Rising Oil Prices; RBI Minutes and Top Stocks in Action Today

Thu, 21 Jun Pre-Open

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Indian share markets surged on Wednesday, snapping a two-day losing streak led by gains Reliance Industries and bank stocks. Gains were also supported by positive cues from global equity markets.

The S&P BSE Sensex ended at 35,547, up 261 points while the broader Nifty 50 index settled at 10,772, up 62 points.

RBI Monetary Policy Minutes

Rupee and bond prices rose ahead of the minutes of RBI's June policy meeting yesterday.

The RBI raised interest rates by a quarter percentage point at its last meeting, citing rising inflation risks. The central bank said on Tuesday it would buy five government bonds worth up to Rs 100 billion under its open market purchase on Thursday.

Top Stocks in Focus

Titan share price will be in focus today as the company has transferred its entire stake in Titan Time Products (TTPL) to Danlaw Technologies India. Consequently, TTPL ceased to be a subsidiary of the company with effect from 18 June 2018.

Another stock that will be in focus is BHEL as it has bagged two major orders for emission control equipment from Telangana State Power Generation Corporation (TSGENCO).

Axis Bank has increased its Marginal Cost of Funds based Lending Rates (MCLRs) by 10 basis points (bps) across tenure with effect from 18 June 2018. With this, one-year MCLR of the bank now stands at 8.6% per annum (p.a.).

Jet Airways reported the Passenger Load Factor (PLF) of 80.4% during the month of May 2018. The company had reported the Passenger Load Factor of 85.6% during the month of April 2018. The stock will hog limelight today.

To get more updates on share market, click here.

Global Stock Market Drivers

European stocks rose with US futures, adding to momentum from Asia, as the panic surrounding a potential global trade war showed signs of easing. Treasury yields edged higher and the dollar was steady, while the euro fell and oil climbed.

Here are some key events to watch for this week:

• A Brazilian central bank decision in focus.
• The Bank of England will set its rates today.
• US jobless claims, New Zealand GDP, South Korea export data will be out today.
• The Organization of Petroleum Exporting Countries will meet in Vienna tomorrow.

High Oil Prices - A Massive Headache for India

Oil prices rose on Wednesday, supported by a drop in US commercial crude inventories and the loss of storage capacity in Libya, with investors cautious ahead of a biannual meeting of OPEC exporters to decide production policy.

Benchmark Brent crude was up 70 cents at US$75.78 a barrel. US light crude was 60 cents higher at US$65.67.

While petroleum-producing countries are being buoyed by higher global oil prices, the big consumers are taking a hit - especially India, whose energy appetite is growing, the reports noted.

India is the world's third-largest oil consumer. The country of 1.3 billion, and its sizable middle class, is rapidly growing and thus seeing its energy needs increase - so the increased oil prices of the last several months have become a serious burden for the economy.

IPOs Back in Demand

IPOs are back in vogue. After a lull of short period, the mainboard IPO platform is buzzing again.

The latest to join the club is Anmol Industries, one of the leading FMCG companies, whose business primarily focuses on biscuits and cakes. The company has filed its DRHP (Draft Red Herring Prospectus) with the markets regulator.

The offer comprises an offer for sale by the shareholders. The face value of each equity share is Rs 10. The share sale consists an offer for sale of up to Rs 7.5 billion.

Meanwhile, auto component maker Varroc Engineering Ltd is set to launch its Rs 19.6 billion initial public offering (IPO) on 26 June.

Varroc Engineering, backed by Tata Opportunities Fund, has fixed a price band of Rs 965-967 per share. The public offer will close on 28 June.

Speaking of IPOs, the demand for IPO's had reached sky-high levels last year.

One shall note that, more than 70% of the IPOs listed in 2007 and 2008 are in the red, even today when the Sensex is at an all-time high.

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 than not.

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