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Markets will remain closed on 19th April, 2019 on account of Good Friday.

Indian Indices End Marginally Higher, Oil Prices, and Top Cues in Focus Today
Fri, 22 Mar Pre-Open | Monish Vora, TM Team

Indian share markets witnessed volatility during closing hours yesterday and ended their day marginally higher. Gains were largely seen in the realty sector and IT sector, while oil & gas stocks and power stocks witnessed selling pressure.

At the closing bell yesterday, the BSE Sensex stood higher by 23 points (up 0.1%) and the NSE Nifty closed down by 11 points (down 0.1%). The BSE Mid Cap index closed down by 0.4%, while the BSE Small Cap index ended the day down by 0.3%.

Top Stocks in Focus Today

From the realty sector, DLF share price will be in focus today after the company announced its second joint venture with global realty investment, development and management firm Hines.

To know more about the company, you can read DLF's latest result analysis and DLF's annual report analysis on our website.

From the aviation space, market participants will be tracking Jet Airways share price today. The stock of the company witnessed selling pressure yesterday after its partner Etihad expressed its desire to exit the company.

Etihad has formally asked State Bank of India (SBI) to purchase its stake in the airline. The Abu Dhabi-based company conveyed to SBI its decision to exit Jet in a meeting on Monday.

Reports also state that Etihad wants SBI to buy out its stake and take over its liabilities in the form of a guarantee for Jet's loan from HSBC Dubai.

The National Aviator's Guild - the body representing Jet's domestic pilots on Tuesday threatened to stop flying from April 1 if the resolution plan is delayed and salary dues are not cleared by the end of March. The body represents around 1,000 pilots of the airline.

According to an Economic Times report, the government is looking to explore all options for the debt-laden airline before initiating insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).

Government of India has asked state run banks to rescue Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election.

With more than 1 billion dollars of debt, Jet is struggling to stay aloft. It has delayed payments to banks, suppliers, employees and aircraft lessors, some of which have begun terminating lease deals.

If the government's plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank (PNB) as well as NIIF would together own at least a third of the airline until they find a new buyer.

How all this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

From the Commodity Space...

Venezuela has suspended its oil exports to India. Further, it is looking Russia and China as its main export destinations, the Azeri energy ministry said on Tuesday, citing Venezuela's oil minister.

The Indian market has been crucial for Venezuela's economy because it has historically been the second-largest cash-paying customer for the Organization of the Petroleum Exporting Countries' (OPEC) crude oil, behind the United States.

Earlier this year, the US imposed heavy sanctions on Venezuela's oil industry and has pressed India to stop buying Venezuelan oil.

What impact the above development has on Indian crude oil market remains to be seen. We'll keep you updated on all the news from this space.

Also, speaking of crude oil, oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC. Reportedly, US sanctions against oil producers Iran and Venezuela are boosting prices.

The OPEC on Monday scrapped its planned meeting in April, effectively extending supply cuts that have been in place since January until at least June, when the next meeting is scheduled.

The OPEC and non-affiliated allies like Russia - known as the OPEC+ alliance - have been withholding around 1.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices.

US crude oil output has soared by more than 2 million barrels per day (bpd) since early 2018, to around 12 million bpd, making America the world's biggest producer ahead of Russia and Saudi Arabia.

On the demand-side, there is concern that an economic slowdown as well as improving energy efficiency and the emergence of alternative transport fuels will erode oil consumption.

Fed's Policy Meet Decision

Market participants will be taking cues from the Federal Open Market Committee's (FOMC), the policy-making arm of the Federal Reserve, interest-rate decision and economic forecast today.

The Fed has given the market indications that it is taking a wait-and-see approach for the time being, with FOMC Chair Jerome Powell saying that the committee would be patient with any future rate hikes.

Another major piece of the puzzle is the FOMC's carefully worded statement. In January, the last time the committee met, the statement had a distinctly dovish tone. In fact, the addition of the word "patient" and certain other language in the statement caused a market rally.

Along with its statement, market participants will also be closely tracking the FOMC's forecasts for certain economic data, such as GDP growth, unemployment, and inflation. These are significant because they are the data points the FOMC uses when making policy decisions.

Finally, pay attention to any clarification the Fed gives about its balance sheet reduction plans. Investors have been worried that the agency could unwind its multitrillion-dollar balance sheet too quickly. A separate statement issued in January indicated that the FOMC plans to be patient with its balance-sheet reduction.

Now speaking of Fed rate policy impact on India, how has the Fed rate hike impacted Indian stock markets in the past?

The past decade has seen Fed rates at historical lows, but it wasn't always the case.

The period from 2003-2006 saw Fed rates increase from 1% to 5.25%.

How did the Indian stock market fare during this time?

Well, if you are a long-term investor, you have nothing to worry about.

The Sensex went up by almost 3 times from 3,500 to more than 10,000 during the same period.

The rise was supported by strong earnings growth during the same period.

It further emphasizes the importance of fundamentals in the long run.

Look out for quality stocks with a history of strong earnings growth and sound fundamentals.

The noise surrounding the decisions of the US Fed might just present the right opportunity for you to buy safe stocks.

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 135 Points Lower; Realty and Telecom Stocks Witness Selling (Today's Market)

Apr 18, 2019 Closing

The BSE Sensex ended the day down by 135 points, while the NSE Nifty closed down by 44 points.

RELIANCE CAPITAL Plunges by 10%; BSE 500 Index Down 0.4% (Today's Market)

Apr 18, 2019 02:04 PM

RELIANCE CAPITAL share price has plunged by 10% and its current market price is Rs 173. The BSE 500 is down by 0.4%. The top gainers in the BSE 500 Index are SPICEJET (up 5.9%) and STAR CEMENT LTD (up 5.9%). The top losers are RELIANCE CAPITAL (down 10.0%) and JET AIRWAYS (down 29.4%).

CRISIL Plunges by 5%; BSE 500 Index Down 0.5% (Today's Market)

Apr 18, 2019 01:30 PM

CRISIL share price has plunged by 5% and its current market price is Rs 1,600. The BSE 500 is down by 0.5%. The top gainers in the BSE 500 Index are SPICEJET (up 5.6%) and DEEPAK FERTILISERS (up 3.9%). The top losers are CRISIL (down 5.0%) and RADICO KHAITAN (down 5.2%).

Sensex Turns Red; Jet Airways Bleed (Today's Market)

Apr 18, 2019 12:30 pm

The BSE Sensex is trading down by 111 points, while the NSE Nifty is trading down by 34 points.

RADICO KHAITAN Plunges by 5%; BSE 500 Index Down 0.5% (Today's Market)

Apr 18, 2019 10:42 AM

RADICO KHAITAN share price has plunged by 5% and its current market price is Rs 354. The BSE 500 is down by 0.5%. The top gainers in the BSE 500 Index are SPICEJET (up 6.9%) and DEEPAK FERTILISERS (up 3.4%). The top losers are RADICO KHAITAN (down 5.0%) and RELIANCE CAPITAL (down 7.6%).

DISH TV Plunges by 5%; BSE 500 Index Down 0.6% (Today's Market)

Apr 18, 2019 10:28 AM

DISH TV share price has plunged by 5% and its current market price is Rs 40. The BSE 500 is down by 0.6%. The top gainers in the BSE 500 Index are SPICEJET (up 5.9%) and IPCA LABS (up 3.5%). The top losers are DISH TV (down 5.3%) and PRESTIGE ESTATES (down 5.5%).

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