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Of Rising Crude Oil Prices, Nifty IT Index, and Top Cues in Focus Today
Thu, 25 Jan Pre-Open | Monish Vora, TM Team

Share markets in India closed on a flat note yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 22 points and the NSE Nifty closed up by 3 points. The BSE Mid Cap index ended the day down by 0.6%, while the BSE Small Cap index ended the day down by 0.9%.

Profit booking was witnessed in metal stocks, capital goods stocks, consumer durables stocks, and power stocks ahead of January month expiry in the derivatives segment.

Top Stocks in Focus Today

From the energy sector, ONGC share price will be in focus today. The company has entered into short-term loan agreements with three banks to part-fund its acquisition of HPCL. Accordingly, the company has entered into agreements with Punjab National Bank, Axis Bank and Bank of India on 22 January for loans totalling to Rs 180.6 billion. The agreements are for short-term loans to part-finance the acquisition of HPCL.

Wipro share price will also be in focus today. The company announced that it won a multi-year business process services engagement with Nilfiska leading global supplier of professional cleaning equipment and solutions, headquartered in Denmark.

From the telecom space, market participants will also be tracking Idea cellular share price and Bharti Airtel share price. This comes as deep-pocketed Reliance Jio has launched newer and cheaper tariff plans to intensify competition once again. The new plans are seen to offer more data for the same price, along with introducing a cheaper price point.

From the mining sector, Coal India share price will also be in focus today. The company's board has empowered subsidiaries to fix their own floor prices for e-auctions, which is expected to help the monopoly get higher rates. Reportedly, the subsidiaries are now free to fix any floor price, which could be more than 20% for non-power consumers and 10% for power consumers. If demand for a particular source of coal is very high, Coal India subsidiaries are now free to fix prices that could fetch them additional revenue.

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Nifty IT Index at 52-Week High

Market participants will also be tracking the IT sector as the Nifty IT Index was the leading sector witnessing buying interest in yesterday's trade and traded at its 52-week high level. Here's a note from the Profit Hunter team on the stock:

  • The benchmark indices are trading on a flattish note. However, the IT stocks are witnessing buying interest. The Nifty IT Index is trading at a new 52-week high - up 1.5%. Majority of the stocks in the index are trading in the green and at a fresh 52-week high.

    In an earlier note, we stated that the Nifty IT Index was trading in a falling channel. We also showed you how the RSI indicator found resistance from its typical bear market level of 60, indicating weakness in price action.

    The index broke above the channel's resistance line in July 2017. The RSI indicators also rose above the 60 level mark. Consequently, the resilient index soared nearly 25% from the channel break-out level. Today, the index has touched a new 52-week high of 13,554. Stocks or indices usually outperform after they hit a new 52-week high.

For a detailed view on IT stocks, you can read Profit Hunter Pro newsletter (subscription required).

Crude Oil Continues Momentum

Crude oil is witnessing buying interest this week. Most of the gains are seen on the back of ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around OPEC and Russia.

Spot Brent crude oil futures, the international benchmark for oil prices, were trading at US$ 70 a barrel yesterday - a level not far off the January 15 three-year high of US$ 70.37.

The rise in crude oil prices was also seen this week after Saudi Arabia, the world's top oil exporter and de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said that major oil producers were in agreement they should continue cooperating on production after their deal on supply cuts expires this year.

Note that crude oil prices have been on a rising trend this year. However, this is not good news from India's perspective.

As we wrote in a recent edition of The 5 Minute WrapUp...

  • Fiscal revenues are at risk. Particularly if the government is forced to consider a cut in fuel excise duties due to a rally in oil prices. In recent times, a sharp jump in excise collections has helped indirect tax collections. Any risk to revenues and subsequent threat to the fiscal deficit target at 3.2% of GDP would require tighter spending cuts.

    Secondly, the impact on inflation needs to be monitored. This narrowing the central bank's scope for further rate cuts.

    Lastly, low crude prices were a positive growth impetus through higher discretionary incomes for households and lower input costs for manufacturers and farmers. Part of this benefit is likely to be eroded as retail fuel costs rise. As for corporations, expansion in gross margins caused by falling commodity prices is also likely to wane, pressurising profitability.

You can read the entire article here.

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Stock Market Updates

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Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.

ONGC Share Price Down by 7%; BSE OIL & GAS Index Down 4.0% (Today's Market)

Feb 26, 2021 03:34 PM

ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).

ULTRATECH CEMENT Share Price Down by 5%; BSE 500 Index Down 3.4% (Today's Market)

Feb 26, 2021 03:30 PM

ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).

JAGRAN PRAKASHAN Share Price Up by 10%; BSE 500 Index Down 3.2% (Today's Market)

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JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).

UPL Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).

ICICI LOMBARD GENERAL INSURANCE Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).

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