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Global Stock Market Updates, IPO Buzz, and Top Cues in Focus Today
Fri, 13 Dec Pre-Open | Monish Vora, TM Team

On Thursday, Indian share markets traded on a positive note throughout the day and ended higher.

The BSE Sensex closed higher by 169 points to end the day at 40,582. Tata Motors and Yes Bank were among the top gainers.

While the broader NSE Nifty ended up by 62 points to end at 11,972.

Among BSE sectoral indices, metal stocks gained the most, followed by auto stocks and banking stocks.

Top Stocks in Action Today

Larsen & Toubro (L&T) share price will be in focus today as its's construction arm - L&T Construction's Heavy Civil Infrastructure business has secured a prestigious order from Rail Vikas Nigam (RVNL) for the construction of tunnels, bridges and formation works in the state of Uttarakhand.

Maruti Suzuki share price will also be in focus today as the company has partnered with Federal Bank to provide dealer finance and customized auto retail financing solutions to customers.

Market participants will also track Kotak Mahindra Bank share price.

InstantPay, one of India's largest inclusive and neo banking platform, has entered into a strategic partnership with Kotak Mahindra Bank's subsidiary - Kotak Mahindra Life Insurance Company to reach out to the billion uninsured and under banked population of India, including the urban migrant.

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From the IPO Space...

EaseMyTrip is planning a Rs 7 billion maiden public share sale that will make it the first online travel agency to be listed in the Indian stock market.

Reports state that the company aims to file the draft red herring prospectus, with the capital markets regulator shortly.

Currently, two Indian online travel companies - MakeMyTrip and Yatra are listed on New York's Nasdaq. A media report recently cited a senior executive at Cleartrip as saying it will look at an IPO in 2-3 years.

In other news, after witnessing a massive subscription of more than 165 times last week in its Rs 7.5 billion IPO, shares of Ujjivan Small Finance Bank listed yesterday on the exchanges with 57% gains.

Earlier this month, USFB raised Rs 2.5 billion in a pre-IPO round.

The bank's parent microfinance lender Ujjivan Financial Services went public in 2016 after receiving an in-principle license from the Reserve Bank of India (RBI) to start a small finance bank.

The stock of Ujjivan Small Finance Bank closed 49.5% higher yesterday.

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Fed Leaves Rates on Hold

The US central bank decided to keep rates unchanged and added that more rate changes were unlikely in 2020.

After cutting rates three times earlier this year, the US Fed left its benchmark rate at the target range of between 1.5% and 1.75%.

The Fed in a policy statement said that "the committee judges the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the symmetric 2% objective."

The policymakers added that they would continue monitoring global developments in deciding whether interest rates need to change.

Chairman Jerome Powell told reporters that the committee might consider widening reserves management-related treasuries purchases to include short-term coupon-bearing securities, if necessary, to ease liquidity strains in money markets.

Oil Gains amid OPEC Deficit Forecast

In news from the commodity space, oil prices rose on Thursday, recouping some of the losses from the previous session that followed a surprise increase in US crude inventories.

Crude stockpiles last week rose unexpectedly, gaining more than 800,000 barrels, compared with a Reuters poll that forecast a 2.8-million-barrel decline.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday said it now expected a small deficit in the oil market in the next year, suggesting the market is tighter than previously thought - even before the latest pact with other producers to curb supply takes effect.

However, the International Energy Agency (IEA) said that global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts.

It stated that inventories will also rise despite the lower expected production by the US and other non-OPEC countries.

It stated that despite the additional curbs and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day (bpd), global oil inventories could build by 700,000 bpd in Q1 2020.

How the above developments pan out and what effect it has on crude oil markets remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Speaking of crude oil, the Organization of Petroleum Exporting Countries (OPEC) and Russia last week agreed to cuts in oil production.

In the video below, Vijay Bhambwani shares interesting insights into this space. He talks about what to expect going forward.

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

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

Read the latest Market Commentary


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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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