Sensex Ends 396 Points Higher; Metal and Realty Stocks Witness Buying

Thu, 26 Sep Closing

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Indian share markets witnessed buying interest throughout the day and ended on a strong note.

Barring IT sector, all sectoral indices ended on a positive note with stocks in the metal sector, realty sector and auto sector witnessing maximum buying interest.

At the closing bell, the BSE Sensex stood higher by 396 points (up 1%) and the NSE Nifty closed higher by 133 points (up 1.2%). The BSE Mid Cap index ended the day up by 0.9%, while the BSE Small Cap index ended up by 0.4%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng was up 0.4% and the Nikkei was up by 0.1%. The Shanghai Composite was down 0.9%.

The rupee was trading at 70.95 to the US$ at the time of writing.

In news from the energy sector, shares of Bharat Petroleum Corporation Limited (BPCL) were trading higher for the fifth straight day, on reports that the government is considering selling its stake to a global oil company.

So far this month, BPCL shares have zoomed 34%, its sharpest monthly rally in 11 years.

As per reports, the government is considering a plan to sell the nation's second-largest state refiner and fuel retailer to a global oil company as it explores options to give up its controlling stake in BPCL.

Media reports also stated that government will initiate the formal process of seeking approvals from the Cabinet for the proposed stake sale. Before going to Cabinet, an extensive inter-ministerial consultation will be undertaken.

Earlier, it was reported that the centre is planning to offload its stake worth Rs 400 billion, most likely to state-owned oil-marketing company Indian Oil Corporation (IOC).

People aware of the knowledge said, the talks are at an early stage and it's unclear how long it will take to finalise a decision and what option the government will choose.

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

Moving on to news from the banking sector, Yes Bank share price was in focus today. Shares of the private sector lender declined 5% on the BSE to hit a six-year low of Rs 50.85, despite assuring investors that it was on course to raise growth capital.

In a regulatory filing on Wednesday, Yes Bank said that "the bank has received strong interest from multiple foreign as well as domestic private equity and strategic investors for this capital raise and remains firmly on course to raising growth capital subject to the necessary approvals."

The bank added that it has applied to the Reserve Bank of India (RBI) requesting approval for increase in the bank's authorised share capital.

The statement from Yes Bank comes at a time when concerns are being raised over the bank's exposure in the NBFC Altico Capital which has recently defaulted on interest payment.

Reports also state that co-founder Rana Kapoor and the promoter group companies are looking to exit the bank. Yes Capital (India) Pvt Ltd, Morgan Credits Pvt Ltd and Rana Kapoor have sold a combined 2.8% equity in Yes Bank through the open market process.

In other news, ICICI Bank's market capitalisation inched towards Rs 3 trillion-mark as stock of the private sector lender hit a new high of Rs 458, in early trade today. The stock surpassed its previous high of Rs 450 touched on September 23 in the intra-day deal.

In the past one week, the stock of ICICI Bank has gained about 18% after the government announced reduction in the corporation tax rates.

Reports state that government's decision to sharply reduce the corporation tax rate from 30% to 22% is expected to boost corporate profitability and help banks in multiple ways as this will help boost investment activity over the medium term.

So, will Finance Minister Nirmala Sitharaman's bold tax reforms bring back foreign investors to the Indian stock markets?

Let's have a look at the monthly foreign investor inflow trend over the last five years.

Will Foreign Investors Make a Comeback Now?

During the entire period, the net foreign investor inflows into Indian equities are worth Rs 1,182.8 billion. For a five-year period, that's not a significant amount at all. The reason being that, foreign investors have also done some heavy selling during this period.

Foreign investors have been net sellers in 27 out of the last 61 months. Even in the ongoing financial year, foreign investors have been net sellers.

Will that change after the latest announcement by the Finance Minister?

Research analyst at Equitymaster, Ankit Shah believes that corporate tax cuts have the potential to revive the business and investment climate in the economy.

In his premium newsletter Insider, Ankit focuses on cherry-picking the best investing opportunities. Even after the jump in stock prices on Friday, many stocks are still trading below their best buy prices.

He believes, the best strategy in the current market is to accumulate quality stocks in a staggered manner as and when prices are attractive.

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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