Sensex Ends 183 Points Higher; Energy and Metal Stocks Witness Buying

Thu, 7 Nov Closing

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Indian share markets witnessed huge buying interest during closing hours today and ended their day on a positive note.

At the closing bell, the BSE Sensex stood higher by 183 points (up 0.5%) and the NSE Nifty closed higher by 49 points (up 0.4%).

The BSE Mid Cap index ended up by 0.7%, while the BSE Small Cap index ended the day up by 0.5%.

On the sectoral front, gains were seen in the energy sector and metal sector. Oil & gas sector and capital goods sector, on the other hand, witnessed selling.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 0.57% and the Nikkei was trading up by 0.11%, while the Shanghai Composite was trading flat.

European markets were also trading on a positive note. The FTSE 100 was up by 0.39%. The DAX was trading up by 0.82%, while the CAC 40 was trading up by 0.28%.

The rupee was trading at 70.91 to the US$ at the time of writing.

Speaking of Indian stock markets, the past few months have seen stock markets trading on a volatile note. While the Sensex is at its record high, the rest of the market has seen most stocks falling. And even the Sensex's rise has been topsy-turvy.

But isn't that how markets have always behaved?

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 one of the editions 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 market movements to buy quality stocks?

Also, amid the volatility witnessed, 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 healthcare sector, Sun Pharma share price was in focus today as the company reported a net profit of Rs 10.6 billion for the quarter ended September 30.

The drug major had posted a net loss of Rs 2.6 billion for the corresponding period a year ago.

The company in a regulatory filing said its revenue from operations came in at Rs 81.2 billion in the second quarter of current financial year, as against Rs 69.3 billion in the year-ago period.

From the energy sector, Hindustan Petroleum Corporation (HPCL) share price was also in focus as the company reported 29.8% quarter-on-quarter (QoQ) growth in September quarter.

The profit increased to Rs 10.5 billion in the quarter ended in September against Rs 8.1 billion in the June quarter.

The revenue from operations fell 14.3% sequentially to Rs 608.6 billion during the July-September period.

The calculated gross refining margin for the quarter stood at US$ 2.60 a barrel.

Moving on to the news from the banking sector, Yes Bank share price was in focus today as global ratings agency Moody's placed the private sector lender's ratings under review for downgrade.

The agency said that the Ba3 rating of the bank can be downgraded because of the weak September quarter earnings and the bank managing to get only a commitment for US$ 1.2 billion in funding recently.

The agency warned that any inability to raise the fund will negatively impact the credit profile and ratings of the bank.

Moody's also sees the bank's total dud asset to top 12% this year basing on bank's own assessment of over 40% of its Rs 300 billion of exposure to lower rated entities turning sour before March.

The agency also ruled out an upgrade in the next 12-18 months saying the outlook can be changed to stable if the asset quality is stable and the capital raise happens.

Note that Yes Bank has been passing through a rough period ever since the Reserve Bank of India (RBI) asked the promoter-chief executive Rana Kapoor to leave the bank by January 31, 2019 in August last year over concerns on governance and loan practices. The bank has also been in news as Rana Kapoor's successor Ravneet Gill disclosed large underreported stressed assets.

Under Gill, the bank reported its maiden loss in the March quarter and the strain on asset quality continues with it reporting a rise in the gross non-performing assets ratio to over 7.6 in the September quarter.

Earlier this week, the bank said it has received a binding offer from a global investor for an investment of US$ 1.2 billion in the bank through fresh issuance of equity shares.

The bank added it continues to be in advanced discussions with other global and domestic investors.

The bank has been trying to raise capital to fight off the liquidity issues.

How all these pans out remain to be seen. Meanwhile, we will keep you updated on all the developments from 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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