Sensex Ends 995 Points Higher; Banking and IT Stocks Witness Huge Buying

Wed, 27 May Closing

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Indian share markets continued their momentum during closing hours today and ended on a strong note.

Benchmark indices witnessed gains and ended on a positive note with Nifty above 9,300 level and Sensex reclaiming its 31,000-mark.

At the closing bell, the BSE Sensex stood higher by 995 points (up 3.2%) and the NSE Nifty closed up by 285 points (up 3.2%).

The BSE Mid Cap index ended the day up by 0.5%, while the BSE Small Cap index ended up by 0.3%.

Sectoral indices ended on a positive note with stocks in the banking sector, finance sector and IT sector witnessing maximum buying interest.

Asian stock markets finished on a mixed note today. The Nikkei ended 0.7% higher while the Hang Seng ended 0.36% lower.

China's central bank made a fresh cash injection into the interbank money market through reverse repos for a second straight day today, while it continued to keep the borrowing cost unchanged.

The People's Bank of China (PBOC) injected 120 billion yuan (US$ 16.8 billion) via seven-day reverse repos at 2.20%, same as the previous operation. According to the central bank's statement, the move was to counteract the impact from government bond issuance in order to keep banking system liquidity reasonably ample.

European stock markets were trading on a positive note. The FTSE index gained 1.58% and the DAX was trading up by 1.88%. European shares inched higher as investors focused on a fresh stimulus plan for the European Union, while renewed US-China tensions over Hong Kong tempered optimism about a global economic recovery.

The rupee is trading at 75.62 against the US$.

Note that stock markets around the world have witnessed one of the most volatile phases in 2020 so far.

One month we see a sharp decline followed by a sharp up move the next month.

One day we hear positive news of a vaccine for the virus. Another day, a WHO scientist says we might have to live with this virus for years.

Naturally, investors are confused as to what they should do? Buy, hold or sell their stocks.

In the video below, Girish Shetty, Research Analyst at Equitymaster, explains the current scenario and what are the type of stocks investors should buy, hold or sell in the current crisis.

Tune in to find out more...

In news from the energy space, the government has for the second time extended the deadline for bidding for privatisation of India's second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31.

While the Cabinet had in November last year approved the sale of government's entire 52.98% stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7.

The EoI submission deadline was May 2, but on March 31 it was extended up to June 13.

The government today said this deadline is further being extended up to July 31.

Note that the government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising of 1,149.1 million equity shares, which constitutes 52.98% of BPCL's equity share capital along with transfer of management control to a strategic buyer (except BPCL's equity shareholding of 61.65% in Numaligarh Refinery Ltd). Numaligarh Refinery Ltd stake will be sold to a state-owned oil and gas firm.

The bidding will be a two-stage affair, with qualified bidders in the first EoI phase being asked to make a financial bid in the second round. Public sector undertakings (PSUs) "are not eligible to participate" in the privatisation, the offer document said. Any private company having a net worth of USD 10 billion is eligible for bidding and consortium of not more than four firms will be allowed to bid.

BPCL will give buyers ready access to 14% of India's oil refining capacity and about one-fourth of the fuel market share in the world's fastest-growing energy market.

We will keep you updated on how this bidding goes. Stay tuned.

Moving on to news from the commodity space, domestic gold prices extended their decline to the third day today, in line with a drop in global rates as risk sentiment improved.

June gold futures on Multi Commodity Exchange (MCX) slipped 0.6% to Rs 46,068 per 10 grams.

Tracking gold, silver futures on MCX also fell 0.5% to Rs 47,590 per kg.

In global markets, gold prices eased to two-week lows on optimism about the reopening of the world economy, though rising Sino-US tensions over Beijing's proposed security law for Hong Kong capped losses.

At the time of writing, spot gold was trading down by 0.2% at US$ 1,707.85 per ounce, after hitting its lowest level since May 13 at US$ 1,703 earlier in the session.

US gold futures were down 0.5% to US$ 1,697.60.

US President Donald Trump said on Tuesday Washington was working on a strong response to China's planned national security law for Hong Kong, adding it would be announced before the end of the week.

Speaking of gold prices, despite the recent fall in prices, the most recent contract for gold on MCX is up around 20%, on a year-to-date (YTD) basis. Here's how gold has performed in 2020 so far...

Gold Continues Rally in 2020

Earlier this month, gold prices hit a new high of Rs 47,980 tracking rally in global rates amid increasing US-China tensions and expectations of further stimulus from central banks. With this, gold rallied to its highest since October 2012, driven by economic damage concerns, US-China tensions, and massive monetary and fiscal stimulus.

Speaking of gold, in one of his videos, Apurva Sheth, lead chartist at Equitymaster, compares gold and bitcoin. He explains, which is the better asset in this difficult economic situation.

Tune in to know more: Gold or Bitcoin: What Will You Go With?

And 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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