Sensex Regains 39,000-Mark, Government's PSU Stake Sale, and Top Cues in Focus Today

Tue, 24 Sep Pre-Open

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On Monday, Indian share markets extended Friday's rally by moving sharply higher. The BSE Sensex rose as much as 1,426 points intraday to breach the 39,400-mark. Meanwhile, the NSE Nifty rose over 400 points to 11,695.

Buying interest was also seen as many brokerages raised their earnings estimates for India Inc and Sensex and Nifty target after the corporate tax cut.

On the sectoral front, gains were largely seen in the capital goods sector, banking sector, and FMCG sector.

At the closing bell, the BSE Sensex stood higher by 1,075 points (up 2.8%) and the NSE Nifty closed higher by 329 points (up 2.9%).

Top Stocks in Action Today

Pidilite Industries share price will be in focus today as the company, along with Chetana Expotential Technologies has incorporated a subsidiary namely - Pidilite C-Techos to carry on the business of construction of building works or any other structural or architectural work of any kind using C-Techos wall technology.

To know more about the company, you can read Pidilite's latest result analysis and Pidilite's 2018-19 annual report analysis on our website.

Alembic Pharma share price will also be in focus today as the United States Food and Drug Administration (USFDA) has completed inspection at its formulation manufacturing facility located at Gujarat, with one observation.

Market participants will also track Hero MotoCorp share price.

The company is planning to reduce its earlier-projected capex of Rs 15 billion for the current financial year, as the two-wheeler industry continues to face headwinds with no relief in sight from the prolonged slowdown.

From the Commodity Space...

Oil fell below US$ 64 a barrel on Monday, reversing an earlier gain, after a source said Saudi Arabia would fully restore oil output lost after attacks on its facilities faster than some traders expected.

The source also told that Saudi Arabia has already restored around 75% of crude output lost. Oil was up earlier in the session, supported by scepticism over how fast output would come back.

Brent has gained about 18% this year, helped by a supply-limiting pact led by the Organization of the Petroleum Exporting Countries, although concern about slowing economic growth has limited the advance.

A survey showed euro zone business growth stalled this month, and the latest US-China talks have failed to produce signs of a breakthrough in the two countries' prolonged trade dispute.

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

Council Approves Proposal to Cut Taxes on Hotel Tariffs

On Monday, shares of hotel companies rallied up to 20% after the Goods and Services Tax (GST) council approved proposal to cut tax rates on hotel tariffs.

After market hours on Friday, the council cut tax rate on hotel room tariffs, a move aimed at giving a boost to the hospitality sector.

The GST rate on hotel rooms with tariffs of up to Rs 7,500 per night has been cut to 12% from the existing 18%.

Similarly, the tax on room tariff of above Rs 7,500 has been slashed to 18% from the existing 28%. There will be no GST on room tariffs of below Rs 1,000 per night.

Among individual stocks, the Indian Hotels rallied 10%, while Royal Orchid Hotels and Lemon Tree Hotels soared 16% and 13%, respectively.

Government's PSU Stake Sale

As per a senior Finance Ministry official, the government is aiming to sell two or three state-owned firms to local or foreign firms to raise up to Rs 600 billion.

The government has planned to sell Bharat Petroleum Corporation (BPCL), logistics firm Container Corporation of India and debt-laden Air India before the end of the 2019/20 financial year, the official told reporters.

Shares of BPCL and Container Corp gained more than 8% yesterday, on back of the above news. Both companies touched their respective 52-week highs.

Rising Gold Prices

Gold prices rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks.

Spot gold rose 0.2% to US$ 1519.56 per ounce. US Gold futures rose 0.8% to US$ 1527.20.

A US-China trade breakthrough seemed unlikely after President Donald Trump told reporters on Friday he was "not looking" for a partial deal and Chinese officials cancelled goodwill visits to US farmers.

But both sides later published positive statements. The US Trade Representative's office described last week's talks as "productive" and China's Commerce Ministry called them "constructive."

Meanwhile, Silver rose nearly 2% to US$ 18.33 per ounce.

Back home, gold and silver extended gains after hitting one-month low of Rs 37,438 on Friday. Higher global prices and a weaker rupee helped lift domestic gold and silver prices.

Speaking of Silver, Vijay Bhambwani tells us from where to buy silver and where not to.

In the below video, he reveals a simple method to find out whether your silver bar is pure.

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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