March Quarter Results, Rising Crude Oil Prices, and Top Cues in Focus Today

Mon, 27 May Pre-Open

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On Friday, share markets in India traded on a positive note throughout the day and ended above the 39,000-mark.

The BSE Sensex closed higher by 623 points to end the day at 39,435. L&T and ICICI Bank were among the top gainers.

While the broader NSE Nifty ended up by 187 points to end at 11,844.

Among BSE sectoral indices, realty stocks gained the most by 4.2%, followed by capital goods stocks and telecom stocks.

Top Stocks in Action Today

DLF share price will be in focus today as the company is targeting a 10% increase in sales bookings for FY20 at around Rs 27 billion, on hopes of an increase in housing demand.

Coal India share price will also be in focus today as its subsidiary - Northern Coalfields has reportedly inaugurated a new wharf-wall at MGR route line of company's Nigahi coal producing area to reduce coal transportation by road.

State Bank of India (SBI) share price and National Bank for Agriculture and Rural Development (NABARD) have reportedly joined hands, by signing a Memorandum of Understanding (MoU) for formation and credit linkage of 1,300 joint liability groups.

Results Corner

Market participants will track Adani Ports share price, BHEL share price, and InterGlobe aviation share price as these companies are set to announce their March quarter (Q4FY19) results today.

You can also read our recently released Q4FY19 Results: Bajaj Auto, PI Industries, IndusInd Bank, Bosch.

Revival Plan for Jet

Top executives from Hinduja group and Etihad met last week in Abu Dhabi to work out a deal. Reports state that no decision was taken regarding the partnership.

As per a leading financial daily, negotiations between Etihad Airways and Hinduja group regarding the joint ownership of Jet Airways hit a dead end.

Here's an excerpt from the article:

• The Hinduja Group is uncertain about making any investment in Jet. Initial talks are still underway. It is unlikely that they will translate into an investment.

Reportedly, Jet needs around Rs 59.5 billion of investments to resume its operations.

Oil Prices

Oil rose towards US$ 69 per barrel on Friday after two sessions of losses. However, crude oil didn't fully recoup losses seen earlier last week. These losses were seen on the back of concerns over economic slowdown and rising inventories.

Note that crude oil prices witnessed sharp correction last week amid surging US crude inventories and weak demand from refineries. The Energy Information Administration (EIA) said US crude oil inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand.

Commercial US crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels.

US crude oil production also rose by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month.

Speaking of crude oil, within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd.

That has made the United States the world's biggest producer ahead of Russia and Saudi Arabia.

As you know, rising crude oil prices have a big impact on the Indian economy as it 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.

To know more on what moved the Indian stock markets today, you can check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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