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Indian Indices End on a Positive Note; Oil & Gas and IT Stocks Witness Buying
Tue, 18 Jun Closing | Monish Vora, TM Team

Indian share markets traded on a positive note most of the day and ended marginally higher. Gains were seen in the oil & gas sector and IT sector, while automobile stocks and healthcare stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 86 points (up 0.2%) and the NSE Nifty closed higher by 19 points (up 0.2%). The BSE Mid Cap index ended the day up by 0.1%, while the BSE Small Cap index ended the day down by 0.4%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.9% and the Shanghai Composite was up by 0.1%. The Nikkei 225 was down 0.7%.

The rupee was trading at 69.68 against the US$.

In the news from airlines space, Jet Airways share price was in focus today. Shares of the company witnessed sharp selling today after a media report indicated that State Bank of India filed insolvency petition against the company to recover dues.

As per the news, insolvency proceedings against Jet Airways are likely to begin this week as a consortium of lenders led by the State Bank of India (SBI) failed to find a buyer for the beleaguered airline.

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The National Company Law Tribunal (NCLT) could hear insolvency petitions filed by the airline's operational creditors for recovery of dues on June 20.

Note that Jet Airways has a debt of nearly Rs 85 billion on its books with total liabilities of around Rs 250 billion.

Several people from the top management have left the airline company in the past few months. Lenders to the cash-strapped airline, led by the SBI are seeking investors to recover their dues.

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

In the news from the commodity markets, crude oil witnessed selling pressure today. Losses were seen on signs that global economic growth is being hit by the US-China trade war.

Losses, however, were limited by tensions in the Middle East after last week's tanker attacks.

The US energy department said on Monday that shale oil output is expected to reach a record in July. This news also dragged crude oil prices lower.

Market participants are also awaiting a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+. The meeting will decide whether to extend a production cut agreement that ends this month.

Oil prices were also trading in the red last week as the US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth. Also, the EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd. It wound back its forecast for 2019 US crude production to 12.32 million bpd. This is 140,000 bpd less than the May forecast.

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

To know more about commodity and currency markets and which are the best counters to trade in this space, you can read one of Vijay Bhambwani's recent article: Why Do I Recommend Trading Only Nickel, Crude oil, Gold, Copper, and USDINR?

In the news from macroeconomic space, data available with the NSE showed foreign portfolio investors (FPIs) sold Rs 3,312 million worth of domestic stocks on Monday. On the other hand, DIIs were net buyers to the tune of Rs 12.57 billion worth of stocks.

Note that FII have turned net sellers in June in the cash market.

FIIs have been mostly net buyers in Indian markets so far in 2019. A slowdown in liquidity from FIIs will keep domestic market trade on a volatile note.

Speaking of FIIs, the bullishness that we witnessed in the markets from March until mid-April was driven by renewed foreign investor flows into Indian equities. And one of the key reasons this money poured into India, including other emerging markets, was the shift in monetary policy stance by the US Federal Reserve.

Here's what Ankit Shah wrote about this in one of the editions of The 5 Minute WrapUp...

  • The US central bank, until some months ago, was on track to hike interest rates and shrink the Fed balance sheet. But seeing signs of slowdown in the economy and the nervousness in the stock markets, it showed its willingness to turn dovish.

    So, it's unlikely we'll see any interest rate hikes by the US Federal Reserve in 2019.

    In fact, my reading suggests that the Fed may resume its easy money policies if the global economic slowdown persists and the markets gets jittery.

    One of the key triggers for the ongoing market correction is the escalation in the US-China trade war amid increasing fears of a global slowdown.

The chart below shows how foreign money moved in and out of India over the last three months owing to the evolving global events:

Foreign Investors Turn Sellers in May 2019

Foreign Investors Turn Sellers in May 2019

It would be interesting to see how the FII trend shapes up this week with the two-day FOMC meeting kicking off today.

Meanwhile, in times like these, hold on to your safe stocks and don't go looking for overvalued stocks. Maintaining your calm when everyone is losing theirs will help you build long-term wealth.

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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Stock Market Updates

THOMAS COOK INDIA Plunges by 6%; BSE 500 Index Down 0.4% (Today's Market)

Jul 18, 2019 12:00 PM

THOMAS COOK INDIA share price has plunged by 6% and its current market price is Rs 189. The BSE 500 is down by 0.4%. The top gainers in the BSE 500 Index are CG POWER & INDUSTRIAL (up 9.2%) and VA TECH WABAG (up 4.1%). The top losers are THOMAS COOK INDIA (down 5.6%) and MINDTREE (down 7.1%).

The BSE METAL Index Down 2% ; VEDANTA LTD Among Top Losers (Today's Market)

Jul 18, 2019 11:36 AM

The BSE METAL Index Down at 10,625 (down 2.1%). Among the top losers in the BSE METAL Index today are VEDANTA LTD, COAL INDIA and JSW STEEL. Meanwhile, the BSE Sensex has plunged 0.2% to 39,204.

INDIA TOURISM DEV. Plunges by 6%; BSE 500 Index Down 0.2% (Today's Market)

Jul 18, 2019 10:38 AM

INDIA TOURISM DEV. share price has plunged by 6% and its current market price is Rs 226. The BSE 500 is down by 0.2%. The top gainers in the BSE 500 Index are CG POWER & INDUSTRIAL (up 10.0%) and VA TECH WABAG (up 5.4%). The top losers are INDIA TOURISM DEV. (down 5.6%) and MINDTREE (down 6.5%).

INTELLECT DESIGN Plunges by 5%; BSE 500 Index Down 0.2% (Today's Market)

Jul 18, 2019 10:28 AM

INTELLECT DESIGN share price has plunged by 5% and its current market price is Rs 272. The BSE 500 is down by 0.2%. The top gainers in the BSE 500 Index are CG POWER & INDUSTRIAL (up 9.7%) and VA TECH WABAG (up 5.0%). The top losers are INTELLECT DESIGN (down 5.3%) and MINDTREE (down 6.5%).

MAGMA FINCORP Plunges by 5%; BSE 500 Index Down 0.2% (Today's Market)

Jul 18, 2019 10:22 AM

MAGMA FINCORP share price has plunged by 5% and its current market price is Rs 96. The BSE 500 is down by 0.2%. The top gainers in the BSE 500 Index are CG POWER & INDUSTRIAL (up 8.2%) and VA TECH WABAG (up 5.9%). The top losers are MAGMA FINCORP (down 5.2%) and MINDTREE (down 5.9%).

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