Sensex Ends 254 Points Higher; Auto and Energy Stocks Witness Buying

Fri, 9 Aug Closing

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Indian share markets continued to trade in the green during closing hours today and ended their trading session on a positive note. Gains were seen ahead of Finance Minister Nirmala Sitharam's meet with capital market representatives including foreign portfolio investors, NBFCs and mutual funds to deliberate upon the issues plaguing the economy and sagging industrial growth.

On the sectoral front, gains were seen in the auto sector, finance sector, and energy sector.

At the closing bell, the BSE Sensex stood higher by 254 points (up 0.7%) and the NSE Nifty closed higher by 77 points (up 0.7%).

The BSE Mid Cap index ended up by 0.6%, while the BSE Small Cap index ended the day up by 0.9%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood down by 0.69% and the Nikkei was trading up by 0.44%, while the Shanghai Composite was trading down by 0.71%.

European markets were trading on a negative note. The FTSE 100 was down by 0.26%. The DAX was trading down by 1.09%, while the CAC 40 was down by 0.96%.

The rupee was trading at 70.73 to the US$ at the time of writing.

Speaking of Indian share markets in general, 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 correction which we witnessed during the past few months shows the impact of foreign investors (FPI) on the Indian share market.

There's been a heavy sell-off in the Indian stock markets following the Union Budget 2019 and the biggest sellers in the ongoing correction are foreign investors.

The reason 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 in to Indian stocks?

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

In the news from the energy sector, GAIL share price was in focus today as the company reported 2.2% year-on-year (YoY) jump in its net profit at Rs 12.8 billion for the June quarter. Revenue for the quarter advanced 5.9% YoY to Rs 183.1 billion, while other income stood at Rs 1.5 billion compared with Rs 8.6 billion in March quarter and Rs 1.1 billion in the year-ago period.

Going by the segments, the company reported a drop in revenues in LPG and petrochemicals segment. Revenue was up for natural gas, natural gas marketing and LPG, and Liquid Hydrocarbons segments.

The company said that the Petroleum and Natural Gas Regulatory Board (PNGRB) has issued various provisional transportation tariff orders in respect to natural gas pipeline tariff.

Some of these orders have been contested by the company with Appellate Tribunal for Electricity (APTEL), which were remanded back by APTEL to PNGRB for review.

Suzlon Energy share price was also in focus today. The scrip of the company witnessed buying interest after a report suggested that the troubled wind-turbine maker has offered to repay about Rs 85 billion to lenders as part of a bad-debt-resolution plan.

As per the news, creditors led by State Bank of India will have to take a haircut of as much as 44% on Suzlon's debt if the offer is accepted.

The settlement plan backed by Vestas Wind Systems A/C is the only bid in front of lenders after Brookfield Asset Management Inc. dropped out of the race.

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

In the news from the commodity markets, crude oil witnessed buying interest today. Most of the gains were seen on expectations of more production cuts by the Organization of the Petroleum Exporting Countries (OPEC).

Market participants expect that OPEC will cut production amid fears the US-China trade row could lead to a global slowdown and thereby curb demand for crude.

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.

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

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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