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Extra Capital Infusion in PSBs; BOE Policy Decision & Top Stocks in Action Today
Fri, 21 Dec Pre-Open | Rini Mehta, TM Team

On Thursday, Indian share markets declined, halting a seven-day long winning streak, as stocks across the world fell after US Federal Reserve hinted more rate hikes ahead.

At the closing bell, benchmark indices pared some losses with the Sensex ending down by 53 points, while Nifty ended down by 16 points.

Metal stocks were the worst hit as prices of most dollar-denominated metals fell after the US said it would withdraw sanctions on Russian aluminium producer.

Finance and energy stocks were also under pressure. However, gains in pharma and automobiles limited losses.

The Indian rupee rebounded from its morning lows and gained for a fourth session against the US dollar.

Top Stocks in Focus

Alembic Pharma share price will be in focus today as United States Food and Drug Administration (USFDA) conducted an inspection at its API Facility located at Panelav in the state of Gujarat from 17 - 19 December 2018.

Pfizer and GlaxoSmithKline Consumer Healthcare announced that they would combine their consumer health businesses in a joint venture with sales of 9.8 billion pounds (US$12.7 billion), 68% owned by the British company, in an all-equity transaction. The stocks will be in focus.

Indian Energy Exchange Ltd said its board of directors approved buyback of shares worth Rs 690 million. The stock will hog limelight today.

Meanwhile, the board of Oil and Natural Gas Corp (ONGC) on Thursday approved buyback of 252.9 million shares for Rs 40.22 billion.

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

By the way, you can read our recently released Q2FY19 result analysis of the following companies: Asian Paints, TVS Motors, Wipro, Ambuja Cement, HDFC Bank, Infosys and more.

Global Stock Market Drivers

Stocks tumbled in Europe and Asia on Thursday while US equity futures fell as investors expressed concern about a lack of relief from the Federal Reserve's monetary tightening.

The dollar weakened, and the yen jumped.

The sell-off that began Wednesday afternoon with Fed Chairman Jerome Powell's downplaying of the implications of market volatility, and his commitment to continue reversing quantitative easing, gathered pace hours later in Asia and Europe.

Here are some events investors will focus on in the coming days:

  • Bank of England policy decision is due.
  • US personal income and spending data are due today, along with a gauge of inflation.

Oil Prices Resume Drop

Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy.

The front-month US crude contract had dropped more than US$1, or 2.2%, to US$47.1 per barrel, offseting gains of 96 cents chalked up on Wednesday.

International benchmark Brent crude futures were down over US$1, or 1.8%, at US$56.2 per barrel, after climbing almost 2% the session before.

Oil prices are down more than 30% from peaks seen in October.

Government Seeks Extra Capital Infusion in PSBs

In a big relief to the capital-starved public sector banks, the government on Thursday sought parliament's nod to spend an additional Rs 410 billion on their recapitalisation. This is over and above the Budgeted Rs 650 billion fund for the PSU Banks in the current financial year.

The capital infusion, however, will not entail any cash outgo from the Centre's kitty as it will come through recapitalisation bonds.

Besides, the ministry of finance also sought the nod for gross spending of Rs 859.5 billion in the current financial year, of which Rs 150.7 billion would only be the net cash outgo and the rest would be matched by the savings of the ministries and departments under the Central government.

The Parliament approval for additional expenditure was sought through the second Supplementary grants, 2018-19 tabled by Finance Minister Arun Jaitley in the Lok Sabha.

Jaitley also sought the okay for Rs 23.5 billion for equity infusion into Air India under turnaround plan and an additional Rs 14.5 billion to buy out RBI stake in National Housing Bank.

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Stock Market Updates

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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%).

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

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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)

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