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Of Gujarat Elections, Rising Crude Oil Prices, and Top Cues in Focus Today
Thu, 14 Dec Pre-Open | Monish Vora, TM Team

Indian share markets witnessed selling pressure in yesterday's trading session and finished lower at closing prices.

At the closing bell yesterday, the BSE Sensex closed lower by 175 points and the NSE Nifty finished lower by 47 points. The S&P BSE Mid Cap finished down by 0.9% while S&P BSE Small Cap finished down by 0.8%. Losses were largely seen in realty sector, metal sector and capital goods sector.

Top Stocks in Focus Today

Banking stocks be in focus today banks are set to refer about 23 of the 28 stressed accounts identified by the Reserve Bank of India (RBI) to the National Company Law Tribunal (NCLT). Note that bankers are looking to speed up the resolution of 28 accounts including Videocon Industries, Jaiprakash Associates as the RBI's deadline ends.

Asian Paints share price will be in focus today. The stock of the company witnessed buying interest yesterday after it was reported that the company has acquired 100% stake in Reno Chemicals Pharmaceuticals and Cosmetics (Reno), having its Registered Office at Santacruz East, Near Asian Paints, Mumbai. As per the news, the company has acquired 4,950 equity shares of the face value of Rs 100 for an amount of Rs 1.5 billion.

From the automobile sector, market participants will be tracking Ashok Leyland share price today. The company yesterday reported it is planning to invest Rs 4 billion over the next two years in developing new products, including left-hand-driving trucks. The company is working on left-hand-driving commercial vehicles to tap the potential export markets in Gulf countries and Africa.

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Gujarat Election 2017: Second Phase of Polls Start Today

Market participants will be closely tracking the second phase of polls for Gujarat elections which is set to kick off today.

The first phase of the Gujarat Assembly Elections 2017 took place on Saturday, 9 Dec 2017. 89 of the total 182 constituencies in Gujarat went to polls in the first phase of this high-decibel, high-stakes state election. As per news reports, the voter turnout was around 68%.

The final outcome of the elections will be declared on 18th December.

The outcome is decidedly important for the Indian stock markets. As Ankit writes in one his editions of Equitymaster Insider..."stock market valuations in India seem to reflect what I call the 'Modi market premium'". You can read his entire note on this topic here (subscription required).

Let's wait and watch how the result of this elections turn out. We'll keep a close watch on the developments in this space and keep you updated.

Fed's Decision on Interest Rate

Apart from the above, stock market participants will also take cues from the US Federal Reserve policy meeting.

The Fed, in its last meeting, had kept the benchmark interest rate unchanged.

US Federal Reserve rate hikes generally have a negative impact on emerging economies. But India is currently seen as better equipped than other emerging markets to ride the impact of higher US interest rates. That's largely because of its stronger economic growth and impressive foreign exchange reserves.

How the stock markets react to the development remain to be seen. We'll keep you updated on all the happenings from this space.

Crude Oil Continues Uptrend

In the news from commodities market, crude oil is witnessing buying interest this week.

Oil prices rose yesterday as industry data showed a larger-than-expected drawdown in US crude stockpiles.

Gains were also seen after the shutdown of the Forties North Sea pipeline hit supply levels from a market that was already tightening due to OPEC-led production cuts.

Owing to the above developments, brent crude oil, the international benchmark for oil prices, jumped above US$ 65 per barrel for the first time since 2015.

Rising crude oil prices do not bode well for the Indian economy. This we say is because India is hugely dependent on petroleum imports. In fact, the share of petroleum imports for India has only increased over the years.

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.

The only way out for India is to reduce its dependence on oil imports and achieve fuel-sufficiency.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency, and commodity markets.

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

Sensex Opens Flat; Asian Paints Rallies 7% Post Q4 Results (Today's Market)

May 14, 2021 09:30 am

Indian share markets open flat. The BSE Sensex opened down by 33 points, while the Nifty is trading lower by 14 points.

ADANI TOTAL GAS Share Price Down by 5%; BSE 500 Index Down 0.1% (Today's Market)

May 14, 2021 09:34 AM

ADANI TOTAL GAS share price is trading down by 5% and its current market price is Rs 1,330. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are ASIAN PAINTS (up 6.7%) and BANK OF INDIA (up 5.7%). The top losers are ADANI TOTAL GAS (down 5.2%) and VINATI ORGANICS (down 7.1%).

JINDAL STEEL & POWER Share Price Down by 5%; BSE METAL Index Down 2.4% (Today's Market)

May 14, 2021 09:32 AM

JINDAL STEEL & POWER share price is trading down by 5% and its current market price is Rs 466. The BSE METAL is down by 2.4%. The top losers are JINDAL STEEL & POWER (down 5.3%) and NMDC (down 5.3%).

BANK OF INDIA Share Price Up by 5%; BSE BANKEX Index Up 0.3% (Today's Market)

May 14, 2021 09:28 AM

BANK OF INDIA share price is trading up by 5% and its current market price is Rs 77. The BSE BANKEX is up by 0.3%. The top gainers in the BSE BANKEX Index is BANK OF INDIA (up 5.2%). The top losers is HDFC BANK (down 0.2%).

GRINDWELL NORTON Share Price Up by 8%; BSE CAPITAL GOODS Index Up 0.4% (Today's Market)

May 14, 2021 09:26 AM

GRINDWELL NORTON share price is trading up by 8% and its current market price is Rs 1,259. The BSE CAPITAL GOODS is up by 0.4%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 7.7%). The top losers are L&T (down 0.3%) and V GUARD INDUSTRIES (down 0.4%).

VINATI ORGANICS Share Price Down by 6%; BSE 500 Index Up 0.3% (Today's Market)

May 14, 2021 09:24 AM

VINATI ORGANICS share price is trading down by 6% and its current market price is Rs 1,710. The BSE 500 is up by 0.3%. The top gainers in the BSE 500 Index are CHAMBAL FERTILISERS (up 6.6%) and UCO BANK (up 5.4%). The top losers is VINATI ORGANICS (down 6.4%)..

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May 14, 2021 03:37 PM