ECB Decision; Trump's Trade War & Top Stocks to Watch Out for Today

Fri, 8 Mar Pre-Open

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On Tuesday, the Indian share markets ended marginally higher led by gains in HDFC Bank, Larsen & Toubro (L&T), ITC, and Axis Bank.

The BSE Sensex ended at 36,725, up 89 points while the Nifty50 index settled at 11,058, up 5 points.

Among the sectoral indices, IT, metal, automobiles and pharma stocks witnessed selling pressure, while some buying was seen in the bank stocks, FMCG and infra sectors.

Top Stocks in Focus

Maruti Suzuki share price will be in focus today as it has reported 8.3% fall in its production to 148,959 vehicles in February 2019, as compared to 162,524 vehicles in February 2018.

NMDC has reported 28.4 million tonne (MT) of iron ore production and logged sales volume of 28.8 MT up to the month of February 2019. The stock will be watched out for.

Natco Pharma has received final approval from the US Food and Drug Administration (USFDA) for Imatinib Mesylate Tablets, 100 mg (base) and 400 mg (base).

Larsen and Toubro's (L&T) construction arm has secured orders from prestigious clients across varied states in India. The orders are in the range of Rs 25 to Rs 50 billion.

NHPC has received approval from Union Cabinet for acquiring Lanco's 500 MW Teesta hydro-electric power project in Sikkim. The company has also been allowed to spend Rs 5.7 billion to complete balance work at the project. The project would generate 2,400 million units.

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

Global Stock Market Drivers

Globally, stocks were mostly lower on Thursday as fresh cuts to economic forecasts added to investor concerns about the outlook for global growth.

US futures declined after a three-day drop for American stocks as reports showed the country's trade deficit widened to a 10-year high and private companies added fewer employees.

In Asia, shares fell in Japan and Hong Kong, with China bucking the trend. The euro held steady and European bonds declined ahead of the ECB gathering.

Trade remains in the picture with markets awaiting details of a possible accord, as Donald Trump is said to be pressuring US negotiators to cut a deal with China soon.

Here are some key events coming up:

• ECB policy makers will announce their interest rate decision.
• The US jobs report for the month of February will be in focus today.

Oil Prices Edge Up

Oil prices crept up on Thursday amid ongoing Organization of the Petroleum Exporting Countries (OPEC) -led supply cuts and US sanctions against exporters Venezuela and Iran, but gains were capped by record US crude output and rising commercial fuel inventories.

Brent crude futures were at US$66.12 per barrel, up 0.2% from their last close.

US West Texas Intermediate (WTI) crude oil futures were at US$56.24 per barrel, up 2 cents.

Reportedly, prices are being supported by efforts led by the OPEC and other countries to withhold around 1.2 million barrels per day (bpd) of oil, a strategy aimed at tightening markets.

From the IPO space...

As per an article in a leading financial daily, the initial public offering (IPO) of private life insurer PNB MetLife Insurance is likely to come out in the second quarter of FY20.

The company had filed its draft red herring prospectus (DRHP) with the markets regulator in July 2018. It received its go-ahead in November 2018.

PNB MetLife is a joint venture between Punjab National Bank (30% stake), MetLife (26%), Elpro International (21%), M Pallonji & Company (18%), and Jammu and Kashmir Bank (5%).

This will be the fourth life insurer after ICICI Prudential Life Insurance, HDFC Life Insurance and SBI Life Insurance to be listed on the exchanges. In the non-life sector, ICICI Lombard General Insurance and reinsurer GIC Re are listed.

We will keep you updated on all the developments from this space. Stay tuned.

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Indian Share Market Update: Top Gainers and Losers