Global Stock Market Update, Yes Bank Saga, and Top Cues in Focus Today

Fri, 4 Oct Pre-Open

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Indian share markets ended lower yesterday as investors turned cautious ahead of Reserve Bank of India's (RBI) bi-monthly policy statement due today.

At the closing bell yesterday, the BSE Sensex stood lower by 199 points (down 0.5%) and the NSE Nifty closed down by 47 points (down 0.4%).

The BSE Mid Cap index ended the day down by 0.3%, while the BSE Small Cap index ended the day down by 0.4%.

Sectoral indices ended on a mixed note with stocks in the metal sector, finance sector and telecom sector leading the losses, while oil & gas stocks and realty stocks witnessed buying interest.

Top Stocks in Focus Today

From the aviation sector, IndiGo share price will be in focus today as the company's co-founder Rahul Bhatia and his IGE Group yesterday submitted a request for arbitration in the London Court of International Arbitration against partner Rakesh Gangwal on issues of compliance with the shareholders' agreement and articles of association in the company.

Federal Bank share price will be in focus today as the lender has entered into a tie-up with Speed Money Transfer Japan KK (SMTJ), a financial services company, to facilitate instant money transfer from Japan to India.

Meanwhile, Bank of Baroda has signed a Memorandum of Understanding (MoU) with Indian Army under which the bank would offer customized services along with a host of facilities to account holders.

Wipro share price will also be in focus today as the company has completed the transaction under which it was to absorb certain employees of Vara InfoTech as part of its US$ 300 million deal with ICICI Bank.

To know more about the company, you can read Wipro's latest result analysis and Wipro's 2018-19 annual report analysis on our website.

Market participants will also track Coal India share price. The company has reported fall in its production by 23.5% to 30.8 million tonnes in September. The production in the same month a year ago stood at 40.3 million tonnes.

The Yes Bank Saga

Yes Bank share price will be in focus today. The stock of the lender witnessed buying interest yesterday as investors thought the promoter share sale overhang on the stock is over.

Buying interest was also seen as the private lender clarified in a BSE filing that the material drop in its share prices on October 01, 2019 was primarily on account of the forced sale of 10 crores equity shares (3.92% of the Bank's equity share capital) triggered by an invocation of pledge on the equity shares of a large stakeholder.

Further, the bank said that it would like to confirm that it's financial and operating metrics remain intrinsically sound and stable with liquidity position well in excess of regulatory requirements.

Note that the stock of the lender slumped as much as 23% on Tuesday on account of forced sale of 10 crore equity shares, representing 3.9% of the bank's equity share capital.

The bank said a large stakeholder invoked shares pledged with it, following which the entire pledge stood extinguished.

Shares of the bank also tumbled 15% on amid concerns over its exposure to Indiabulls Housing Finance. And on Tuesday, the stock lost 29.9% intraday. It closed at Rs 32 on the BSE, making it the worst hit.

The stock was down for the fifth consecutive session on Tuesday, with Rs 48.3 billion worth of market cap eroded during the period.

Following the recent invocation of pledged shares by lenders and offloading of stake by various promoter entities, co-promoter Rana Kapoor's stake in the bank has slipped below 1%.

The stock price YES Bank has been under pressure ever since the RBI curtailed its promoter-chief executive Kapoor's term on corporate governance concerns. Many of the bank's past lending bets under Kapoor are haunting the earnings now and keeping the share prices depressed.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space. Stay tuned.

Global Stock Market Drivers

Asian stocks tumbled to a one-month low on Thursday as already-growing market fears about global growth were fanned by the United State announcement of new import tariffs on products from the European Union.

Japan's Nikkei closed down by 2%, its biggest one-day decline since August 26.

On Wednesday, there was an escalation of the trade dispute between Washington and the European Union as President Donald Trump's administration announced it would impose tariffs on US$ 7.5 billion of goods.

Washington will enact 10% tariffs on Airbus planes and 25% duties on French wine, Scotch and Irish whiskies and cheese from across the continent.

Most Asian currencies edged up as weak US economic data renewed hopes that the Federal Reserve will resume making rates cuts to prop up growth rate in the United States.

As per the economic schedule released by Vijay Bhambwani, here are the important events which are due later today:

• Australia - Retail Sales August
• India - Services PMI September
• USA - Unemployment Rate September

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

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Read the latest Market Commentary

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Indian Share Market Update: Top Gainers and Losers