Sensex Ends Marginally Higher; Healthcare And Oil & Gas Stocks Witness Buying

Indian share markets continued to trade near the dotted line during closing hours and ended the day marginally higher. Gains were largely seen in the healthcare sector and oil & gas sector.

At the closing bell, the BSE Sensex stood higher by 53 points (up 0.2%) and the NSE Nifty closed higher by 15 points (up 0.1%). Both, the BSE Mid Cap index and the BSE Small Cap index ended the day down by 0.3%.

Asian stock markets finished on a negative note as of the most recent closing prices. The Hang Seng stood down by 0.5% and the Nikkei was trading down by 0.2%. The Shanghai Composite stood lower by 0.4%.

European markets were also trading on a negative note. The FTSE 100 was down by 0.5%. The DAX was down by 0.4% while the CAC 40 was down by 0.3%.

The rupee was trading at 71.10 to the US$ at the time of writing.

In the news from the oil & gas sectorIndian Oil Corporation share price (IOC) was in focus today as the company stated that it may raise about US$ 3 billion more through US dollar bonds issue after the Reserve Bank of India permitted fuel retailers to raise an overseas loan to check fall in rupee value.

In the news from the macroeconomic space, as per a leading financial daily, India has committed to purchase US$ 5 billion worth of oil and gas and US$ 18 billion worth of defence equipment that are under implementation from the US per annum.

The above commitment highlights the growing bilateral trade cooperation between India and the US.

India's Ambassador to the US Harsh Vardhan Shringla told the American business community that the US export to India has gone up by at least 30%.

In the last two years, the bilateral trade has increased from US$ 119 billion to US$ 140 billion.

In the field of oil and gas alone, India has committed to purchase US$ 5 billion from the US every year. Commercial Indian airlines have placed orders of 300 airplanes worth US$ 40 billion. Further, in the defense sector, India is looking at US$ 18 billion worth of orders that are under implementation.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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