Sensex Ends 289 Points Lower; Metal and Energy Stocks Witness Huge Selling

Tue, 30 Jul Closing

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After opening the day in green, share markets in India witnessed negative trading activity during closing hours and ended lower.

Barring telecom sector and IT sector, all sectoral indices ended on a negative note with stocks in the metal sector, automobile sector and energy sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 289 points (down 0.8%) and the NSE Nifty closed down by 104 points (down 0.9%). The BSE Mid Cap index ended the day down 1.6%, while the BSE Small Cap index ended the day down by 2.1%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.1% and the Shanghai Composite stood higher by 0.4%.

Speaking of the bearish mood in Indian share markets, master trader Vijay Bhambwani talks to us about stocks, gold, silver, interest rates, crude oil, and how this bear market will come to an end.

Also, the ongoing correction shows the impact of foreign investors (FPI) on the Indian share market.

FPIs have pulled out around Rs 123 billion till date in July.

The reasons for this are many.

From slowdown in the economy to the Budget...

But, can the real reason be external?

In March this year, the Morgan Stanley Capital International (MSCI) announced it would increase the weightage of Chinese A shares (stocks trading in mainland China) by 4 times. These shares form around 10% of total Chinese shares in the index.

FPIs investing in passive funds follow the MSCI EM index for investments in emerging markets.

A comparison of India's weightage with China in the MSCI EM index provides us clues on the recent outflows from FPIs.

Will India be the Next Hot FPI Destination?

It also explains the announcement to reduce promoter shareholding in the budget.

Will we see a similar FPI inflow into Indian stocks?

Looking at the recent inflow into the Chinese stock markets, it seems very likely.

Market participants were tracking Axis Bank share price, Hero MotoCorp share price, and Tech Mahindra share price as these companies announced their June quarter (Q1FY20) results today.

You can read our recently released Q1FY20 results: Force Motors, Maruti Suzuki, Vedanta, Tata Motors, Supreme Industries.

In the news from the banking space, Bank of India share price was in focus today as the lender reported more than two-fold jump in its net profit to Rs 2.4 billion in the first quarter ended June 30.

Total income of the bank rose to Rs 115.2 billion during the quarter, as against Rs 106.3 billion in the same period preceding fiscal.

The bank saw slight improvement in its gross non-performing assets (NPAs) to 16.5% of the gross advances as on June 30, 2019. This was down from 16.7% by end of June 2018. Net NPAs or bad loans came down substantially to 5.79% as against 8.45%.

In absolute terms, the bank's gross NPAs stood at Rs 620.6 billion by end of June quarter this fiscal, as against Rs 606 billion as on June 30, 2018.

However, its provisioning and contingencies for the quarter increased to Rs 92.5 billion from Rs 87.6 billion a year ago.

In the news from the commodity space, crude oil witnessed buying interest today. Most of the gains were seen on the back of positive global cues.

Also, expectations that the US Federal Reserve will cut interest rates meant the commodity trade on a positive note.

Note that crude oil has been witnessing volatility lately amid weekly declines in US inventories and rising geopolitical tensions between Iran and other countries.

Meanwhile, volatility was also seen on the back of ongoing geopolitical tensions in the Middle East.

Iran said that a small oil products tanker missing in the Strait of Hormuz was in its territorial waters. This stoked fraught relations with Iran's neighbors and the West over threats to shipping in the key oil chokepoint.

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

Speaking of crude oil, in the video below, Vijay Bhambwani explains how trading in crude oil is an evergreen strategy. As per him, trading in crude oil offers excellent opportunities in nearly all market conditions due to its unique standing within the world's economic and political systems.

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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