Sensex Ends Above 39,000-Mark, Metropolis Healthcare IPO, and Top Stocks in Action Today

Wed, 3 Apr Pre-Open

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On Tuesday, share markets in India traded on a positive note most of the day and ended higher.

The BSE Sensex closed higher by 185 points to end the day at 39,057. Tata Motors and Bharti Airtel were among the top gainers.

While the broader NSE Nifty ended up by 44 points to end at 11,713.

Among BSE sectoral indices, realty stocks gained the most by 2.7%, followed by telecom stocks and power stocks.

Top Stocks in Action Today

Thomas Cook share price will be in focus today as the company has completed acquisition of 51% stake in DEI Holdings, an entity registered in Jebel Ali Free Zone (JAFZA) Dubai, UAE along with its subsidiaries by Travel Circle International (Mauritius).

Tech Mahindra share price will be in focus today as the company has entered into a Memorandum of Understanding (MoU) with the University of Nebraska at Omaha (UNO) College of Information Science and Technology (IS&T) to partner in knowledge enrichment, hiring, industry-faculty collaboration and to share mutual information technology (IT) expertise.

Market participants will also track Cadila Healthcare share price.

Reportedly, the company has received tentative approval from the United States Food & Drug Administration (USFDA) to market Mirabegron Extended-Release Tablets (US RLD- Myrbetriq Extended-Release Tablets), 25 mg and 50 mg.

From the IPO Space...

Metropolis Healthcare's initial public offering (IPO) is set to open for subscription today. The company plans to raise Rs 12 billion and the offer price is set at Rs 877 - Rs 880.

Mumbai based Metropolis healthcare limited is a chain of diagnostic companies. It has 106 clinical laboratories, 1130 collection centers in seven countries. The company also provides analytical and support services for the clinical research projects to some clinical research organizations.

Metropolis offers 3480 clinical laboratory tests and 524 profiles which combines a variety of tests for the specific disease. Outside India, it has presence in Ghana, Zambia, Kenya, Sri Lanka, and Mauritius for laboratory operations and in UAE, Nepal, Nigeria and Oman for 3rd party services.

Ankit Shah has shared the detailed note of the IPO. You can read it here.

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Oil at 2019 High

On Tuesday, oil hit a 2019 high above US$ 69 per barrel on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may slow.

Reportedly, the United States is considering more sanctions against Iran, whose oil exports have been halved by existing measures. A key crude terminal in Venezuela, also under US sanctions, has halted operations again.

Supply from the Organization of the Petroleum Exporting Countries hit a four-year low in March because top exporter Saudi Arabia cut more than it had agreed to and due to the involuntary declines.

Figures showing a rebound in US factory activity in March and a return to growth in Chinese manufacturing eased concern that an economic slowdown could weaken oil demand.

Note that the US-China trade deal, the OPEC cuts, and the US sanctions on Iran and Venezuela are continuing to dominate crude oil headlines.

US crude oil output has soared by more than 2 million barrels per day (bpd) since early 2018, to around 12 million bpd, making America the world's biggest producer ahead of Russia and Saudi Arabia.

On the demand-side, there is concern that an economic slowdown as well as improving energy efficiency and the emergence of alternative transport fuels will erode oil consumption.

RBI Policy Meet

The Reserve Bank of India (RBI) may cut key lending rates by another 25 basis points to boost economic activities amid fears of global slowdown impacting domestic growth prospects.

The RBI had reduced the repo rate by 25 basis points in February after a gap of 18 months. A back-to-back cut in interest rate would provide relief to borrowers in the election season.

The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das will meet for three days in Mumbai and announce the decision on interest rate on April 4.

Stay tuned for more updates from this space.

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