Gift Nifty Down 54 | Indian Oil & Bharat Petroleum Eye Additional Saudi Oil | Bharat Forge's Rs 10 Billion Investment | Top Buzzing Stocks Today

Wed, 10 Jan Pre-Open

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On Tuesday, Indian share markets trimmed gains in late deals as the session progressed and ended the day higher.

Indian benchmark indices rebounded sharply after a sharp fall on Tuesday, led by buying action in IT stocks and auto major Bajaj Auto. India VIX, volatility indicator, eased 4%.

At the closing bell on Tuesday, the BSE Sensex closed higher by 31 points.

Meanwhile, the NSE Nifty closed higher by 39 points (up 0.2%).

Adani Enterprises, Apollo Hospital and Adani Ports were among the top gainers.

Britannia, Nestle and Asian Paints on the other hand, were among the top losers.

The BSE MidCap index ended flat and BSE SmallCap index ended 0.3% higher.

Sectoral indices ended mixed with stocks in the power sector and realty sector witnessing most of the buying. Meanwhile, stocks in finance sector, banking sector and metal sector witness selling pressure.

The rupee was trading at 83.11 against the US$.

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 62,381 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:35 AM today, the Gift Nifty was trading 54 points or 0.3% lower at 21,571 levels.

Indian share markets are headed for a negative opening today following the trend on Gift Nifty.

Speaking of stock markets, arriving at a reasonable estimate of a stock's intrinsic value is easy. However, there are errors that can creep in and even the most astute analysts can fall prey to them.

So, what exactly are these errors and how are they associated with a stock like Titagarh Rail Systems.

Tune into below video for more

Top buzzing stocks today

Polycab share price will be in focus today.

Shares of Polycab tanked over 7% today after it reported Rs 2 billion (bn) tax evasion.

The income tax department detected Rs 2.5-3 bn of transactions booked in the company's promoter accounts. The company had denied the allegations.

L&T will also be a top buzzing stock.

The stock touched a fresh 52-week high of Rs 3,575.9 on 9 January, up around 2% from the previous close, after it bagged the order to build an AIIMS in Haryana.

Crude Prices Edge Higher

A fine balance struck between the Middle East conflict, concerns about global demand and rising supply from producing countries has helped crude oil on a slippery ground with a marginal turnaround.

Oil prices edged up on 9 January 2024, partially recovering from the decline in the previous session. Brent crude futures increased by 18 cents, reaching US$ 76.30 a barrel, representing a 0.2% rise, while the US West Texas Intermediate (WTI) crude futures saw a gained 0.1%, or 6 cents, to US$ 70.83 a barrel.

The two crude oil benchmarks lost more than 3 and 4% on 8 January, following significant price cuts by top oil exporter Saudi Arabia and an increase in output by the Organization of Petroleum Exporting Countries (OPEC).

The sharp price cuts by Saudi Arabia and the increased production by the oil cartel helped offset the supply worries stemming from escalating geopolitical crisis in the Middle East.

The rise in production from countries such as Angola, Iraq, and Nigeria offset the ongoing cuts made by Saudi Arabia and other members of the broader OPEC+ alliance.

Bharat Forge's Rs 10 Billion Investment

Shares of Bharat Forge gained nearly 3% after the company announced a partnership with the Tamil Nadu government to invest up to Rs 10 bn over the next five years for expanding its manufacturing operations in the state.

The company signed a non-binding MoU with the Tamil Nadu government during its global investor meet on 8 January. This MoU doesn't significantly affect the company's operations.

Bharat Forge's leadership recently highlighted a strategic approach to growth and diversification. They emphasised a focus on sustainable, high-quality ventures for long-term success.

Additionally, they anticipates that the defence sector could surpass their core business in size soon.

Indian Oil & Bharat Petroleum Eye Additional Saudi Oil

Two Indian state refiners are seeking to boost imports of Saudi crude oil after the kingdom cut the official selling price of its key export grade for February to the lowest in 27 months.

Indian Oil Corp, the country's top refiner, and Bharat Petroleum Corp, are looking at lifting an additional 1 million barrels of oil each from Saudi Aramco in February.

Saudi Aramco typically notifies Asian buyers of their monthly crude allocations by the 10th of every month.

IOC is seeking more oil from Saudi Arabia and West Africa partly as it is facing problems in buying Russian light sweet crude Sokol because of challenges in payments.

India, the world's third-biggest oil importer and consumer, has been gorging on Russian crude, sold at a discount after western nations shunned purchases from Moscow.

That led to Russia becoming top oil supplier to India, knocking Iraq and Saudi Arabia to second and third place, data obtained from trade sources showed.

Washington last month sanctioned ships and vessel operators for the sale of Russian oil at above the US$ 60-per barrel cap set by the Group of Seven nations and tightened rules, including heightened scrutiny by banks and service providers to ensure that cargoes do not breach the price cap.

Following the sanctions, several tankers meant to deliver Sokol crude to India have been diverted in the past two months, depressing India's Russian oil imports in December to an 11-month low.

India's oil minister Hardeep Singh Puri recently said that the decline in India's import of Russian oil was due to unattractive prices and not payment issues.

IOC used to receive 6-7 cargoes of Sokol oil every month under its annual deal with Rosneft.

The refiner may ask for additional supplies under its term deals with West African producers Nigeria and Angola to make up for loss in Russian oil supply.

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