Sensex Ends 336 Points Higher; Banking and Metal Stocks Witness Buying

Fri, 26 Apr Closing

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Indian share markets continued to witness buying interest and ended their trading session on a positive note. Gains were largely seen in the banking sector and metal sector, while stocks from the auto sector witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 336 points (up 0.9%) and the NSE Nifty closed higher by 113 points (up 1%). The BSE Mid Cap index ended the day down by 0.4%, and the BSE Small Cap index ended the day down by 0.2%.

Asian stock markets finished on a negative note as of the most recent closing prices. The Hang Seng stood up by 0.2% and the Nikkei was trading down by 0.2%.

European markets were trading on a mixed note. The FTSE 100 was down by 0.2%. The DAX was trading up by 0.1%, while the CAC 40 was up by 0.05%.

The rupee was trading at 70.04 to the US$ at the time of writing.

Rallis India share price was in focus today. The stock of the company witnessed selling pressure after the company reported 93% fall in its consolidated net profit for the fourth quarter of 2018-19.

The fall in profits was seen on the back of poor sales.

The total income during the quarter declined to Rs 3.5 billion during the January-March quarter of the 2018-19 fiscal from Rs 3.7 billion a year ago.

The company's board has recommended a dividend of Rs 2.50 per share to the shareholders.

In the news from the IPO space, Neogen Chemicals' Rs 1.3-billion IPO was subscribed more than 4 times by afternoon today.

As per the data, the Rs 132 crore issues received bids for 1,93,88,265 shares by noontime, which is 4.48 times of the total issue size of 43,29,038 shares.

The IPO comprises fresh issue of shares worth up to Rs 700 million and an offer-for-sale (OFS) of up to 29,00,000 equity shares. This includes an anchor portion of 18,46,715 equity shares.

Mumbai-based Neogen Chemicals' IPO, which comprises a fresh issue of shares worth Rs 700 million and an offer for sale (OFS) worth Rs 620 million, opened for subscription on Wednesday, and will close today.

Neogen Chemicals is a manufacturer of bromine and lithium-based specialty chemicals.

The chemicals manufacturer has set a price band of Rs 212-215 for the initial public offer. The Neogen Chemicals IPO can be subscribed in lots of 65 shares.

To get a detailed view of the IPO, you can read Ankit Shah's latest note in the Equitymaster Insider: Neogen Chemicals Ltd IPO: Should You Apply?

With IPOs hitting the markets again, 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.

In the news from commodity space, crude oil was witnessing selling pressure today. Losses were seen on the back of expectations that the Organization of the Petroleum Exporting Countries (OPEC) will raise output to counter shrinking exports from Iran after sanctions imposed by the United States, where crude stocks have risen.

Prices are still on course though for the longest run of weekly gains in years, as oil markets have tightened amid an OPEC output cut deal, sanctions on Venezuela and Iran and unsteady production in Libya.

Note that yesterday, brent crude oil rose above US$75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran, while gains in US prices were crimped by a surge in US supply.

Brent crude futures rose to a 2019 high of US$75.01 per barrel on Thursday and were at US$74.90 per barrel, up 0.4%, from their last close.

Reportedly, Brent was receiving support on Thursday from a halt of Russian oil exports to Poland and Germany via a pipeline due to quality concerns.

The United States this week said it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

The US decision to try and bring down Iran oil exports to zero comes amid supply cuts led by producer Organization of the Petroleum Exporting Countries (OPEC) since the start of the year aimed at propping up prices.

As a result, brent prices have risen by almost 40% since January.

Reportedly, any further increase in crude oil prices will put pressure on India's exchequer. A US$10 a barrel increase in oil prices impacts India's current account deficit by around US$15 billion (50 basis points of GDP). That will, in turn, put more pressure on the rupee.

As you know, rising crude oil prices have a big impact on the country's economy as India imports over 70% of its energy needs.

Rise in crude oil increases input costs for dependent firms. It also means rising inflation. Rising inflation means rising interest rates.

It also puts pressure on the government to cut excise duty, thereby impacting its revenues. We have already seen that happening.

Research Analyst Richa Agarwal believes that this has the potential to bring down sentiments in the domestic markets. She further believes that, if oil prices continue their upward march in a tight global environment, a broader correction in the sentiment fueled domestic market cannot be ruled out.

Now how this pans out going forward remains to be seen.

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