Indian Indices Snap 4-day Losing Streak, Jet Nosedives 40%, and Top Stocks in Action Today

Wed, 19 Jun 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 86 points to end the day at 39,046. Vedanta and Coal India were among the top gainers.

While the broader NSE Nifty ended up by 19 points to end at 11,692.

Among BSE sectoral indices, oil & gas stocks gained the most by 1.1%, followed by IT stocks and metal stocks.

Top Stocks in Action Today

Pfizer share price will be in focus today as its parent company - Pfizer Inc., USA, has acquired Array Biopharma, a biotechnology firm that specializes in cancer drugs. The company has offered US$ 48 per share in cash for Array, putting US$ 11.4 billion value on the company.

Biocon share price will also be in focus as the company has received approval for sale of Branded Formulations India (BFI) business of the company on a 'going concern' basis to Biocon Biologics India (BBIL), a wholly owned subsidiary.

To know more about the company, you can read Biocon's latest result analysis on our website.

Market participants will also track V-Mart Retail share price.

Reportedly, the company has opened two new stores in Bihar and Madhya Pradesh. This takes the total number of stores to 227 stores in 178 cities across 17 states.

Oil Prices Slip Amid Global Growth Fears

In the news from the commodity markets, crude oil witnessed selling pressure yesterday. 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.

To know more about where crude oil prices are headed, you can read Vijay Bhambwani's recent article: I Think Crude Oil Should Be at US$ 20 but It Might Go to US$ 80 Instead.

From the Aviation Space...

On Tuesday, shares of Jet Airways extended losses and crashed 53% intraday to hit a record low of Rs 32.3 after a media report indicated that State Bank of India (SBI) filed insolvency petition against the company to recover dues.

SBI approached National Company Law Tribunal (NCLT) in Mumbai against the cash-strapped airline on behalf of the consortium of lenders. Mumbai bench of NCLT will hear the operational creditors plea on June 20.

After a meeting of the 26 lenders on Monday, SBI said, "after due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received".

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.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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