Sensex Ends 203 Points Lower; Metal and Telecom Stocks Witness Selling

Wed, 15 May Closing

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India share markets witnessed huge selling pressure during closing hours and ended their trading session deep in the red.

At the closing bell, the BSE Sensex stood lower by 203 points (down 0.6%) and the NSE Nifty closed down by 65 points (down 0.6%).

The BSE Mid Cap index ended the day down 0.7%, while the BSE Small Cap index ended the day down 0.5%.

Sectoral indices ended in the red with stocks in the metal sector, telecom sector and power sector witnessing most of the selling pressure.

The rupee was trading at 70.33 against the US$.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.5% and the Shanghai Composite was up by 1.9%. The Nikkei 225 was up 0.6%.

European markets were trading on a mixed note. The FTSE 100 was up by 0.1%. The DAX was trading down by 0.4%, while the CAC 40 was down by 0.3%.

Yes Bank share price witnessed selling pressure today after the Reserve Bank of India (RBI) appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of the private sector lender for two years.

Shares of Yes bank hit a five-month low of Rs 149 today and went on to trade at their lowest levels since November 2018.

Earlier, ICRA had downgraded Yes Bank's tier-I and tier-II bonds and infrastructure debt on deterioration in the credit quality of large ticket borrowers.

Market participants were also tracking Newgen software share price, Polycab India share price, Maharashtra Scooters share price and Wonderla Holidays share price as these companies announced their Q4FY19 results today.

You can also read our recently released Q4FY19 Results: ITC, Inox Leisure, Nestle, Orbit Exports.

In other news, the National Stock Exchange (NSE) said it has imposed fines and issued notices to more than 250 non-compliant companies for March quarter after monitoring compliance of listing regulations of all its listed entities.

Some of the big names on the list included The New India Assurance Co, Indraprastha Gas, Bharat Petroleum Corporation, Jet Airways (India), Bharat Electronics and Oil India, among others.

As per the news, as many as 31 companies on the list are liable to pay a fine of Rs 4,50,000 each.

In the news from the commodity space, as per a leading financial daily, the International Energy Agency (IEA) said world's oil supply fell last month amid rising global tensions as US sanctions on Iran tightened and OPEC+ members produced less crude in line with their pact.

In its latest monthly report on the global oil market, the IEA said that geopolitics and industry disruptions were clouding the outlook it believes and that the market balance is set to flip from surplus into deficit.

There has been rising tension in recent days regarding oil supply after the sabotage of several tankers in the Gulf and drone attacks claimed by Iran-aligned Yemen rebels shut down one of Saudi Arabia's major oil pipelines.

Meanwhile, the UAE has said four ships were damaged Sunday in sabotage attacks off the emirate of Fujairah, on the mouth of the Hormuz - a key transit point for oil tankers.

The incidents follow the expiration at the beginning of May of waivers the US granted eight major importers of Iranian oil.

The IEA reported Iranian crude oil output fell in April to 2.6 million barrels per day (mbpd). This was the lowest level in over five years and, as per the IEA, could tumble in May to levels not seen since the 1980s war with Iraq.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Also, speaking of crude oil, within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd.

That has made the United States the world's biggest producer ahead of Russia and Saudi Arabia.

The number of rigs drilling for gas in the United States fell by 3 to 183 in the week to May 3, while oil-directed drilling rigs rose by 2 to 807, the reports noted.

Also, crude oil prices have quietly creeped up this year.

Oil prices have jumped as much as 3.2% to their highest level since late 2018.

As you know, rising crude oil prices have a big impact on the Indian economy as it 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.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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