Sensex Ends 404 Points Higher; Metal And Oil & Gas Stocks Witness Buying

Indian share markets continued their momentum during closing hours and ended the day on a strong note. Gains were largely seen in the metal sector and oil & gas sector.

At the closing bell, the BSE Sensex stood higher by 404 points (up 1.1%) and the NSE Nifty closed higher by 131 points (up 1.2%). The BSE Mid Cap index closed up by 0.9%, while the BSE Small Cap index ended the day up by 0.8%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 1% and the Nikkei was trading up by 0.6%.

European markets were trading on a positive note. The FTSE 100 was up by 0.1%. The DAX was trading up by 0.2%, while the CAC 40 was up by 0.1%.

The rupee was trading at 71.11 to the US$ at the time of writing.

In the news from the energy space, as per a leading financial daily, Saudi Aramco, the world's largest oil exporter, said it is in talks with Reliance Industries and other Indian companies for investing in petrochemicals and refinery projects in India.

The Saudi national oil company, along with its partner UAE's Adnoc, has taken a 50% stake in a planned USD 44-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies and has bullish outlook on India's energy demand and, as per the news, is keen on investing here.

How this deal pans out remains to be seen. Stay tuned to get all the updates from this space.

Speaking of foreign players investing in India, many private equity funds have joined hands to increase their controlling stakes in Indian investments lately.

Here are some examples...

  • A joint venture between Brookfield Asset Management Inc. and State Bank of India for distressed assets.
  • The acquisition of a stake in Mankind Pharma by ChrysCapital, GIC and the Canada Pension Plan Investment Board.
  • Resurgent Power Ventures Pvt. Ltd, a platform created by Tata Power and ICICI Venture, raising capital from Kuwait Investment Authority and State General Reserve Fund of Oman.
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To know more on what moved the Indian stock markets today, you can check out the most recent 


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