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Sensex Ends at Record High, India's Crude Oil Production, and Top Stocks in Action Today

Wed, 29 May Pre-Open

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On Tuesday, share markets in India traded on a volatile note throughout the day and ended marginally higher.

The BSE Sensex closed higher by 66 points to end the day at 39,750. Yes Bank and Coal India were among the top gainers.

While the broader NSE Nifty ended up by 4 points to end at 11,929.

Among BSE sectoral indices, IT stocks gained the most by 1.6%, followed by energy stocks and metal stocks.

Top Stocks in Action Today

Tech Mahindra share price will be in focus today as the company has entered into collaboration with Mitsui Knowledge Industry (MKI) to develop next generation digital enterprise solutions, in the Japanese market.

Indian Overseas Bank share price has unveiled 'Bank on Wheels' facility in 14 districts spread across Tamil Nadu, Kerala and the Vijayawada region of Andhra Pradesh.

Market participants will also track Glenmark Pharma share price, Havells India share price, and IOL Chemicals share price as these companies will announce their March quarter (Q4FY19) results later today.

Results Corner

Emami share price has reported a marginal fall of 3.4 % in its net profit at Rs 485.3 million for the March quarter (Q4FY19) as compared to Rs 502.1 million for the same quarter in the previous year.

However, total income of the company increased by 4.1% at Rs 5964 million for Q4FY19 as compared Rs 5727.7 million for the corresponding quarter previous year.

Adani ports share price has reported a rise of 41.5% in its net profit at Rs 13.2 billion for the quarter under review as compared to Rs 9.3 billion for the same quarter in the previous year.

PSP Projects share price has reported a rise of 31.2% in its net profit at Rs 301.3 million for the quarter ended March 31, 2019 as compared to Rs 229.6 million for the same quarter in the previous year.

You can also read our recently released Q4FY19 Results: JSW Steel, Bata India, Karur Vyasa Bank, Abbott India, Bajaj Auto, IndusInd Bank.

IPO Buzz

On Tuesday, telecom operator Bharti Airtel said Airtel Africa plans to go for an initial public offering (IPO) and listing on London Stock Exchange.

As per an article in a leading financial daily, the documents have been submitted for approval to the UK markets regulator.

The company, which offers telecom services in 14 countries in Africa, plans to use the proceeds from issue of new shares to reduce debt.

Bharti Airtel said in a filing to BSE, 'In furtherance to our previous intimations in this regard, we wish to inform you that Airtel Africa, a subsidiary of the company, has announced its potential intention to undertake an initial public offering for listing its equity shares on London Stock Exchange'.

Speaking of IPOs, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

From the Commodity Space...

India's crude oil production during April stood at 2.71 million tonnes while gas production was at 2655.89 million standard cubic meters (mscm).

According to data shared by the Ministry of Petroleum and Natural Gas, India's crude oil production during April was 6.9% lower than April 2018 levels.

Natural gas production was at 0.26% lower than April 2018 production. Refinery production was at 20.70 million tonnes, 4.2% higher compared to April 2018 production.

Speaking of crude oil, Vijay Bhambwani, editor of Weekly Cash Alerts, called the US President Donald Trump's bluff on crude oil in his recent article. Here's an excerpt of what he wrote...

• From 2018 US is the largest oil producing country in the world with 13.4% of the global oil output daily.
  
  The USA has jumped ahead of Saudi Arabia and Russia in oil output. My question to every oil trader out there is this - as long as the USA was an importer, it made sense to push for lower oil prices. There were tangible benefits in doing so.
  
  President Donald Trump runs the world's largest debtor nation. One that is gasping for export income and a strong dollar. A firm USD ensures easier servicing and repayment of debt and vice versa. So now that Trump wants to export oil, and earn petro dollars does it benefit him if oil prices were to go up or down? So why does he tweet for lower oil prices?

To know more, you can read Vijay's entire article here: Crude Oil - What 'Trump Nation' Really Wants.

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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Indian Share Market Update: Top Gainers and Losers