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Yen Surge; Sliding Oil Prices and Top Stocks in Action Today
Fri, 4 Jan Pre-Open | Rini Mehta, TM Team

On Thursday, the Indian share markets ended lower following a selloff in Asian markets. At the closing bell, BSE Sensex ended down by 378 points, while, NSE Nifty ended down by 120 points.

All sectoral indices ended on a negative note with metal stocks, and energy stocks witnessing maximum selling pressure.

Meanwhile, the rupee traded on a weak note having slipped to 70.52 against the dollar in intra-day trade. On Wednesday, the domestic unit crashed 75 paise, its first loss in last four sessions, to close at 70.18 amid strengthening of the greenback and heavy selling in domestic equities.

Top Stocks in Focus

Alembic Pharma share price will be in focus today as it has received USFDA (US Food & Drug Administration) approval Pramipexole Dihydrochloride.

Bharti Airtel lost a paltry 18.6 lakh subscribers in October 2018. Following this, the company's access Service Provider-wise market share in term of Wireless Subscribers stood at 29.2%.

L&T's arm L&T Construction has won orders worth Rs 10.6 billion. The stock will hog limelight today.

Indian Oil Corporation (IOC) is going to commission its first liquefied natural gas (LNG) import terminal at Ennore in Tamil Nadu in January, after completion of dredging of the channel that will bring cryogenic ships carrying natural gas in its liquid form to the port.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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Bank of Baroda, Vijaya Bank & Dena Bank Merger Deal

The cabinet approved the merger of Vijaya Bank & Dena Bank with Bank of Baroda.

After the merger, Bank of Baroda will become the third biggest public sector bank. The merger will be effective from April 1.

This is also the first ever three-way merger in Indian banking.

Reportedly, all employees of Vijay Bank & Dena Bank will be transferred to Bank of Baroda. No retrenchment will take place in the merger process.

The boards of public lenders Bank of Baroda and Dena Bank on Wednesday approved swap ratio for the proposed merger of the two PSU banks.

Further, Dena Bank said that its shareholders will receive 110 equity shares of Bank of Baroda of face value Rs 2 for every 1,000 shares they held.

Vijaya Bank shareholders will get 402 equity shares of Bank of Baroda for every 1,000 shares they held.

Post the completion of the merger with the two banks, Bank of Baroda is likely to be the resulting entity post-merger and will become the third-largest Indian bank, overtaking both Punjab National Bank and ICICI Bank, in terms of assets, but remaining behind State Bank of India and HDFC Bank, the reports noted.

Owing to this development, Dena Bank share price plunged over 19% yesterday. While, Vijaya Bank fell 7%. Bank of Baroda share price ended flat.

Global Stock Market Drivers

On Thursday, European stocks and US equity-index futures slumped after Apple Inc. added to global growth concerns with a cut in its sales outlook.

Stocks in Asia were mixed, while there were wild moves in the currency markets as the yen surged. The news sparked a 'flash crash' in currency markets as the Japanese yen soared against most major currencies in a matter of seconds.

Apple's warning and a weak reading on Chinese manufacturing come as stark examples to investors that the protectionist showdown is starting to have an impact on economic activity, even after US President Donald Trump sounded positive tunes about reaching a trade deal with his counterpart Xi Jinping over the weekend.

In Washington, leaders were unable to strike a deal to end a partial shutdown of the federal government at a meeting Wednesday, adding to the gloom that's gripped markets for the past month.

Here are some events in focus today:

  • The US December jobs report is due today.
  • Fed Chair Powell will be interviewed with predecessors Janet Yellen and Ben Bernanke at the annual meeting of the American Economic Association.

Oil Prices Slide

Oil prices fell on Thursday amid volatile currency and stock markets. Further, crude supply is also rising globally.

US West Texas Intermediate (WTI) crude oil futures dropped by around 2% from their last settlement to US$45.61.

International Brent crude futures were down 1.1% at US$54.31 a barrel.

In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by up to 50 cents a barrel due to weaker fuel oil margins, the reports noted.

Markets were roiled by a more than 3% slump of the US dollar against the Japanese yen overnight, and after tech giant Apple cut its sales forecast.

Oil markets have also come under pressure from a surge in supply.

US crude production stood at a record 11.7 million barrels per day (bpd) in late 2018, making the United States the world's biggest oil producer.

In the latest edition of The 5 Minute WrapUp, research analyst, Sarvajeet Bodas explains how Game Theory shows OPEC's struggle to control the market. And what this means for Indian market. Here's an excerpt from the article:

  • "Here, all countries want to see production cuts to support the oil price. But rarely does a country want to cut themselves for loss of revenues.

    Everyone acts out of self-interest. Members end up in a worse scenario than if they collaborated.

    People and nations are often jealous of each other."

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Stock Market Updates

Sensex Ends 228 Points Higher; Metal and Energy Stocks Witness Buying (Today's Market)

Aug 23, 2019 Closing

While the BSE Sensex closed higher by 228 points, NSE Nifty closed higher by 88 points.

INFO EDGE Plunges by 5%; BSE IT Index Up 1.1% (Today's Market)

Aug 23, 2019 03:26 PM

INFO EDGE share price has plunged by 5% and its current market price is Rs 2,019. The BSE IT is up by 1.1%. The top gainers in the BSE IT Index are TATA ELXSI (up 7.2%) and ORACLE FINANCIAL (up 4.2%). The top losers are INFO EDGE (down 5.4%) and PERSISTENT SYSTEMS (down 5.3%).

ESCORTS LIMITED Surges by 5%; BSE AUTO Index Up 1.5% (Today's Market)

Aug 23, 2019 03:20 PM

ESCORTS LIMITED share price has surged by 5% and its current market price is Rs 454. The BSE AUTO is up by 1.5%. The top gainers in the BSE AUTO Index is ESCORTS LIMITED (up 5.2%). The top losers is EICHER MOTOR (down 1.1%).

CASTROL INDIA Surges by 5%; BSE OIL & GAS Index Up 3.4% (Today's Market)

Aug 23, 2019 03:16 PM

CASTROL INDIA share price has surged by 5% and its current market price is Rs 120. The BSE OIL & GAS is up by 3.4%. The top gainers in the BSE OIL & GAS Index are CASTROL INDIA (up 5.1%) and BPCL (up 5.2%). The top losers [TOPLOSERS].

GE POWER INDIA LTD Surges by 11%; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

Aug 23, 2019 03:14 PM

GE POWER INDIA LTD share price has surged by 11% and its current market price is Rs 822. The BSE CAPITAL GOODS is down by 0.3%. The top gainers in the BSE CAPITAL GOODS Index is GE POWER INDIA LTD (up 10.7%). The top losers are ELGI EQUIPMENTS (down 0.1%) and THERMAX (down 0.2%).

VODAFONE IDEA Surges by 10%; BSE 500 Index Up 0.9% (Today's Market)

Aug 23, 2019 02:26 PM

VODAFONE IDEA share price has surged by 10% and its current market price is Rs 6. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 10.1%) and STERLITE TECH. (up 13.3%). The top losers are PAGE INDUSTRIES and GSK CONSUMER (down 0.1%).

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