Sensex Ends 87 Points Higher; Telecom and Auto Stocks Witness Buying

Mon, 14 Oct Closing

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Indian share markets ended their trading session marginally higher.

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

At the closing bell, the BSE Sensex stood higher by 87 points (up 0.2%) and the NSE Nifty closed higher by 24 points (up 0.2%).

The BSE Mid Cap index ended up by 0.4%, while the BSE Small Cap index ended the day up by 0.1%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 0.81% and the Nikkei was trading up by 1.15%, while the Shanghai Composite was also trading up by 1.15%.

European markets were trading on a negative note. The FTSE 100 was down by 0.67%. The DAX was trading down by 0.83%, while the CAC 40 was down by 0.94%.

The rupee was trading at 71.13 to the US$ at the time of writing.

Speaking of Indian stocks markets, the stock market has not been kind to investors of late.

There has been a sudden shift in market sentiment on the back of same major developments.

And investors across the rank and file - from institutional to retail - have been at the receiving end. The mayhem has spared no one.

But if you look at the stock market returns over the years, you will see that the markets have never moved in a linear fashion.

What do I mean by that?

It has never been a one-way street - only up or down.

Stock markets have always moved in cycles.

The Time to Buy Stocks is Now

Here's what Radhika Pandit wrote about this in a recent edition of The 5 Minute WrapUp...

• If you would have bought stocks when either the Sensex or the Smallcap index was in a downturn, you would have made big returns once the cycle turned and the bulls took over.
  
  Sarvajeet and I believe we are seeing a similar situation currently.
  
  The economic slowdown does not herald the end of the world or for that matter the end of India. It's a phase and like all phases - This too shall pass.

So, the real question is - Are you taking advantage of these price declines to buy quality stocks?

Also, amid such volatile times in stock markets, Richa Agarwal reveals her investing strategy in the video below.

She also talks about the type of small cap stocks she is looking at during such times.

Tune in...

In the news from the IPO space, IRCTC share price made a strong debut today, as the shares of the company got listed at Rs 644 on BSE, a 101.25% premium over issue price of Rs 320.

The Rs 6.5 billion initial public offering (IPO) of state-owned Indian Railway Catering and Tourism Corporation (IRCTC) was subscribed almost 112 times, making it the most successful share sale in over 20 months.

The offer got bids for 2,256 million shares compared to the total issue size of 202 million shares.

The portion reserved for QIBs got subscribed 108.8 times, while HNI portion got subscribed 354.5 times. Retail and employees portion got subscribed 14.6 times and 5.8 times, respectively. Both retail investors and employees will receive shares at a Rs 10 discount to the final offer price.

IRCTC is a central public sector enterprise, wholly owned by the Government of India and under the administrative control of the Ministry of Railways. It is the only entity authorized by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.

The company has also diversified into other businesses, including non-railway catering and services such as e-catering, executive lounges and budget hotels, which are in line with its objective to build a "one stop solution" for its customers.

Ankit Shah has shared the detailed note of the IPO in one of the Equitymaster Insider issues. You can read the entire note here: IRCTC IPO: The IPO Season Kickstarts After Corporate Tax Cuts.

Moving on to the news from the energy sector, ONGC share price was in focus today as Oil Minister Dharmendra Pradhan said the state-owned firm was free to sell its stake in HPCL.

Note that ONGC had paid Rs 369 billion to buy government's entire 51.11% stake in HPCL.

Despite being the majority stakeholder in the company, ONGC has only got one member on the board and virtually no say in the management.

HPCL had also not recognised ONGC as its promoter for almost one-and-half-years before a Securities and Exchange Board of India rap forced it to list its majority owner as a promoter.

Since acquiring the stake, ONGC has only been able to appoint one director to that firm's board.

HPCL head Mukesh K Surana continues with the title of Chairman and Managing Director despite corporate governance structure mandate of only one chairman in a group and subsidiaries being headed by managing directors or chief executive officers (CEOs).

ONGC had hoped that the addition of an oil refining and marketing company would make it a vertically integrated oil and gas company when it had acquired government stake in HPCL in January last year.

However, no tangible synergies have flowed to the company. The acquisition turned ONGC from a zero-debt company to a firm with no cash and a huge debt pile.

As per news, it was reported that since the government had repealed the acts that nationalised HPCL and Bharat Petroleum Corp Ltd (BPCL), ONGC is now free to sell the stake.

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

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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