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Indian Indices End in the Red, IEA on Crude Oil Supply, and Top Cues in Focus Today
Thu, 16 May Pre-Open | Monish Vora, TM Team

India share markets witnessed huge selling pressure during closing hours yesterday and ended their trading session in the red.

At the closing bell yesterday, the BSE Sensex stood lower by 203 points (down 0.6%) and the NSE Nifty closed down by 65 points (down 0.6%). The BSE Mid Cap index ended the day down 0.7%, while the BSE Small Cap index ended the day down 0.5%.

Sectoral indices ended in the red with stocks in the metal sector, telecom sector and power sector witnessing most of the selling pressure.

Top Stocks in Focus Today

From the engineering sector, Larsen & Toubro (L&T) share price will be in focus today as the company's real estate arm - L&T Realty is eyeing revenues of Rs 32 billion from an upcoming project in Navi Mumbai. Earlier this week, the company reported marginal fall of 2.8% in its net profit at Rs 23.8 billion for the fourth quarter ended March 31, 2019 as compared to Rs 24.5 billion for the same quarter in the previous year. On a consolidated basis, the company has reported a rise of 13.4% in its net profit at Rs 39.2 billion.

From the banking sector, market participants will be tracking Union Bank of India share price. Shares of the lender witnessed selling pressure yesterday after it said its net loss widened to Rs 33.7 billion in Q4FY19. Reportedly, the net loss was mainly on account of higher provisioning. The state-run lender had registered a net loss of Rs 25.8 billion in the same quarter previous year.

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Yes Bank share price will also be in focus today as the Reserve Bank of India (RBI) yesterday appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of the private sector lender for two years. Shares of the lender hit a five-month low of Rs 149 yesterday and went on to trade at their lowest levels since November 2018.

NSE Imposes Fine on Over 250 Firms

The National Stock Exchange (NSE) said it has imposed fines and issued notices to more than 250 non-compliant companies for March quarter after monitoring compliance of listing regulations of all its listed entities.

Some of the big names on the list included The New India Assurance Co, Indraprastha Gas, Bharat Petroleum Corporation, Jet Airways (India), Bharat Electronics and Oil India, among others.

As per the news, as many as 31 companies on the list are liable to pay a fine of Rs 4,50,000 each.

The fine shall be credited to the "Investor Protection Fund" of the stock exchange concerned as per the SEBI circular.

NSE said it can levy per day fines and freeze the holdings of the promoter and promoter group if non-compliant listed entities fail to comply with the requirement of listing regulations and/or pay the fine levied within the stipulated period.

If the non-compliance continues for two consecutive quarters, then the exchange can shift trading in securities of the companies to specified category wherein trade shall take place on 'Trade for Trade' basis, and subsequently suspend the trading of companies.

IEA Warns Oil Supply Set to Dip into Deficit

In the news from the commodity space, the International Energy Agency (IEA) said world's oil supply fell last month amid rising global tensions as US sanctions on Iran tightened and OPEC+ members produced less crude in line with their pact.

In its latest monthly report on the global oil market, the IEA said that geopolitics and industry disruptions were clouding the outlook it believes and that the market balance is set to flip from surplus into deficit.

There has been rising tension in recent days regarding oil supply after the sabotage of several tankers in the Gulf and drone attacks claimed by Iran-aligned Yemen rebels shut down one of Saudi Arabia's major oil pipelines.

Meanwhile, the UAE has said four ships were damaged Sunday in sabotage attacks off the emirate of Fujairah, on the mouth of the Hormuz - a key transit point for oil tankers.

The incidents follow the expiration at the beginning of May of waivers the US granted eight major importers of Iranian oil.

The IEA reported Iranian crude oil output fell in April to 2.6 million barrels per day (mbpd). This was the lowest level in over five years and, as per the IEA, could tumble in May to levels not seen since the 1980s war with Iraq.

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

From the Results Space...

Market participants were tracking Newgen software share price, Polycab India share price, Maharashtra Scooters share price and Wonderla Holidays share price yesterday as these companies announced their Q4FY19 results.

You can also read our recently released Q4FY19 Results: ITC, Inox Leisure, Nestle, Orbit Exports.

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

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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