Sensex Ends Marginally Higher; Oil & Gas and IT Stocks Witness Buying

Mon, 8 Jun Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   12:30 pm   

   01:30 pm   

After opening the day on a strong note, Indian share markets erased most of the gains and turned highly volatile in the afternoon session.

Benchmark indices erased gains in the last hour of trading, but still ended on a positive note.

Sectoral indices ended on a mixed note with stocks in the oil & gas sector and IT sector witnessing buying interest.

Meanwhile, healthcare stocks witnessed selling pressure.

After rising more than 600 points in early trade today, the BSE Sensex ended the day up by 83 points.

Meanwhile, the NSE Nifty stood higher by 25 points.

SGX Nifty erased all the gains and was trading at 10,172, down by 9 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.2% and 0.9%, respectively.

Asian stock markets ended on a positive note today as US jobs data released on Friday showed an unexpected jump, spurring hopes of an economic recovery from the coronavirus pandemic.

As of the most recent closing prices, the Hang Seng was down 0.2% and the Shanghai Composite stood higher by 0.2%. The Nikkei ended up by 1.4%.

European stock markets traded slightly lower today as markets weigh an economic recovery from the coronavirus pandemic and ongoing global protests against racism.

Gold prices are trading up by 0.6% at Rs 45,964 per 10 grams.

The rupee is trading at 75.55 against the US$.

Speaking of the current stock market scenario, the Unlock 1.0 phase has been surprisingly positive for the stock markets.

Around two months back the Nifty was close to the 7,500 mark. Earlier this month on June 3, the Nifty crossed the 10,000-mark.

Most have justified the sharp run of last few sessions on the grounds that all negative news is already priced in.

But is that truly the case? Or is there something more to it?

In the video below, Tanushree Banerjee, co-head of research at Equitymaster, explains how you should act on the Unlock 1.0 market rally.

Tune in now...

Moving on, market participants were tracking IndusInd Bank share price.

Shares of IndusInd Bank surged over 9% intraday today after the private sector lender said its promoters would acquire additional shares of the bank from the secondary market.

Currently, the promoters, IndusInd International Holdings Ltd. and IndusInd Ltd. hold 14.68% of the paid-up share capital of IndusInd Bank.

In news from the pharma sector, the markets regulator has strongly "censured" AstraZeneca Pharma's promoter and Elliot Group for professional misconduct and following unfair trade practices during the company's delisting plan in 2014.

In a 65-page order, the regulator said that AstraZeneca Pharma India's promoter AstraZeneca Pharmaceuticals AB Sweden (AZPAB), and Elliott Group, which held 15.52% stake in the company, had a 'private arrangement' to sail through the delisting process.

The regulator said it "strongly censure the noticees (AZPAB and Elliott Group) for displaying such gross professional misconduct and fraudulent trade practice and trying to arrive at a private arrangement amongst them so as to help the company sail through the delisting procedure".

It further said that the entire procedure was intended to dilute the reverse book building mechanism for discovery of delisting price of the scrip as per stipulations in the (Delisting of Equity Shares) Regulations, thereby jeopardising the interests of retail public shareholders and investors of the company at large.

In other news, British pharma company AstraZeneca Plc has advanced the proposition for a potential merger to an American biopharmaceutical company, Gilead Sciences Inc.

Reportedly, the UK-based firm informally contacted Gilead last month to gauge its interest in a possible tie-up.

AstraZeneca, valued at US$ 140 billion, is UK's biggest drug maker by market capitalization and has developed treatments for conditions from cancer to cardiovascular disease.

Gilead, worth US$ 96 billion at Friday's close, is the creator of a drug that's received US approval for use with coronavirus patients.

Shares of AstraZeneca Pharma, AstraZeneca Plc's Indian arm, rallied to touch an all-time high of Rs 3,498 on back of the above news.

Moving on to news from the oil & gas sector, shares of oil marketing companies (OMCs) witnessed buying interest today after petrol and diesel prices were hiked by 60 paise per litre for a second straight day, thus ending an 83-day hiatus in rate revision.

Shares of Indian Oil Corporation (IOC) gained over 6% intraday while BPCL rose over 7%.

Petrol price in Delhi was hiked to Rs 72.46 per litre from Rs 71.86 on Sunday, while diesel rates were increased to Rs 70.59 a litre from Rs 69.99, according to a price notification of state oil marketing companies.

While oil PSUs have regularly revised ATF and LPG prices, they had since March 16 kept petrol and diesel prices on hold, on account of extreme volatility in the international oil markets.

IOC, the nation's largest oil firm, has said that Unlock 1.0 will revive fuel sales soon, owing to the resumption of economic activities.

Meanwhile, OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.

Initially in April, OPEC+ had agreed that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.

Reacting to the above news, oil prices rose more than 2% in the early trade today. Brent crude climbed to as high as US$ 43.41 a barrel.

US West Texas Intermediate (WTI) crude gained 83 cents, or 2.1%, to US$ 40.38 a barrel.

Speaking of crude oil, on a year-to-date (YTD) basis, crude oil prices are down about 38%.

Crude Oil Prices Fall Sharply

Crude oil witnessed selling during the start of the year due to oversupply concerns amid subdued demand.

Prices crashed further in March in what was the worst price dip since the 1991 Gulf War with Brent prices plunging to US$ 31 per barrel.

In April, crude oil futures crashed and briefly went to negative prices, implying that investors would need to pay buyers to take delivery of crude oil amid dwindling storage space.

What effects crude oil prices have on Indian stocks markets and the Indian economy remains to be seen. Meanwhile we will keep you updated on the latest developments from this space.

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

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers