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Oil Prices amid Gulf Tanker Incident, Global Stock Market Drivers and Top Stocks to Watch Out Today
Fri, 14 Jun Pre-Open | Rini Mehta, TM Team

The Indian share markets ended flat on Thursday weighed down by banking and automobile stocks. Weak global cues and rising retail inflation too contributed to a lackluster trade.

The BSE Sensex closed 15 points lower at 39,741 levels. While Power Grid and M&M were the top gainers, YES Bank and IndusInd Bank slipped the most.

The Nifty 50 settled just above the psychological level of 11,900 at 11,914 mark, up 8 points.

Among sectoral indices, while public sector banks, metals and IT stocks slid, realty and financial services stocks soared.

Yes Bank shares and IndusInd Bank tanked on Thursday after global brokerage house UBS slashed price target sharply by 47% and 18%, respectively, citing weak earnings going ahead.

Top Stocks in Focus

DHFL share price will be in focus as promoters are in talks with private equity firms and are expecting to garner US$1 billion by selling nearly 50% of their holdings. The Wadhawan family, the promoters of the company, currently holds close to 40% stake in the company.

Jain Irrigation said it has not defaulted on debt obligation and is confident of reducing debt by Rs 20 billion. The stock will be watched out for.

Mishra Dhatu Nigam has secured one order worth about Rs 2 billion. The cumulative order book position of the company as on date is about Rs 19 billion.

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The National Stock Exchange of India (NSE) will remove Jet Airways from daily trading of futures and options with effect from June 28. The reason cited by the NSE is the company's failure to respond to queries about persisting rumours in the market.

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

FDI in India Surges by 6%

The UN Conference on Trade and Development (UNCTAD) in its report 'The World Investment Report 2019' has said that Foreign Direct Investment (FDI) to India surged by 6% to US$42 billion in 2018, with strong inflows in the manufacturing, communication and financial services sectors, and cross-border merger and acquisition activities.

The report ranked India among the top 20 host economies for FDI inflows in 2017-18.

It also emphasized that prospects for FDI inflows into South Asia are largely determined by expectations of growing investment into India.

The report mentioned that India has historically accounted for 70% to 80% of inflows to the subregion.

Further, the growth in cross-border M&As for India from US$23 billion in 2017 to US$33 billion in 2018 was primarily due to transactions in retail trade (US$16 billion), which includes e-commerce, and telecommunication (US$13 billion).

The report added that India and the UAE, not traditionally in the top 20 outward investor countries, were also considered as among the top 10 most important sources of FDI for the 2019 to 2021 period.

Global Stock Market Drivers

European stocks and US equity futures turned higher on Thursday, shrugging off losses in Asia despite a host of simmering geopolitical tensions.

Tensions simmer in Hong Kong following Wednesday's clashes between police and protesters, the trade dispute between the US and China remains unresolved, and President Donald Trump fires fresh barbs at Germany.

The hope for many traders is a newly dovish Federal Reserve can help blunt some of these threats.

Here are some key events coming up:

  • The race to succeed Theresa May heats up with the first Conservative Party leadership ballot.
  • Euro-area finance ministers meet in Luxembourg. On the agenda: financial penalties for Italy over its debt load, and the euro-area budget.
  • China and the US release industrial production and retail sales data today.

Oil Prices Surge After Suspected Tanker Attack near Iran

Oil prices jumped as much as 4% on Thursday after a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.

The charterer of the former said the vessel was "suspected of being hit by a torpedo". The manager of the latter said it had been damaged as a result of a "suspected attack" but that its cargo was still intact.

The incident followed last month's nearby sabotage attacks on vessels off the Fujairah emirate, one of the world's largest bunkering hubs.

Brent crude futures were up US$1.72 at US$61.69 a barrel, having risen earlier by as much as 4.5% to US$62.64.

US West Texas Intermediate crude futures were up US$1.32 at US$52.46 a barrel. WTI earlier rose as much as 3.9% to US$53.11.

Both benchmarks are nevertheless headed for a weekly loss.

Oil prices had slumped in the previous session on an unexpected rise in US crude stockpiles and a dimming outlook for global oil demand.

The United Kingdom Maritime Trade Operations, part of the Royal Navy, said on Thursday that it was aware of an incident in the Gulf of Oman, near the Iranian coast.

Tensions in the Middle East have escalated since US President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, notably targeting Tehran's key oil exports.

Iran, which has distanced itself from the previous attacks, has said it would not be cowed by what it called psychological warfare.

Also supporting oil bulls were signs that OPEC members were close to reaching an agreement on continuing production cuts.

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Stock Market Updates

CAPLIN POINT Share Price Up by 11%; BSE HEALTHCARE Index Up 0.0% (Today's Market)

Aug 5, 2020 03:34 PM

CAPLIN POINT share price is trading up by 11% and its current market price is Rs 587. The BSE HEALTHCARE is up by 0.0%. The top gainers in the BSE HEALTHCARE Index are CAPLIN POINT (up 10.6%) and STRIDES PHARMA SCIENCE (up 14.1%). The top losers are FORTIS HEALTHCARE (down 0.1%) and NATCO PHARMA (down 0.2%).

TATA STEEL Share Price Up by 7%; BSE METAL Index Up 4.1% (Today's Market)

Aug 5, 2020 03:34 PM

TATA STEEL share price is trading up by 7% and its current market price is Rs 398. The BSE METAL is up by 4.1%. The top gainers in the BSE METAL Index are TATA STEEL (up 6.5%) and HINDUSTAN ZINC (up 5.7%). The top losers is COAL INDIA (down 0.1%).

JAMNA AUTO Share Price Up by 10%; BSE 500 Index Up 0.2% (Today's Market)

Aug 5, 2020 02:52 PM

JAMNA AUTO share price is trading up by 10% and its current market price is Rs 31. The BSE 500 is up by 0.2%. The top gainers in the BSE 500 Index are JAMNA AUTO (up 10.0%) and GULF OIL LUBRICANTS (up 15.2%). The top losers are SHOPPERS STOP and PETRONET LNG .

TATA MOTORS Share Price Up by 5%; BSE AUTO Index Up 1.6% (Today's Market)

Aug 5, 2020 02:28 PM

TATA MOTORS share price is trading up by 5% and its current market price is Rs 117. The BSE AUTO is up by 1.6%. The top gainers in the BSE AUTO Index is TATA MOTORS (up 5.0%). The top losers are ASHOK LEYLAND (down 0.6%) and EXIDE INDUSTRIES (down 0.6%).

GULF OIL LUBRICANTS Share Price Up by 10%; BSE OIL & GAS Index Up 0.1% (Today's Market)

Aug 5, 2020 02:10 PM

GULF OIL LUBRICANTS share price is trading up by 10% and its current market price is Rs 628. The BSE OIL & GAS is up by 0.1%. The top gainers in the BSE OIL & GAS Index is GULF OIL LUBRICANTS (up 10.5%). The top losers are IOC (down 0.1%) and OIL INDIA (down 0.1%).

Indian Indices Erase Gains; Energy & FMCG Stocks Under Pressure (Today's Market)

Aug 5, 2020 12:30 pm

The BSE Sensex is trading up by 104 points, while the NSE Nifty is trading up by 26 points.

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