Oil Prices, Q4FY19 Results, and Top Stocks in Action Today

Thu, 2 May Pre-Open

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On Tuesday, share markets in India recovered most of their losses during closing hours and ended marginally lower after a volatile day of trading.

The BSE Sensex closed lower by 36 points to end the day at 39,032. IndusInd Bank and Yes Bank were among the top losers.

While the broader NSE Nifty ended down by 7 points to end at 11,748.

Among BSE sectoral indices, telecom stocks fell the most by 2.2%, followed by automobile stocks and realty stocks.

Top Stocks in Action Today

Tata Motors share price will be in focus today as the company has partnered with Nirma University to provide B. Tech degree to its employees working at the Sanand Plant in Gujarat.

Wipro share price will also be in focus today as its subsidiary - Wipro Consumer Care and Lighting (WCCL) has signed a definitive agreement to acquire Philippine-based personal care company Splash Corporation. This will be Wipro Consumer care's 11th acquisition.

Market participants will also track Sunteck Realty share price, MRF share price, and Dabur share price as these companies will announce their March quarter results later today.

Results Corner

Kotak Mahindra Bank share price reported a 25.2% year-on-year (YoY) rise in standalone profit at Rs 14.1 billion for the March quarter as provisions fell sharply. Provisions and contingencies declined 44% YoY to Rs 1.7 billion during the quarter under review.

The lender had posted a net profit of Rs 11.2 billion in the corresponding quarter last year. The board of the company also recommended a dividend of Rs 0.80 per equity share for the year ended March 31.

TVS Motor share price has reported a fall of 19.2% in its net profit at Rs 1.3 billion for the quarter ended March 31, 2019 as compared to Rs 1.7 billion for the same quarter in the previous year.

L&T Finance Holdings share price has reported a fall of 29.4% in its net profit at Rs 2.3 billion for the quarter ended March 31, 2019 as compared to Rs 3.2 billion for the same quarter in the previous year. Total income of the company decreased by 22.8% at Rs 3.1 billion for quarter under review as compared to Rs 4.1 billion for the quarter ended March 31, 2018.

Castrol share price has reported a marginal rise of 1.8% in its net profit at Rs 1.9 billion for the quarter ended March 31, 2019 as compared to Rs 1.8 billion for the same quarter in the previous year.

You can also read our recently released Q4FY19 results: Axis Bank, Rallis, Cyient, Persistent Systems.

From the Currency Space...

The Indian rupee was trading at day's high level at the time of writing. It gained 31 paise at Rs 69.70 per dollar against Friday's close Rs 70.01.

On Tuesday, the domestic currency consolidated in a narrow range ahead of the important US GDP number and after global crude oil prices witnessed some retracement from higher levels.

In the recent past, crude oil prices rallied but expectation of increased supply output from OPEC capped major gains for the commodity.

Rising Oil Prices

Oil prices rose 1% on Tuesday after Saudi Arabia said a deal between producers to withhold output could be extended beyond June to cover all of 2019.

The comments by Saudi Energy Minister Khalid al-Falih came despite pressure from US President Donald Trump to raise output to make up for a supply shortfall expected from tightening US sanctions against Iran.

Brent hit a six-month high above US$ 75 last week because of tightening global markets amid US sanctions on Iran and Venezuela coupled with Russian oil export problems stemming from a contaminated pipeline.

Note that, despite the shaking global economy, oil has surged almost 40% since January, lifted by supply cuts led by the Organization of the Petroleum Exporting Countries.

US exports exceeded 3 million bpd for the first time in early 2019 amid a more than 2 million bpd production surge over the past year, to a record of more than 12 million bpd.

As you know, rising crude oil prices have a big impact on the country's economy as India imports over 70% of its energy needs.

Rise in crude oil increases input costs for dependent firms. It also means rising inflation. Rising inflation means rising interest rates.

It also puts pressure on the government to cut excise duty, thereby impacting its revenues. We have already seen that happening.

Research Analyst Richa Agarwal believes that this has the potential to bring down sentiments in the domestic markets. She further believes that, if oil prices continue their upward march in a tight global environment, a broader correction in the sentiment fueled domestic market cannot be ruled out.

Now how this pans out going forward remains to be seen.

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