Indian Indices Enter New Year Flat, Metal Stocks Gain

Tue, 1 Jan Pre-Open

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On Monday, share markets in India opened on a positive note and ended the final day of the flat after a volatile day of trading.

The BSE Sensex closed lower by 9 points to end the day at 36,068. While the broader NSE Nifty ended the day up by 2 points to end at 10,863.

Among BSE sectoral indices, metal stocks rose the most by 1.4%, followed by Bank stocks at 0.7%. Tata Steel and Sun Pharma. were among the top gainers.

Top Stocks in Action Today

Cadila Healthcare share price is likely to be in focus today as the company received final nod from the US health regulator to market Clindamycin Phosphate and Benzoyl Peroxide gel which are used in the treatment of acne.

L&T share price will be in focus today on as the company's construction arm, L&T Construction's Power Transmission and Distribution Business has won orders worth Rs 20.8 billion.

On the international front, the business won a major order in the Kingdom of Saudi Arabia for the construction of 115kV Substations with associated transmission lines and cable circuits.

Oil Prices Edge Higher

Oil prices edged higher, taking a cue from firm stock markets, but remain on track for the first yearly decline in three years amid concerns of a supply glut.

The US-China trade deal helped bolster sentiment, which has been battered by concerns over a weaker global economic outlook.

US President Donald Trump said he had a "long and very good call" with Chinese President Xi Jinping and that a possible trade deal between the United States and China was progressing well.

Meanwhile, imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years last month, as US sanctions on Iran's oil exports took effect.

Last Thursday, crude oil declined by 4.24% to US$ 52.16 per barrel after reports of an increase in US inventories. Oil prices fell to their lowest in more than a year on Thursday, a day after their biggest one-day rally in two years, pulled down by worries about the global economy and a supply glut.

Reportedly, US crude inventories rose by 6.9 million barrels to 448.2 million barrels on increased refinery output.

The United States has emerged as the world's biggest crude producer, pumping 11.6 million barrels per day (bpd), more than both Saudi Arabia and Russia.

Russian Energy Minister Alexander Novak said that rising protectionism and the unpredictability of the US administration had greatly contributed to global oil price volatility over the past two years. Novak also said Russia would cut its crude output by between 3 and 5 million tonnes in the first half of 2019 as part of a deal between producers

Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed to curb output by 1.2 million bpd starting in January in a bid to clear a supply overhang and prop up prices.

Oil prices have been pulled down sharply since October by signs of an economic slowdown. Meanwhile the two world's biggest economies, the United States and China, are locked in a trade war which is threatening to slow global growth and battering investor sentiment.

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