Sensex Ends 580 Points Higher; Auto And Metal Stocks Witness Buying

However, in the near term, the rupee being under pressure could benefit export-oriented businesses.

The recent Smart Money Secrets recommendation will benefit from the rupee depreciation.

The company derives around 65% of the revenue from exports. The icing on the cake is the company's focused entry into the B2C segment, which provides it a long runway for future growth.

In the news from commodity markets, market participants were closely tracking crude oil prices today as the US sanctions on Iran come into effect from November 4.

Crude oil prices witnessed selling pressure today as surging output eased tensions of a tight supply as the sanctions come into place.

Prices fell to the lowest level since April due to growing concerns that global demand is weakening at a time when output from the world's major oil producers is surging.

Also, the data from the US Energy Department stating overall US crude output hit a record 11.35 million barrels per day in August, and it is expected to keep growing meant crude oil prices trading on a negative note.

Note that global financial markets are looking at Saudi to produce extra crude oil after the US sanctions on Iranian oil take effect in a week's time.

Last week, Saudi Arabia said it would make up for supply disruptions from US sanctions that are targeting Iran's petroleum exports.

Saudi Energy Minister Khalid al-Falih said that despite expected supply disruptions from the US sanctions against Iran that kick in from November 4, Saudi Arabia would step up to meet any demand that materializes to ensure customers are satisfied.

Oil buyers are seeking alternatives ahead of the start of the US sanctions on November 4 and creating a challenge to other OPEC oil producers as they seek to cover the shortfall.

Market participants are worried that Iranian sanctions could severely undersupply the oil market in 2018 and that will mean further rise in crude oil prices.

Speaking of crude oil, India's crude oil production was lower by 4.2% in September 2018 as compared to last year, as can be seen from the chart below.

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