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Weakening of Dollar, Oil Prices & Top Stocks in Action Today
Tue, 29 Aug Pre-Open

Indian share markets finished in green for fourth consecutive session amid buying in FMCG stocks, software stocks and consumer durables stocks and easing of Indo-China border tension.

At the closing bell yesterday, the BSE Sensex closed higher by 155 points and the NSE Nifty finished up 56 points. The S&P BSE Mid Cap finished up by 1% while & S&P BSE Small Cap too finished up by 1.1%.

Top Stocks in Focus

L&T share price is expected to be in focus today as the company has won orders worth Rs 19.75 billion across various business segments. The larger chunk of the orders has been reportedly secured by L&T's power transmission & distribution vertical that has won orders worth Rs 13.31 billion both in domestic and international markets.

M&M share price is expected to gain some limelight as the company launched its all new tractor brand Trakstar which will focus on value seeking farmers and enhance their prosperity. The Trakstar range will cater to almost 80% of the Indian tractor market. The introduction of a new brand was done as the company a space for all new brand which could look beyond mainstream brands.

Meanwhile, Bharti Airtel share price will witness some action as the company entered into a strategic partnership with cyber security provider Symantec. The company will offer security solutions to companies, start-ups and government organisations, exclusively in India.

In news from realty sector, as per Livemint, a stake sale by DLF Ltd's promoters to an affiliate of Singapore's sovereign wealth fund GIC Pte Ltd will see capital infusion of nearly Rs 130 billion into the company. The infusion, which will take place by November, will see the promoters putting in Rs 100 billion and the remaining amount from additional fundraising.

Meanwhile, Adani Group plans to start work on its US$16.5 billion Carmichael coal project in Australia in October, chairman Gautam Adani said, buoyed by the dismissal of appeals filed against the project by Australian activists.

Bharat Bijlee share price fell 10% in yesterday's trade and is expected to see some momentum as the company reported net loss of Rs 38.7 million in first quarter of FY18, compared with net loss of Rs 21.5 million in Q1 June 2016.

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Rupee Strengthens

The rupee on Monday strengthened past 63 mark to hit near three-week high against the US dollar, tracking gains in its Asian peers and local equity markets. Asian currencies were trading higher as dollar extended its decline after US Federal Reserve chair Janet Yellen dashed expectations that she would provide clues on monetary policy tightening.

Meanwhile, the euro climbed to a 2-1/2-year high of close to $1.20 in thin trade extending gains made at the end of last week as European Central Bank President Mario Draghi stayed mum on the future of monetary policy in the euro zone in his Friday speech.

Global Markets Stay Mixed

Most Asian and European markets struggled for direction after U.S. and European central bankers didn't provide fresh policy guidance. While Federal Reserve Chair Janet Yellen did not provide any clues on monetary policy outlook in her speech at a central banking meeting in Jackson Hole, she argued that reforms implemented post-financial crisis have "made the system safer."

Oil prices Tumble

Oil prices declined as flooding from Tropical Storm Harvey inundated refining centers along the Texas coast, shutting more than 10% of U.S. fuel-making capacity. Oil has traded this month in the tightest range since February as investors weigh rising global supply against output cuts by OPEC.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

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Mar 16, 2018 (Close)