news, the consolidated entity started its operation with a business mix of over Rs 15 lakh crore of balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively.

The above arrangement is a first three-way amalgamation. According to the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held.

In the case of Dena Bank, its shareholders will get 110 shares of BoB for every 1,000 shares.

In the news from the commodity space, crude oil witnessed buying interest today. Gains were seen as concerns about supplies outweigh fears of a slowing global economy.

This came as a welcome breather after losses which were seen for crude oil last week on a surprising increase in US stocks.

Note that the US-China trade deal, the OPEC cuts, and the US sanctions on Iran and Venezuela are continuing to dominate crude oil headlines.

Crude oil prices were near 2019 highs last month, supported by supply cuts led by producer club OPEC. Reportedly, US sanctions against oil producers Iran and Venezuela are boosting prices.

Last month, the OPEC scrapped its planned meeting in April, effectively extending supply cuts that have been in place since January until at least June, when the next meeting is scheduled.

The OPEC and non-affiliated allies like Russia - known as the OPEC+ alliance - have been withholding around 1.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices.

US crude oil output has soared by more than 2 million barrels per day (bpd) since early 2018, to around 12 million bpd, making America the world's biggest producer ahead of Russia and Saudi Arabia.

On the demand-side, there is concern that an economic slowdown as well as improving energy efficiency and the emergence of alternative transport fuels will erode oil consumption.

In the news from the IPO space, state-owned Rail Vikas Nigam Limited's initial public offer (IPO) was subscribed 15% today - its second day of bidding process.

According to data on the NSE, the IPO received bids for 3,87,41,820 shares till noontime against the total issue size of 25,34,57,280 units. The IPO was subscribed 9% on Day 1 of the bidding process on Friday.

Through this IPO, the company is seeking to raise up to Rs 4.8 billion according to the government's divestment schedule.

Incorporated by the Ministry of Railways under the companies act, 1956 in 2003, Rail Vikas Nigam Limited is a project executing agency.

The objective of the company is to undertake mobilization of financial resources, rail project development, enhance golden quadrilateral and port connectivity by implementing rail projects, and raise extra-budgetary resources for project execution.

The company engages in completing all sorts of rail projects such as construction of cable-stayed bridges, major bridges, workshops, metro projects, railway electrification, gauge conversion, new lines, doubling, and institutional buildings.

The Miniratna central public-sector enterprise, incorporated by the Ministry of Railways, is offering up to 2,53,457,280 shares in the price band of Rs 17-19 per share. The issue will close on April 3.

Speaking of IPOs, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

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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