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SGX Nifty Down 118 Points, India Top US Crude Oil Buyer in Q1CY21, Adani Ports Removed from S&P Index, and Buzzing Stocks Today
Thu, 15 Apr Pre-Open | Monish Vora, TM Team

Indian share markets ended on a strong note on Tuesday.

Benchmark indices extended gains after the Indian government fast-tracked emergency approvals for foreign produced Covid-19 vaccines.

At the closing bell on Tuesday, the BSE Sensex stood higher by 661 points (up 1.4%).

Meanwhile, the NSE Nifty closed up by 194 points (up 1.4%).

M&M and Bajaj Finserv were among the top gainers.

TCS and Dr Reddy's Lab, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.5% and 1.2%, respectively.

On the sectoral front, gains were largely seen in the automobile sector, banking sector and metal sector.

IT stocks and healthcare stocks, on the other hand, witnessed selling pressure.

At 8:15 am today, the SGX Nifty was trading down by 118 points, or 0.8% lower at 14,657 levels. Indian share markets are headed for a negative opening today following the trend on SGX Nifty.

Shares of Sobha and Laurus Labs hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.3% today at Rs 46,525 per 10 grams at the time of closing stock market hours on Tuesday.

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Speaking of the current stock market scenario, note that rising Covid-19 infections and fears of another lockdown spooked investors yesterday which dragged the benchmark indices lower by 3.5%.

In his latest video for Fast Profits Daily, India's # trader Vijay Bhambwani talks about the real reason behind Monday's market crash and how you should react to it.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be ONGC.

State-run Oil and Natural Gas Corporation (ONGC) has floated a tender for prospective buyers to bid for gas supplied from its KG-DWN-98/2 field located in the east coast Krishna Godavari offshore field.

ONGC will supply two million standard cubic meters per day (mscmd) gas from the field to the Odalarevu onshore terminal in Andhra Pradesh, and buyers can book contracts for three to five years, starting June 30, 2021.

Bidders will have to quote prices linked to the contemporary rates of Brent crude oil, but ONGC will sell the gas at the government determined ceiling tariff for the fuel for difficult fields, which currently stands at US$ 3.6 per million British thermal units (mBtu).

First gas production from ONGC's KG-DWN-982 deep-water project commenced on March 5, 2020. The field is expected to touch the peak production of 15 mscmd by FY24.

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Tata Power share price will also be in focus today as the company has terminated its discussions with Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) to raise capital for its renewable energy business through a proposed infrastructure investment trust (InvIT).

Tata Power's subsidiary, Tata Power Renewable Energy (TPREL), had last year initiated talks to raise US$ 500 - US$ 750 million for its renewable energy platform. The move was expected to reduce Tata Power's net debt to Rs 250 billion from over Rs 360 billion.

The talks had led to an understanding, with Petronas agreeing to invest Rs 35-38 billion for about 30-35% stake in the InvIT at an enterprise value of US$ 2.5 billion.

However, Tata Group decided to terminate the deal last week when both sides were in final stages of discussions for negotiating a binding term sheet.

Tata Power is now looking for initial public offering (IPO) of its renewable energy business. The company plans to create a separate entity that will hold the renewable projects along with roof top solar projects and electric charging stations.

From the finance sector, shares of Muthoot Finance will be in focus today as the company's board of directors has approved payment of an interim dividend of Rs 20 per equity share.

Shareholders, who are entitled as on close of business hours on April 23, 2021, would be entitled to receive the interim dividend, the company said. The interim dividend will be paid to the shareholders within 30 days from the date of declaration.

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India Emerges as Top Buyer of US Crude Oil in Q1CY21

India has emerged as the top buyer of US crude oil in first quarter of 2021. In FY21, Indian refiners were the second largest buyer of US crude oil, snapping up 2.9 lakh barrels per day which was 26% more than FY20.

India is world's third largest oil consumer and imports 85% of oil needs from other countries.

Currently, India is looking at alternate sources of crude amidst a spat with Saudi Arabia, the world's largest producer.

As Saudi Arabia staved off India's request to boost production to cool prices, Indian refiners replaced some of the Saudi volumes with US cargoes.

