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Indian Indices Trade Weak, Oil Prices at Two-year High, and Top Stocks in Action
Wed, 8 Nov Pre-Open | Prasheel Vartak, TM Team

On Tuesday, share markets in India opened in green and declined throughout the day and ended the day deep in red.

The BSE Sensex closed lower by 360 points to end at 33,370 while the broader NSE Nifty ended the day lower by 102 points to close at 10,350.

Among BSE sectoral indices, pharma index fell the most by 3.5%, followed by realty stocks at 2.2%. Lupin and Cipla, were among the top losers.

Top Stocks in Action Today

Lupin share price is likely to be in focus today the company received warning letters from the US Food and Drug Administration (USFDA) for its facilities in Goa and Indore. The company said the USFDA warning will likely delay new product approvals from Goa and Pithampur facilities. There will be no disruption of existing product supplies from either of these locations.

Bharat Heavy Electric Ltd (BHEL) will be among the stocks to watch today after the company reported a 5.9% increase in net profits YoY, despite operational losses.

Tata Motors will be in focus today after the company's subsidiary, Jaguar Land Rover (JLR) reported flattish growth in retail vehicle sales for October. The company reported a 0.2% increase in sales at 46,418 for October. Jaguar retail sales were down by 14.3% YoY, while Land Rover sales were up by 6.8% YoY in October.

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Oil Prices at Two Year High

Crude oil has been witnessing buying interest lately after it was reported that the Organisation of the Petroleum Exporting Countries (OPEC) has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal.

The oil price has hit its highest level since July 2015 after Saudi Arabia's crown prince increased his power in the kingdom by launching an anti-corruption purge. Also, Saudi Arabia's Energy Minister Khalid al-Falih said that the focus remained on reducing oil stocks in industrialized countries to their five-year average. He also raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends.

Rising oil prices do not bode well for the Indian economy. This we say is because India is hugely dependent on petroleum imports. India is the world's third-largest oil consumer. And energy consumption in India is set to grow as our economy remains one of the few 'bright spots' in a slowing, aging world economy. And India could face a potent risk with a rise in crude oil prices.

Global Indices Upbeat

Global financial markets showed no signs of slowing down and continued to rally. Japanese shares scaled a 26-year high on Tuesday on expectations of strong earnings from Japanese companies. European shares too were trading in green. Market participants in the US are focused on the progress of a U.S. tax-cut plan being developed by President Donald Trump. Tax negotiators in the U.S. House of Representatives seek to overcome their differences this week and work on a plan, aiming for their self-imposed deadline of passage this month.

IPO Buzz

HDFC Standard Life Insurance Company's initial public offer (IPO) was subscribed by 40% day one of the offer, according to data available on the bourses as of the market close.

The life insurer's IPO will remain open till November 9. Prior to opening its offer to the public, HDFC Life raised Rs 23.2 billion from anchor investors through allocation of 80.6 million equity shares at Rs 290 per share, the upper end of the price band.

It would be the third life insurance company getting listed on bourses; and is the first initial public offering by a company promoted by HDFC, since the initial public offering of HDFC Bank in 1995.

HDFC Life is the first private life insurance company to register in India and was established in 2000 as a joint venture between HDFC Limited and Standard Life Aberdeen plc through its wholly owned subsidiary, Standard Life Mauritius.

It has set a price band of Rs 275-290 and seeks to raise up to Rs 86.95 billion.

But do the company's fundamentals justify the price it is asking for in the primary market? We have released an IPO note, with our recommendation for the HDFC Life IPO, you can access it here.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

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Stock Market Updates

J&K BANK Share Price Up by 8%; BSE BANKEX Index Up 2.8% (Today's Market)

Mar 3, 2021 03:35 PM

J&K BANK share price is trading up by 8% and its current market price is Rs 32. The BSE BANKEX is up by 2.8%. The top gainers in the BSE BANKEX Index are J&K BANK (up 7.6%) and RBL BANK (up 5.2%).

RELIANCE IND. Share Price Up by 5%; BSE OIL & GAS Index Up 1.3% (Today's Market)

Mar 3, 2021 03:27 PM

RELIANCE IND. share price is trading up by 5% and its current market price is Rs 2,216. The BSE OIL & GAS is up by 1.3%. The top gainers in the BSE OIL & GAS Index is RELIANCE IND. (up 5.1%). The top losers are PETRONET LNG (down 0.1%) and BPCL (down 0.4%).

AU SMALL FINANCE BANK at All Time High; BSE BANKEX Index Up 2.8% (Today's Market)

Mar 3, 2021 03:23 PM

AU SMALL FINANCE BANK share price has hit an all time high at Rs 1,224 (up 4.2%). The BSE BANKEX Index is up by 2.8%. Among the top gainers in the BSE BANKEX Index today are AU SMALL FINANCE BANK (up 4.2%) and KOTAK MAHINDRA BANK (up 3.0%).

REDINGTON Share Price Down by 5%; BSE 500 Index Up 1.9% (Today's Market)

Mar 3, 2021 03:13 PM

REDINGTON share price is trading down by 5% and its current market price is Rs 200. The BSE 500 is up by 1.9%. The top gainers in the BSE 500 Index are IFCI (up 19.9%) and IDBI BANK (up 12.1%). The top losers are REDINGTON (down 5.1%) and SYMPHONY (down 5.1%).

RBL BANK Share Price Up by 5%; BSE BANKEX Index Up 2.7% (Today's Market)

Mar 3, 2021 03:09 PM

RBL BANK share price is trading up by 5% and its current market price is Rs 249. The BSE BANKEX is up by 2.7%. The top gainers in the BSE BANKEX Index are RBL BANK (up 5.0%) and FEDERAL BANK (up 5.7%).

Sensex Trades Over 500 Points Higher; Dow Futures Up by 147 Points (Today's Market)

Mar 3, 2021 12:30 pm

BSE Sensex is trading up by 586 points, while the NSE Nifty is trading up by 190 points.

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