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Sensex At Record High Post Exit Polls, Crude Oil Creeping Up, and Top Stocks in Action Today
Tue, 21 May Pre-Open | Monish Vora, TM Team

On Monday, India share markets jumped in the on Monday after exit polls showed BJP-led NDA getting a comfortable majority in Lok Sabha elections.

The momentum was seen throughout the day and both the indices ended their day's session at a record closing high and posted their biggest single session gain since 2009.

Gains were largely seen in the banking sector, automobile sector, capital goods sector and realty sector.

At the closing bell, the BSE Sensex stood higher by 1,421 points (up 3.8%) and the NSE Nifty closed higher by 421 points (up 3.7%).

Both, the BSE Mid Cap index and the BSE Small Cap index ended the day up by 3.6%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood up by 0.2% and the Nikkei was trading down by 0.6%.

European markets were trading on a negative note. The FTSE 100 was down by 0.6%. The DAX was trading down by 1%, while the CAC 40 was down by 1.1%.

The rupee was trading at 69.59 to the US$ at the time of writing.

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Top Stocks in Action Today

Bajaj Auto share price is likely to be in focus today shares of the company witnessed selling pressure on Monday even as the company reported better-than-expected results for the quarter ended March.

The company, on Friday, reported 20.9% year-on-year (YoY) rise in standalone profit at Rs 13.1 billion over Rs 10.8 billion in the same period last year.

Alkem Labs share price will be in focus as the USFDA conducted an inspection at company's manufacturing facility situated at Baddi, Himachal Pradesh from 13 to 17 May 2019.

The United States Food and Drug Administration (USFDA) post the inspection stated that the company has received a Form 483 with four observations.

Crude Oil Creeping Up

In the news from the commodity space, crude oil witnessed buying interest today. Crude oil prices jumped as much as 1% today as after Saudi Minister Khalid al-Falih indicated there was consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to continue limiting supplies.

As per the news, OPEC members led by Saudi Arabia meeting in Jeddah signaled a desire to extend an output cut accord through year-end.

Russia's energy minister Alexander Novak, however, talked about relaxing restrictions, which expire next month if they are not renewed.

Apart from the above, prices also jumped after US President Donald Trump threatened Iran by warning officials in Tehran that if they want a fight, that will be the end of the Islamic Republic.

Note that last week, 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.

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

Also, speaking of crude oil, within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd.

That has made the United States the world's biggest producer ahead of Russia and Saudi Arabia.

The number of rigs drilling for gas in the United States fell by 3 to 183 in the week to May 3, while oil-directed drilling rigs rose by 2 to 807, the reports noted.

Also, crude oil prices have quietly creeped up this year.

Oil prices have jumped as much as 3.2% to their highest level since late 2018.

As you know, rising crude oil prices have a big impact on the Indian economy as it imports over 70% of its energy needs.

Rise in crude oil increases input costs for dependent firms. It also means rising inflation. Rising inflation means rising interest rates.

It also puts pressure on the government to cut excise duty, thereby impacting its revenues. We have already seen that happening.

Research Analyst, Richa Agarwal believes that this has the potential to bring down sentiments in the domestic markets. She further believes that, if oil prices continue their upward march in a tight global environment, a broader correction in the sentiment fueled domestic market cannot be ruled out.

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