This reflected in a marked change in crude sourcing with India becoming the biggest buyer of US crude, importing an average of 4.2 lakh barrels per day of US crude between January and March. This was more than the volumes bought by South Korea at 3.1 lakh barrels per day and China with 3 lakh barrels per day, industry data showed.

As part of its crude sourcing diversification strategy, Indian refiners have recently bought crude from new producers such as Guyana.

Note that Iraq is India's top supplier of crude. In the past, middle east has been the favorite crude sourcing destination for Indian refiners because of close proximity and lower freight rates.

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

Speaking of crude oil, note that there has been a big geopolitical development recently that you as an astute trader should know about.

The Indian government has decided to reduce the country's dependence on crude oil imports from Saudi Arabia.

This has big implications for the economy in the long-term but what about the short-term? Should we change the way we trade crude oil?

India's #1 trader Vijay Bhambwani answers these questions in one of his videos for Fast Profits Daily.

You can watch the video here: Time to Change Our Trading Blueprint?

Adani Ports Share Slips After Firm Removed From S&P Index

Adani Ports share price witnessed selling pressure on Tuesday after S&P Dow Jones Indices said it has removed the Indian firm from its sustainability index due to the firm's business ties with Myanmar's military which is accused of human rights abuses after a coup this year.

India's largest private multi-port operator Adani Ports is building a US$ 290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). It will be removed from the index prior to the open on Thursday, April 15, 2021, it said in a statement.

More than 700 people have been killed since a February 1, 2021, military coup that ousted an elected government led by Aung San Suu Kyi.

On March 31, 2021, Adani Group said it would consult authorities and stakeholders on its port project in Myanmar after human rights groups reported its subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm.

We will keep you posted on updates from this space. Stay tuned.

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

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Stock Market Updates

Sensex Trades Over 200 Points Lower, Dow Futures Down by 59 Points (Today's Market)

May 11, 2021 12:30 pm

BSE Sensex is trading up down 240 points, while the NSE Nifty is trading down by 52 points.

AUROBINDO PHARMA at All Time High; BSE HEALTHCARE Index Up 0.7% (Today's Market)

May 11, 2021 09:51 AM

AUROBINDO PHARMA share price has hit an all time high at Rs 1,064 (up 1.4%). The BSE HEALTHCARE Index is up by 0.7%. Among the top gainers in the BSE HEALTHCARE Index today are AUROBINDO PHARMA (up 1.4%) and PFIZER (up 1.4%). The top losers include PIRAMAL ENTERPRISES and CAPLIN POINT (down 0.2%).

Sensex Falls 400 Points on Weak Global Cues; Kotak Mahindra Bank & HDFC Top Losers (Today's Market)

May 11, 2021 09:30 am

Indian share markets open lower. The BSE Sensex opened down by 412 points, while the Nifty is trading lower by 124 points.

MARICO at All Time High; BSE FMCG Index Up 0.1% (Today's Market)

May 11, 2021 09:49 AM

MARICO share price has hit an all time high at Rs 487 (up 2.8%). The BSE FMCG Index is up by 0.1%. Among the top gainers in the BSE FMCG Index today are MARICO (up 2.8%) and P&G HYGIENE (up 0.7%). The top losers include DABUR (down 0.1%) and KRBL (down 0.1%).

GRINDWELL NORTON at All Time High; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

May 11, 2021 09:49 AM

GRINDWELL NORTON share price has hit an all time high at Rs 1,159 (up 3.4%). The BSE CAPITAL GOODS Index is down by 0.3%. Among the top gainers in the BSE CAPITAL GOODS Index today are GRINDWELL NORTON (up 3.4%) and HONEYWELL AUTOMATION (up 0.2%). The top losers include SOLAR INDUSTRIES (down 0.2%) and HAVELLS INDIA (down 0.6%).

SUZLON ENERGY Share Price Up by 5%; BSE OIL & GAS Index Up 1.3% (Today's Market)

May 11, 2021 09:42 AM

SUZLON ENERGY share price is trading up by 5% and its current market price is Rs 6. The BSE OIL & GAS is up by 1.3%. The top gainers in the BSE OIL & GAS Index is SUZLON ENERGY (up 5.4%). The top losers is ONGC .

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May 11, 2021 03:36 PM