Indian Share Market Open Flat; ICICI Bank Leads the Gainers

Mon, 24 Oct 09:30 am

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Major Asian stock markets have opened the day on a positive note. Stock markets in Singapore and China are trading higher by 0.4% and 1.3%, respectively.

Stock markets in Europe ended their previous session on a mixed note. While benchmark indices in US ended their previous session trading higher by 0.3%.

The rupee is currently trading at 66.88 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 41 points (up 0.1%) and NSE Nifty is trading marginally higher by 5 points (up 0.1%). The BSE Mid Cap Index is trading flat, while the BSE Small Cap Index is trading higher by 0.5%.

Major sectoral indices have opened the day in green with banking sector stocks and power sector stocks witnessing maximum buying interest.

ACC Ltd declared its results for the quarter ended September 30, 2016 (3QFY16). Consolidated net profit during the quarter fell 28.8% YoY, while net sales fell 9.7% YoY. Copious monsoon rainfall across the country led to this subdued growth.

Operating profits for the company were impacted by higher costs and EBITDA margins contracted 30 basis points at 10.9% YoY during the quarter.

Cement sales volume for the quarter fell 9.6% YoY to 5 million tonnes. This level was recorded as its lowest level since the December 2014 quarter. Weak volume growth led to a decline in consolidated revenue, which stood at Rs 25 billion during the quarter.

Reportedly, ACC expects volumes to pick up on the supply side as its newly commissioned units stabilize, especially in the fast growing eastern region. That said, the company face some risks such as hardening of petroleum coke prices and increase in railway freight costs in the coming period.

On the overall demand side, ACC maintained an optimistic outlook for the economy in the coming months.

In our view, stocks of cement companies are trading at expensive valuations. We strongly believe that in the long run stock prices adjust to the earnings. In order for this rally to sustain, the demand in the real estate and construction activities needs to pick up.

In another news update from the commodity markets, crude oil is witnessing buying interest today. Most of these gains are seen on the back of reports released last week that stated a draw in US crude inventories.

Last week, crude oil witnessed volatility but ended its session with weekly gains. The commodity witnessed gains on the back of a report that stated a draw in US crude inventories. Also, an OPEC statement said a planned production cut was achievable. These developments led to a revival in crude oil prices on Friday last week.

All eyes are now set on the Organization of the Petroleum Exporting Countries (OPEC) meet scheduled on 30 November. The meet is scheduled to discuss a planned output cut of around 1 million barrels per day (bpd) of crude oil.

The OPEC recently agreed for a modest output cut. It agreed to reduce output to a range of 32.5-33 million barrels per day (bpd) from the present output of 33.24 million bpd. The deal was struck during talks in Algeria to ease global supply fears.

Until a few years ago, US$100 per barrel was the new 'normal' for oil prices. And then this capricious commodity proved everyone wrong. Early this year, crude oil prices hit US$30 per barrel for the first time in twelve years. The root of this turmoil has been the global supply glut.

OPEC is a major source of the turmoil we've seen in crude oil prices. Check out Asad Dossani's article, How OPEC Lost Control of Oil Prices, for more on this.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers