Falling Crude Oil Prices, August Passenger Vehicle Sales, and Top Buzzing Stocks Today

Mon, 14 Sep Pre-Open

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Indian share markets ended on a flat note on Friday last week.

At the closing bell on Friday, the BSE Sensex stood higher by 14 points. Meanwhile, the NSE Nifty ended up by 15 points.

The BSE Mid Cap index ended up by 0.6%. The BSE Small Cap index ended up by 0.5%.

Sectoral indices ended on a mixed note with stocks in the realty sector and IT sector witnessing buying interest.

Telecom stocks, on the other hand, witnessed selling pressure.

Gold prices were trading down by 0.6% at Rs 51,465 per 10 grams at the closing stock market hours on Friday.

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Top Stocks in Focus Today

Reliance Industries will be among the top buzzing stocks today after it was reported that Reliance has initiated talks to sell a 40% stake in unit Reliance Retail Ventures Ltd (RRVL) to Amazon.

Such a deal could accelerate consolidation in India's organized retail market. Reliance is willing to sell as much as 40% in the retail unit to Amazon for US$20 billion, the reports noted.

Hindustan Copper will also be in focus today as the company reported a 40.6% year-on-year rise in consolidated net profit at Rs 298 million for the quarter ended June 30, 2020.

It had posted a net profit of Rs 212 million in the corresponding quarter last year.

Revenue from operations rose 41.9% to Rs 4,314 million in the quarter under review as against Rs 3,041 million posted last year.

Market participants will also track metal stocks today after it was reported last week that India will increase surveillance on copper and aluminium imports from China.

Reports also states that, steel price buoyancy continues to drive upgrades among the metal stocks, and domestic steel price uptrend continues in September 2020 with prices now up Rs 5,500 per tonne, 16% since the June 2020 lows.

Further, a strong stimulus-led demand recovery in China and lower exports have underpinned a recovery in steel prices across the globe. Regional prices have increased by 15-18% in the past two months led by improving demand and iron ore cost push.

We will keep you updated on the latest developments in the metal sector. Stay tuned.

Crude Oil Prices Continue Their Fall

Crude oil prices extended their decline last week, under pressure from a surprise rise in US stockpiles and ongoing weak demand from the coronavirus pandemic.

Brent crude was trading at US$ 39.98 a barrel on Friday last week after falling nearly 2% on Thursday, while US crude is off by 2 cents at US$ 37.28 a barrel, having fallen 2% in the previous session.

In the United States, stockpiles rose earlier this month against expectation as refineries slowly returned to operations after production sites were shut down due to storms in the Gulf of Mexico and wider region.

Crude inventories in the United States rose 2.0 million barrels, against expectations for a 1.3 million-barrel decrease in a Reuters poll.

In a further bearish sign, traders were starting to book tankers again to store crude oil and diesel, amid a stalled economic recovery as the Covid-19 pandemic continues unabated.

Passenger Vehicle Sales Grow in August

In news from the automobile sector, passenger vehicle sales grew in strong double digits for the first time in nearly two years as good retail demand increased production helped manufacturers dispatch more vehicles in August.

Reports state that strong pulls from the rural pockets, a slight revival in urban markets, festive buying and easier finance schemes helped revive volumes during the month.

As per the data available with industry body Society of Indian Automobile Manufacturers (SIAM), as many as 215,916 passenger vehicles were sold last month, which is an increase of 14.2% compared to 189,129 units sold in the year-ago period.

The wholesale numbers exclude those of Tata Motors which is reporting its data to SIAM on a quarterly basis since the start of the fiscal.

Utility vehicles, which SUVs are a part of, grew by 15% during August, commanding an unchanged share of 37%.

Wholesale volumes of two-wheelers also increased by 3% to 1,559,665 units in August. While demand for motorcycles rose 10.1% to 1,032,476 units, that for scooters fell 12.3% to 456,848 units.

Sales of three-wheelers in the period under review fell 75.3% to 14,534 units.

Sales of commercial vehicles (CVs) were not shared by SIAM for August. Tata Motors, which is one of the top two CV makers in the country, has stopped sharing wholesale data even as its competition such as Mahindra & Mahindra, Ashok Leyland and VE Commercial Vehicles share the data freely.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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