Most have seen decline in cash reserves and deterioration in financial ratios in recent years.
Equity investors became poorer by Rs 7.48 lakh crore in five consecutive days of market fall, where the BSE Sensex has declined by nearly 3 per cent. In the past five days, the BSE Sensex has tumbled 1,713.71 points or 2.79 per cent. This has led to an erosion of Rs 7,48,887.04 crore from the market capitalisation of BSE-listed firms in five trading sessions.
Benchmark BSE Sensex rose by over 379 points on Tuesday as gains in oil & gas, banking and auto shares helped the barometer continue winning run for the third straight session. The 30-share BSE benchmark index advanced 379.43 points or 0.64 per cent to settle at 59,842.21. During the day, it jumped 460.25 points or 0.77 per cent to 59,923.03. The broader NSE Nifty climbed 127.10 points or 0.72 per cent to 17,825.25 as 42 of its constituents advanced.
BSE market breadth was positive. Out of 2,972 stocks traded, 1,203 shares advanced while 986 shared declined in trades.
The Bombay Stock Exchange's 30-share Sensex closed at 18,401 up 405 points. The National Stock Exchange's 50-share S&P CNX Nifty closed at 5,409 up 124 points.
Benchmark indices fell on Monday with the BSE Sensex declining 306 points, mainly dragged down by Reliance Industries. Foreign funds outflow also added to the overall bearish trend in equities on Monday. The 30-share BSE benchmark fell 306.01 points or 0.55 per cent to settle at 55,766.22. During the day, it declined 535.15 points or 0.95 per cent to 55,537.08. The broader NSE Nifty dipped 88.45 points or 0.53 per cent to 16,631.
Surrendering most of early gains, the BSE benchmark Sensex was quoting higher by 26 points in the late morning trade on Wednesday on persistent buying, mainly in realty, metal, banking and consumer durable sectors.
Cairn Energy Plc, which has 50 production blocks across the world, holds 10% in Cairn India.
Benchmark equity indices Sensex and Nifty reversed their early gains to close lower on Wednesday due to selling in oil & gas, banking and IT stocks amid weak trends in European markets. The 30-share BSE Sensex declined by 372.46 points or 0.69 per cent to close at 53,514.15, extending its falling streak to a third day. The index opened higher and touched the day's high of 54,211.22 amid gains in Asian markets.
BSE Auto index has surged by almost 2%
UK-based Diageo's acquisition of 53.4 per cent stake in Vijay Mallya-led United Spirits for Rs 11,166.5 crore ($2 billion) could be the biggest inbound M&A deal so far this year.
The index is currently trading at 149 per cent of its historical P/B valuation, surpassing its previous peak of 125 per cent made in 2020-21.
India's biggest companies are public sector undertakings (PSUs) in the oil & gas sector.
Markets pared early gains and ended on a flat note, weighed down by profit-taking in Oil & Gas and Auto shares. The Sensex ended at 17,850 - up three point. Nifty ended flat at 5,415.
Snapping a four-day gaining streak, the BSE benchmark Sensex on Thursday fell over 57 points in early trade due to profit-booking after recent gains amid a mixed trend in other Asian markets.
IIT Madras has bagged 15 PPOs across departments but still expects over 10 offers. "Pre-placement offers from sectors like FMCG, IT and oil & gas have already been made.
Prime Minister Manmohan Singh on Monday expressed concern over the mismatch in demand and supply in the energy sector.
Although the third quarter of financial year (2023-2024) FY24 (Q3FY24) was marginally below expectations, Info Edge (India) is witnessing strong investment trends and hitting new highs. The big driver is optimism about a pickup in the jobs market, which benefits Naukri.com and could mean upgrades in Q4FY24 expectations. The JobSpeak Index, which Naukri.com releases on a monthly basis, is showing a "transformative shift".
Housing Development and Infrastructure, country's third largest listed realty developer, has forayed into entertainment, power, oil & gas and broadcasting, among others, either directly or by acquiring stake. The company recently acquired a 51 per cent stake in Broadcast Initiatives, promoted by Sri Adhikari Brothers. Sarang Wadhawan talks about his company's plans and projects in an interview with Business Standard.
Auto shares gain while banks, realty drop
The Sensex ended higher by 138 points at 19,367 and the 50-share Nifty advanced 43 points to close at 5,742.
Stocks of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL) have more headroom left despite the sharp run in the last few weeks, suggests a recent report from Morgan Stanley. Stocks of these oil refining and marketing companies (OMCs), it believes, are seeing multiples re-rate as investors reassess long-term growth prospects. "IOCL trades at one year forward P/BV of 1.2x, 19 per cent below +1 standard deviation (SD); BPCL trades at one year forward P/BV of 1.5x, near historical averages; HPCL trades at one year forward P/BV of 1.5x, near +1SD," Morgan Stanley said.
Dilip Shanghvi's Sun Oil & Natural Gas, signed a deal for the transfer of Interlink Petroleum's interest in the Modhera and Baola fields.
'Govt to lose Rs 40,000 crore due to RIL's escalating costs'.
From the Sensex pack, Reliance Industries fell the most by 2 per cent. Tata Steel, Bajaj Finserv, ITC, NTPC, Bharti Airtel, Tech Mahindra, Titan, Axis Bank and Bajaj Finance were among the other major laggards.
Mutual funds bought metal, media, telecom, engineering, and pharma stocks in December
BSE market breadth was fairly positive. Out of 3,010 stocks traded, 1,858 advanced while 1,013 declined in trades.
The Nifty ended up 19 points at 5,545.According to recent data, FIIs have bought shares worth Rs 1,505.50 crore since June 23.
Nifty50's earnings growth, estimated at 20 per cent by global research and brokerage firm Jefferies for financial year 2023-24 (FY24), will be amongst the top three in the Asian region, and is likely to outperform peers. Asean 40 index with 29.1 per cent estimated earnings growth and Straits Times Index (STI) with 29.1 per cent estimated earnings growth are the only two other indices in the Asian region that are likely to outperform India, suggests the recent Jefferies report, coauthored by Mahesh Nandurkar, their managing director along with Abhinav Sinha and Nishant Poddar.
India Inc is expected to post 35-45 per cent rise in net profit in the fourth quarter ended March 31.
Cash flows from RPL will help Reliance to step up investments on explorations. Reliance Industries, which owns the world's biggest refinery complex, is looking at additional cash flows, tax benefits, continuity of export status and other synergies in its attempt to merge Reliance Petroleum with itself, after a 54 per cent decline in stock prices.
Aggregate figures for a sample of 43 companies (excluding oil & gas PSUs as well as those in the banking, telecom and software sectors) in the BSE 100 index suggest that operating profit margins (OPMs) were down by 63 basis points (bps) year-on-year in the December quarter and that there appears to be no major causes for concern.
Investors' wealth eroded by Rs 3.46 lakh crore on Wednesday as equity markets took a sharp tumble amid weak global trends and foreign fund outflows. The 30-share BSE Sensex fell by 676.53 points or 1.02 per cent to settle at 65,782.78. During the day, it plunged 1,027.63 points or 1.54 per cent to 65,431.68. In line with the weak trend in equities, the market capitalisation of BSE-listed firms eroded by Rs 3,46,947.54 crore to Rs 3,03,33,258.69 crore.
The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
The market breadth was neutral.
