Sensex Marginally Higher; Auto & Energy Stocks Gain Momentum

Wed, 7 Dec 01:30 pm

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The Indian share markets continue to trade flat with positive bias during the noon trading session ahead of the Reserve Bank's policy review meet. Sectoral indices are trading on a mixed note with auto, PSU, oil & gas stocks leading the pack of gainers. Whereas, healthcare and information technology stocks heading the losers.

The BSE Sensex is trading higher by 95 points while the NSE Nifty is trading higher by 33 points. The BSE Mid Cap index and BSE Small Cap index both are trading up by 0.3%. Gold prices, per 10 grams, are trading at Rs 27,870 levels. Silver price, per kilogram is trading at Rs 40,951 levels. Crude oil is trading at Rs 3,445 per barrel. The rupee is trading at 68.03 to the US$.

According to an article in The Economic Times, Public sector companies (PSUs) are likely to invest Rs 3 trillion in hydrocarbon sector in 3 years. The government expects foreign direct investment (FDI) in the hydrocarbon sector to pick up but the key driver will continue to be the public sector companies.

Reportedly, the sector attracted 40% more FDI in the sector in the past two and a half years than in the previous corresponding period. According to Department of Industrial Policy and Promotion (DIPP) secretary Ramesh Abhishek, in the last two and a half years our FDI policy has been hugely liberalized and the result has been positive. Further, he stated that in last two and a half years we have attracted US$ 129 billion of FDI. However, there is a huge need for investment given that India is the third largest consumer of energy in the world.

Meanwhile, with India committed to replace 'Red Tape' with 'Red Carpet', Prime Minister Narendra Modi on Monday called upon global hydrocarbon companies to come and Make in India. In this regard, the government has also come up with a new Hydrocarbon Exploration and Production Policy.

Considering India's energy basket, Renewable-energy generation (Subscription Required) in India was 61.8 billion units, versus 36.1 billion units of nuclear-power generation during the financial year (FY) 2014-15. Renewable energy accounted for 5.6% of electricity generated in India, against 3.2% for nuclear power. The total renewable energy generation in India from all the sources accounted for 1,110.4 billion units.

Sources of Energy Generation in India

One must note that the national solar mission has set a target of 100,000 MW of solar power by 2022. If this target is met, renewable energy will become the second-largest source of power for India, after coal, and ahead of hydropower, natural gas and nuclear energy, the reports noted.

Energy stocks are trading on a mixed note with HPCL and BPCL leading the gains.

Moving on to the news from stocks in banking sector. Bank of Baroda's share price rallied up by 1.2% after it was reported that the bank reduced its benchmark lending rates by 20 basis points. The new rates will be effective from December 7. The marginal cost of funds-based lending rate (MCLR) has been brought down by 0.2%.

The move comes a day before the RBI's monetary policy announcement where the apex bank is expected to cut the repo rate by at least a quarter of a percentage point.

BoB said that while the overnight MCLR would be reduced to 8.80%, it will stand at 9.05% for MCLR of 1 year and 3 years, respectively. The revised rate for five-year MCLR will be 9.25%. With the latest cut, BoB has transmitted 25 bps of the 50 bps of repo rate cuts effected since April.

Notably, after the announcement of demonetisation on November 8, banks have been flush with liquidity, with deposits of over Rs 10 trillion. This has prompted lenders to cut their deposit rates. The resultant lower cost of funds has seen them passing on the benefit in terms of lower lending rates. Recently, HDFC Bank and Bank of India (BoI) had reduced also their benchmark lending rates. While HDFC Bank bought down the rate by 15 basis points across tenures, BoI cut the rate on certain buckets by 10 basis points.

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