Sensex Ends Day in Red, Oil Prices, and Top Stocks in Action Today

Wed, 21 Nov Pre-Open

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   09:30 am   

   12:30 pm   

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Share markets in India witnessed most of the selling pressure during closing hours yesterday and ended their trading session on a negative note. Sectoral indices ended on a negative note with stocks in the metal sector and IT sector witnessing most of the selling pressure.

At the closing bell, the BSE Sensex stood lower by 300 points (down 0.8%) and the NSE Nifty closed down by 107 points (down 1%). The BSE Mid Cap index ended down 1%, while the BSE Small Cap index ended down by 0.9%

Top Stocks in Action Today

Glenmark Pharma share price will be in focus today as the company's subsidiary, Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Azelaic Acid Gel, 15%, a generic version of Finacea Gel, 15%, of Leo Pharma A/S.

You can read Glenmark pharma Q2FY19 result analysis and Glenmark pharma annual report on our website.

Future Enterprises share price will also be in focus today as the company has acquired 100% equity share capital of Ritvika Trading (RTPL). The entity has been acquired to structure investments of the company.

Market participants will also be tracking HDFC share price.

Reportedly, Housing Development Finance Corporation (HDFC) has issued masala bonds under its medium-term note (MTN) programme and raised Rs 5 billion. The rupee denominated bonds (RDBs), popularly known as masala bonds, are issued under the MTN programme.

RBI Meet Outcome

The Reserve Bank of India (RBI) said on Monday its board would support small businesses and has extended the timeline for banks to set aside an additional 0.625% as capital conservation buffer by one year to March 31, 2020.

The RBI also decided to form an expert committee to look into whether RBI reserves are adequate.

But the outcome of the meeting to boost lending failed to impress investors as the implementation of the proposed measures will take time.

The Narendra Modi-led government is concerned that low crop prices and difficulties which small businesses face in borrowing may dent its prospects in numerous state elections over coming weeks, and the general election due next year.

According to Moody's Investors Service, the above decision to allow lenders more time to adhere to additional capital buffer norms under Basel 3 is credit negative for the country's state-run banks. Moody's also raised concerns over RBI considering to give banks a leeway in classifying stressed assets of small borrowers which will ease the credit flow to this sector.

Oil Prices Decline

Oil prices fell on Tuesday amid concerns about rising global supplies as OPEC weighs production cuts.

Growing fears of an economic slowdown, which saw European and Asian stock markets tumble again, added further pressure on crude.

Concerned about an emerging production overhang like the one that led to a price slump in 2014, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of 1 million to 1.4 million bpd.

Speaking of crude oil, India's crude oil production was lower by 4.2% in September 2018 as compared to last year, as can be seen from the chart below.

The worrying factor is this was the lowest production this year.

Here's what Tanushree Banerjee wrote about it in one of the recent editions of The 5 Minute WrapUp...

• Comparing domestic production with the crude oil processed by refineries gives an idea of the demand supply gap. Low domestic production as compared to the demand for crude oil places a huge burden on India's import bill.
  
  Rising crude oil prices could have severe implications. Rising inflation. Rising interest rates. Pressure on the government to cut excise duty, thereby impacting its revenues.
  
  We have seen some of this play out. With elections around the corner, expect a lot of subsidies on fuel prices. This is bound to worsen India's fiscal deficit further.

It would be interesting to see how this pans out. Meanwhile, we will keep you updated on all the developments from this space.

From the IPO Space...

In the latest development from the IPO space, Zircon Technologies, engaged in the business of label printing for packaging of products, has received market regulator approval to float an initial public offer.

Proceeds of the issue will be utilized for repayment of certain borrowings availed by the company, for setting up of new manufacturing facility at Dehradun, funding the working capital requirements of the firm and general corporate purposes.

With this, the total number of companies getting clearance from the markets regulator to launch IPO has reached 70 so far this year.

Proceeds of the IPO will be used to repay borrowings, fund long-term working capital requirements and for general corporate purposes.

With so many IPOs set to hit the markets, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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