Sensex Ends Lower for Second Consecutive Day; IOC, BPCL Hit 52-Week High

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Indian share markets finished lower for second consecutive day on profit booking across realty, power and <>pharma stocks. At the closing bell, the BSE Sensex stood lower by 115 points, while the NSE Nifty finished down by 34 points.

Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished down by 0.6% and 0.5% respectively. Stocks from oil & gas and PSU sector witnessed maximum buying activity.

Asian markets finished higher today with shares in Hong Kong leading the region. The Hang Seng is up 0.69% while Japan's Nikkei 225 is up 0.47% and China's Shanghai Composite is up 0.21%.

European shares retreated in early session after airline stocks dropped to its lowest in more than three years. The DAX is down 0.39% while London's FTSE 100 is off 0.36% and France's CAC 40 is lower by 0.24%.

The rupee was trading at 66.63 against the US$ in the afternoon session. Oil prices were trading at US$ 49.75 at the time of writing.

Share price of Indian Oil Corporation (IOC) surged by 5.6% in today's trade after it was reported that the company is planning to invest Rs 180 billion to raise capacity of its Panipat refinery in Haryana to 25 million tonnes (mt) by 2020, larger than previously planned. The company had previously planned to raise capacity of Panipat refinery from 15 mt to 20.2 mt, but now it is looking at raising the capacity straightway to 25 mt. The nation's largest oil firm owns and operates 11 out of India's 23 refineries with a combined refining capacity of 80.7 mt per annum.

BPCL is also reportedly planning to build a terminal on the west coast to import liquefied petroleum gas (LPG). The said terminal will have a capacity of 2 million tonnes per annum (mtpa), and will cost Rs 10 billion.

In another development, Oil and Natural Gas Corporation's (ONGC) wholly owned subsidiary- ONGC Videsh Limited has received approval from the Cabinet Committee on Economic Affairs to acquire 11% stake in Russia's Vankor oil fields from Rosneft Oil Company for US$930 million, which will take its overall stake in the project to 26%.

OVL had bought a 15% stake in the field for US$1.268 billion last year. The acquisition will provide 3.2 million tonne of oil equivalent to OVL by 2017. ONGC finished the day up by 0.9% on the BSE.

The share price of ONGC has surged 31% in the past six months.

Moving on to news from stocks in automobile sector. According to a leading financial daily, Mahindra & Mahindra (M&M), part of the US$17.8 billion Mahindra Group, has launched eSupro - India's first zero emission, all electric cargo and passenger vans.

The eSupro platform will usher in a whole new concept in cargo transportation and people movement, and will drive Mahindra's vision of Future of Mobility. The eSupro platform will cater primarily to the B2B segment and would be available across Mahindra dealerships pan India with immediate effect.

In another development, according to an article in The Economic Times, Tata Motors has struck a deal with a major South African car hire company to supply substantial number of Tata Bolt 1.2 Turbo hatchbacks for its national rental fleet. The Bolt, which was recently introduced in South Africa, will be offered at a competitive hire charge which will be one of the lowest in the country.

As per the reports, the new Tata Bolt has been finding favor with particularly younger buyers in South Africa because of its affordability and features that include air conditioning, electric windows, Bluetooth connectivity and a touchscreen infotainment system, not found in similarly-price competitor vehicles (Subscription Required).

Tata Motors has announced an eight per cent increase in total sales at 48,648 units in September. The company had sold 45,215 units in the corresponding period last year. Domestic sales of Tata Motors' commercial and passenger vehicles grew 5% to 42,961 units in September over the same month of the previous year. Sales of passenger vehicles in the domestic market grew 24% to 14,601 units last month as against 11,732 units in the year-ago period.

Share price of Tata Motors finished on a lackluster note (down 1.8%) on the BSE.

Automobile stocks finished on a negative note with Escorts Ltd and M&M leading the losses.

Will The Downtrend Resume After the Pullback?

Nifty touched the lower edge of the downward sloping channel marked here in this 75-minute chart last week. It managed to bounce back up to 8,800 levels which is near the upper edge of this channel. The index traded on a flat to positive note in first half of today's session but slipped lower in the end. It seems like the pullback is over and downtrend could resume. Immediate support for the index is placed in the range of 8,555 to 8,600.

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