US-China Trade Talks, Oil Prices, and Top Stocks in Action Today

Wed, 20 Feb Pre-Open

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On Tuesday, share markets in India witnessed selling pressure during closing hours and ended their trading session marginally lower after a volatile day of trading.

The BSE Sensex closed lower by 146 points to end the day at 35,353. TCS and NTPC were among the top losers.

While the broader NSE Nifty ended down by 37 points to end at 10,604.

Among BSE sectoral indices, IT stocks fell the most by 2.1%, followed by power stocks.

Top Stocks in Action Today

ABB India share price will be in focus today as the company has won its largest traction equipment order in India, worth more than Rs 2.7 billion to supply state-of-the-art converters for electric locomotives from Diesel Locomotive Works (DLW), in Varanasi.

Ashok Leyland share price will also be in focus today as the company has expanded its sub-heavy trucks segment with the launch of variants of the Guru (Guru 1010) and Boss (Boss 1616 and Boss 1916) trucks.

Market participants will also track Ambuja Cement share price.

The company has reported 58.8% rise in its net profit at Rs 5.4 billion for the quarter under review as against to Rs 3.4 billion for the same quarter in the previous year. On consolidated basis, the company has reported over 2-fold jump in its net profit at Rs 9.7 billion for the quarter ended December 31, 2018 as compared to Rs 4.1 billion for the corresponding quarter of the previous year.

From the Aviation Space...

Jet Airways share price may consider a rights issue to raise Rs 40 billion if the markets regulator doesn't exempt Etihad Airways from making an open offer in lieu of raising its stake in the carrier.

As part of the resolution plan for Jet Airways, founder Naresh Goyal, Etihad Airways and the lenders to the carrier will subscribe to this rights issue.

Lenders to the domestic airline had prepared a debt resolution plan, which proposed restructuring under provisions laid down by the Reserve Bank of India (RBI), to close a funding gap of Rs 85 billion.

Reportedly, the same has been approved by the airline's board. This will be done through an equity infusion, debt restructuring, sale and leaseback (SLB) and refinancing the aircraft.

Shareholders of the company are scheduled to meet on February 21 for a general meeting to vote on a proposal to increase its authorized share capital from Rs 2 billion to Rs 22 billion through a special resolution.

US-China Trade Talks

A new round of talks between the United States and China to resolve their trade-war took place in Washington on Tuesday.

Reportedly, the talks follow a round of negotiations that ended last week in Beijing without a deal, but which officials said had generated progress on contentious issues between the two trading partners.

The talks are aimed at achieving needed structural changes in China that affect trade between the United States and China.

The two sides will also discuss China's pledge to purchase a substantial amount of goods and services from the United States.

Oil Prices

Oil prices stayed within sight of their 2019 highs of almost $67 per barrel, supported by OPEC-led supply cuts although concern about slowing economic growth that would curb demand weighed.

The supply curbs led by the Organization of the Petroleum Exporting Countries have helped crude prices to rise more than 20% this year. US sanctions against OPEC members Iran and Venezuela have also tightened the market.

OPEC last week lowered its forecast for growth in world oil demand in 2019 to 1.24 million barrels per day.

Top crude exporter Saudi Arabia has sharply reduced production and exports to ensure that the deal gets off to a strong start.

Also at the radar are hopes expressed by US and Chinese officials that a new round of talks, which began in Beijing last week, would bring them closer to easing their months-long trade war.

It would be interesting to see how this all pans out. Meanwhile, we will keep you updated on the latest developments from this space.

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