Sensex Ends 71 Points Lower; Metal and Energy Stocks Witness Selling

Mon, 24 Jun Closing

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India share markets witnessed selling pressure during closing hours and ended their volatile trading day marginally lower.

At the closing bell, the BSE Sensex stood lower by 71 points (down 0.2%) and the NSE Nifty closed down by 24 points (down 0.2%).

The BSE Mid Cap index ended the day down 0.3%, while the BSE Small Cap index ended the day down 0.2%.

Sectoral indices ended on a mixed note with stocks in the metal sector, energy sector and realty sector witnessing most of the selling pressure.

The rupee was trading at 69.44 against the US$.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.14% and the Shanghai Composite was up by 0.21%. The Nikkei 225 was up 0.13%.

European markets were trading on a negative note. The FTSE 100 was down by 0.06%. The DAX was trading down by 0.47%, while the CAC 40 was down by 0.14%.

Market participants were tracking DHFL share price today as it was announced that the company's lenders will meet in the first week of July to work out a rescue package for Dewan Housing Finance Corporation (DHFL).

The key talking points of the meeting will include restructuring of loans to ensure repayment, fresh working capital support, inducting a new financial investor and a new management team to be put in place.

From the energy sector, Suzlon Energy share price was in focus today. Shares of the company witnessed buying interest after the company told its lenders that Canadian investor Brookfield is keen to acquire a majority stake in the company.

The above development will help the cash-strapped renewable energy company settle its loans if the lenders were to give a waiver.

Suzlon has offered a one-time settlement proposal to its lenders.

Note that the company has net term debt of Rs 77.6 billion, and working capital debt of Rs 33.8 billion.

How this development pans out remains to be seen. We will keep you updated on all the news from this space.

From the aviation space, Jet Airways share price was also in focus today. Shares of the company witnessed buying interest even as Insolvency proceedings have been initiated against the company.

Last week, State Bank of India filed insolvency petition against the company to recover dues.

Insolvency proceedings against Jet Airways has started as a consortium of lenders led by the State Bank of India (SBI) failed to find a buyer for the beleaguered airline.

The National Company Law Tribunal (NCLT) could hear insolvency petitions filed by the airline's operational creditors for recovery of dues on June 20.

Moving on to the news from the commodity space, crude oil witnessed buying interest today. Gains were seen on the back of tensions between Iran and the United States.

As per the news, US Secretary of State Mike Pompeo said significant sanctions on Tehran would be announced soon which will be aimed at further choking off resources that Tehran uses to fund its activities in the region.

Last week, crude oil prices gained momentum over a possible trade deal between US & China amid fresh concerns arising from the Middle East.

Market participants will be tracking the G20 summit which is to be conducted in Japan later this month where US President Donald Trump will likely meet Chinese President Xi Jinping.

The two countries will resume with the trade talks before the presidents of the two countries meet in Japan.

Markets will also be closely tracking crude oil prices in the coming weeks ahead of the OPEC meet. The members of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to meet on July 1, followed by a meeting with non-OPEC allies on July 2 where they will discuss whether to extend a deal on cutting 1.2 million barrels per day of oil production that runs out this month.

Note that crude oil prices have quietly creeped up this year. Prices went up by around 40% from January 2019 to April 2019 as can be seen in the chart below:

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.

We will keep you updated on all the developments from this space. Stay tuned.

To know more about commodity and currency markets and which are the best counters to trade in this space, you can read one of Vijay Bhambwani's recent articles: Why Do I Recommend Trading Only Nickel, Crude oil, Gold, Copper, and USDINR?

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

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