Product Reviews

Indices rebound on global trends, buying in Reliance; Sensex up 445 points

Indian equity benchmarks logged their best gains since March 3 in the midst of gains in Reliance Industries’ (RIL’s) stocks and a rally in financial stocks after a raft of global measures to fix the West’s banking crisis provided reprieve for investors. The benchmark S&P BSE Sensex rose 445 points to end the session at 58,074 — a gain of 0.7 per cent. The National Stock Exchange Nifty ended the session at 17,107 — a gain of 119 points, or 0.7 per cent.

The stock of RIL rose 3 per cent on Tuesday. It was both the best-performing Sensex stock and contributed the most to index gains. The stock rose after the CLSA report called it a “bargain buy”.

The report said cooling crude oil prices, pick-up in gasoline spreads, and a near-removal of windfall tax have led to higher refining margins. “Key petrochemical product spreads have also bounced from the lows on the back of China reopening. Coupled with the start of Phase 3 gas production from its eastern offshore block, this should drive oil and gas profits higher in the March and June quarters.

Gains from a 50 per cent jump in retail selling space in the past 12 months should also show up in the coming quarters,” observed the CLSA note. Banking stocks rose as steps to stabilise the financial system in the West offered investors some signs of a let-up. Finance stocks rose on the back of gains in their Western counterparts after news reports suggested that US officials are studying ways to temporarily guarantee bank deposits and expand federal deposit insurance coverage to all deposits.

Temporary insurance coverage to all deposits was sought by a coalition of banks arguing it’s needed to head off a potential financial crisis. According to reports, the US Department of the Treasury officials are reviewing whether they have emergency authority to temporarily insure deposits greater than the present cap of £250,000. Investors are cautiously buying stocks a day after knee-jerk sell-off on Monday, following a government-brokered acquisition of Credit Suisse by UBS Group.

The additional tier 1 bonds rebounded in Europe and Asia after regulators in the respective regions assured investors of the debt category. “Domestic equities witnessed smart recovery after falling in the past few sessions. Positive global cues, value-buying at lower levels, and some degree of short covering helped indices close in the green,” said Siddhartha Khemka, head-retail research, Motilal Oswal Financial Services.

Brent crude prices rose in the past two months, trading at £73 per barrel. An improving market sentiment dented government bonds, with 10-year treasury yields trading at 4.3 per cent, against 4.17 per cent on Monday, and the policy-sensitive two-year bond yields trading at 4.1 per cent, against 3.97 per cent on Monday. “We expect recovery to strengthen further.

However, the upside still seems capped, citing multiple hurdles to 17,400 levels in the Nifty. Besides, caution ahead of the outcome of the US Federal Reserve meeting would keep volatility higher. Participants should align their positions accordingly while keeping a check on leveraged trades,” said Ajit Mishra, vice-president-technical research, Religare Broking.

Foreign portfolio investors continued to be net sellers on Tuesday, selling shares worth Rs 1,455 crore.

Tags: AT National SELLING

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