Sensex Rallies 500 Points on Firm Global Cues; Banking Stocks Continue to Rise

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The Indian share markets gained momentum as the day progressed and finished on a strong note with firm buying activity across banking and capital goods sectors. At the closing bell, the BSE Sensex closed higher by 521 points, whereas the NSE Nifty finished higher by 158 points. The <>S&P BSE Midcap finished the day up by 1.9% & the S&P BSE Small Cap finished up by 1.3%.

Asian markets finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 1.55%, while China's Shanghai Composite is up 1.4% and Japan's Nikkei 225 is up 0.38%. European shares bounced in early, with commodities-related stocks leading the market higher after prices of major industrial metals and crude oil rose on a softer dollar. The FTSE 100 is up 0.98%, while France's CAC 40 is up 0.71% and Germany's DAX is up 0.33%.

The rupee was trading at Rs 66.73 against the US$ in the afternoon session. Oil prices were trading at US$ 50.38 at the time of writing.

As per an article in The Economic Times, the recent deal between Essar Oil and a consortium led by Russian oil major Rosneft is likely to increase consumer-focused services and dynamic pricing in fuel retailing. Apparently it will give the energy giant a gateway into the world's fastest growing fuel market.

Reportedly, this will redraw India's oil routes, particularly for Russian-owned crude. It will help reduce dependence on supplies from West Asia. Further, also lift the country into a regional products marketing war with China in the next three years. According to the International Energy Agency, India is expected to become the fastest growing oil consumer through 2040.

The deal will give Rosneft a 49% stake in Essar Oil, with another 49% sold to a consortium of the Netherlands-based Trafigura and a Moscow-based United Capital Partners.

In a deal announced over the weekend, Rosneft is following a strategy by resource-rich firms and nations to secure outlets for their output. It may supply the facility with Venezuela crude and challenge Middle East exporters that provide about two-thirds of the country's imports. The transaction opens up a unique synergetic possibility for active assets owned by Rosneft. The takeover offers the potential to expand in the Asia-Pacific region by supplying fuel to Indonesia, Vietnam, the Philippines and Australia.

Notably, Essar Oil operates a 400,000 barrel-per-day oil refinery in the western Indian state of Gujarat. It sells fuel across the country through its 2,470 filling stations. With this purchase, Rosneft and others will get a foothold in India where oil demand is booming more than ever. In fact, oil demand in India is expected to surpass even Japan by 2025, making Asia's third-largest economy also the world's third-largest fuel guzzler.

Moving on to the news from stocks in telecom sector. Bharti Airtel and Nokia Networks India have inked a deal over the roll-out of high speed 4G services in 6 new circles across the nation. It's the first time that the country will witness FDD-LTE being deployed on the 1800MHz band.

The new agreement with Nokia will see Bharti Airtel expand the deployment of 4G technology in three new circles in addition to six circles it already serves, enabling launch of new services that started in September.

Reportedly, Bharti Airtel is expediting its network expansion and ramping up capacities to counter the looming threat from Reliance Jio. The fresh deal between the two companies is estimated to be around US$ 230 million.

Bharti Airtel will be able to provide improved coverage and faster mobile internet access. As India prepares for the next boom in mobile data demand, Nokia will deploy its available 4G network technologies across nine circles in India including the regions of Gujarat, Madhya Pradesh, Bihar, Rest of Bengal, Odisha, Mumbai, Maharashtra, Kerala and UP East.

Shares of Bharti Airtel finished the day up by 1.7%.

And here's an update from our friends at Daily Profit Hunter...

Markets ended near 8,500 levels yesterday and opened with a gap today above 8,550. We expected that the level of 8,500 would act as a support due to convergence of channel and horizontal support near 8,500. Going forward the range of 8,680 to 8,700 will act as an immediate resistance while 8,750 will be a strong hurdle during the week.

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