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Indian Indices Snap 4-day Losing Streak, Jet Nosedives 40%, and Top Stocks in Action Today
Wed, 19 Jun Pre-Open | Monish Vora, TM Team

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.

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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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Sensex Trades Over 300 Points Lower; Dow Futures Down by 101 Points (Today's Market)

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BSE Sensex is trading down by 385 points, while the NSE Nifty is trading down by 103 points.

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