Sensex Opens Over 750 Points Up; Banking Stocks Surge

Tue, 16 Jun 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1.1% while the Hang Seng is up 2.7%. The Nikkei 225 is trading up by 3.3%.

Wall Street closed higher on Monday following an announcement by the US Federal Reserve regarding its corporate bond purchasing program that boosted investor confidence, which had been wavering amid a spike in new Covid-19 cases.

Back home, Indian stock markets surge in the opening session.

The BSE Sensex is trading up by 782 points. The NSE Nifty is trading higher by 222 points.

Meanwhile, the BSE Mid Cap index has opened up by 1.5%.

BSE Small Cap index is trading higher by 1.1%.

All sectoral indices are trading in the green. BSE Bankex is leading with 3% gains.

Moving on, gold prices are currently trading down by 0.7% at Rs 47,026.

The rupee is currently trading at 75.78 against the US$.

Aarti Industries share price is in focus today after the company said it has received an early termination notice from a customer invoking the "termination of convenience" clause of a long-term contract entered on 15 June 2017.

The contract was expected to generate revenue of approximately Rs 40 billion over 10-year period.

The company has received a notice from the Global Agrochemical Major, opting to terminate the 10-year contract it had entered in June 2017 to supply a high-value agrochemical intermediary with application into Herbicides.

Reportedly, the reason for the same is the customer's change in strategy. They now are looking to focus on the final formulation and would like to source the Active Ingredient rather than their original plan to manufacture it.

As a result, the compensation to Aarti Industries is estimated to be in the range of US$120 million to US$130 million, the reports noted.

Moving on to the news from oil & gas space. Saudi Arabia's oil giant Aramco has cut the crude oil shipments loading in July to at least five of its customers in Asia.

The move from OPEC's top producer and the world's largest oil exporter comes after Saudi Arabia hiked its official selling prices (OSPs) for July by the most in at least 20 years.

Last week, after the OPEC+ group had agreed to extend its record collective cut of 9.7 million bpd by one month to the end of July, Saudi Aramco sharply raised its prices for all grades to all regions.

The pricing of Saudi crude, typically released around the fifth of each month, generally sets the trend for the pricing for Asia of other Gulf oil producers such as Kuwait, Iraq, and Iran.

The pricing of Saudi Aramco, the Kingdom's oil giant, affects as much as 12 million barrels per day (bpd) of Middle Eastern crude grades going to Asia.

Although an increase in Saudi Arabia's prices didn't come as a surprise, the steep rise for July really surprised refiners, especially those in Asia, who had enjoyed three months of very cheap supply from Saudi Arabia, when the Kingdom was keeping its prices low to boost market share while demand was crashing in the pandemic.

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.

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