Sensex Ends at Record Closing High; Telecom and Metal Stocks Shine

Mon, 4 Nov Closing

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Extending gains for the seventh straight session, Indian share markets traded on a positive note throughout the day and ended higher. The BSE Sensex rose as much as 310 points intraday to hit a fresh record high before paring some gains.

Sectoral indices ended on a mixed note with stocks in the metal sector and telecom sector witnessing buying interest, while automobile stocks and realty stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 137 points and the NSE Nifty closed up by 55 points.

The BSE Mid Cap index ended the day on a flat note, while the BSE Small Cap index ended up by 0.2%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up 1.6% and the Shanghai Composite stood higher by 0.6%.

The rupee is trading at 70.72 against the US$.

Amid the volatility witnessed in stock markets lately, Tanushree Banerjee, in the video below, talks about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times.

Tune in to find out more...

In the news from the banking sector, Bank of India share price was in focus today as the lender said it is looking to sell 27% in Star Union Dai-ichi Life Insurance Company to raise around Rs 12 billion, valuing the company at around Rs 38 billion.

The bank is also looking to offload stakes in Bombay Stock Exchange (BSE), NSDL and Equifax to raise a total of Rs 18 billion, exiting non-core businesses and raising funds that can shore up the lender's equity capital.

The lender had floated the request for proposal earlier this year but did not receive bids eligible for sale. Star Union Dai-ichi Life Insurance is a joint venture (JV) of Bank of India, Union Bank of India and Dai-ichi Life.

Bank of India is the largest Indian shareholder with 29% stake in the joint venture, while Union Bank of India owns 25.1% and Daiichi Life 45.9%.

In 2016, when the foreign direct investment limit was raised, Dai-ichi had bought 18% from Bank of India, valuing the company at Rs 30 billion. The laws allow foreign shareholders to own up to 49% in Indian insurance companies.

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

In the news from the auto sector, as per a leading financial daily, the October month has been recorded as the best of the ongoing fiscal year in terms of domestic dispatches from the automakers primarily in passenger vehicles and two-wheelers segment.

The same, however, was not so true for the commercial vehicle segment which continues to face headwinds from the domestic market as large buyers, especially fleet owners who are waiting for new year model change and pre-buying in January led by discounts.

Experts believe that the October has been the best month till now for majority of automakers, but the party would not last longer as they see no revival happening in the current fiscal year.

Among all segments, passenger vehicle saw a marginal growth of 1.2% at 28,447 units while the two-wheeler posted a single digit decline of 9.1% at 1,807,720 units last month.

The commercial vehicle segment, on the other hand, registered the steepest decline of 25.7% at 61,948 units.

Note that multiple factors have affected the auto sector of late. The liquidity crisis faced by NBFCs, regulatory changes leading to increased costs, new emission norms...they have all taken their toll.

The industry's sales and production levels have plunged, leading to job losses. In August, all major OEMs consisting of passenger, commercial, two and three-wheeler manufacturers have reported a massive decline in domestic sales.

On 20 September, the government had reduced corporate tax rates from 30% to 22% to boost consumer demand and increase spending by private companies. The effective tax to be paid by the companies, including surcharge and cess, will be 25.17%.

However, in the euphoria of the government's tax rate cuts, an important announcement went unnoticed.

The road transport and highways ministry has proposed a huge increase in re-registration of vehicles which are more than 15 years old.

The proposed hike will be implemented from July 2020. The policy change is aimed at reducing pollution by scrapping older vehicles on the road.

As per Co-head of Research, Tanushree Banerjee, this might come as a welcome relief for automakers who have seen severe fall in sales over the past 1 year.

Signs of Revival in the Auto Sector

Here's what she wrote about it in one of the editions of The 5 Minute WrapUp...

• The upcoming festive season and the recent policy measures might just be the trigger needed to revive the sector.
  
  A leading auto player makes it to my list of 7 stocks to buy.
  
  I believe, rising disposable incomes and aspirations of India's youth, will be the key trends benefiting this market leader in the long run.

As per Tanushree, these are just some of the trends that will play a big part in the Sensex 1,00,000 journey.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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