PM Modi's New Cabinet, Global Stock Market Drivers and Top Stocks in Action

Fri, 31 May Pre-Open

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The Indian share markets ended on a strong note on a May F&O series expiry day. At close, the Sensex was up 330 points at 39,832, while Nifty was up 85 points at 11,946.

NTPC, Yes Bank, Bharti Airtel, Bajaj Finance and BPCL were among major gainers on the Nifty, while losers were Sun Pharma, M&M, Zee Entertainment, Eicher Motors and JSW Steel.

Top Stocks in Focus

Jagran Prakashan share price will be in focus as it reported a rise of 10% in its net profit at Rs 539.4 billion for the quarter under review as compared to Rs 490.6 billion for the same quarter in the previous year.

NMDC produced 32.4 million tonnes (MT) of iron ore during FY19, as against production of 35.6 MT during previous year. The company sold 32.4 MT of iron ore during FY19 against sales of 36.1 MT during FY18.

Axis Bank has revised its fixed deposit (FD) interest rates on select maturities with effect from 29 May 2019. The FD rates in the bank range from 3.5% to 7.3% per annum depending upon the tenure and deposit amount.

Glenmark Pharma reported a rise of 27% in its net profit at Rs 2.8 billion for the quarter ended March 2019 as compared to Rs 2.2 billion for the same quarter in the previous year.

Natco Pharma has reached a Settlement Agreement with Onyx Therapeutics, Inc. on patent litigation related to generic versions of 10mg, 30mg and 60mg of Kyprolis. The company has partnered with Breckenridge Pharmaceutical, Inc., who will market the product in the United States.

Mahindra & Mahindra's (M&M) electric vehicle (EV) sales grew over two-and-a-half times to 10,276 units in FY19, riding on the second phase of orders for electric cars from state-owned EESL. The company had sold 4,026 units in FY18.

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

Results Corner

Market participants will track Orchid Pharma, United textiles, Lakshmi Energy, Ajanta Soya, Berger Paints, Bombay Rayon, Emami Realty among others as they announce their March quarter results today.

New Cabinet's Swearing-in Ceremony

Narendra Modi, along with his council of ministers, took oath as the 15th the Prime Minister of India at 7 pm in the forecourt of the Rashtrapati Bhavan.

President Ram Nath Kovind administered the oath of office and secrecy at the function.

President of Bangladesh Abdul Hamid, President of Sri Lanka Maithripala Sirisena, President of Myanmar U Win Myint, Prime Minister of Bhutan Lotay Tshering, Prime Minister of Nepal KP Sharma Oli, and Thailand's Special Envoy Grisada Boonrach were present in the national capital for attending Modi's swearing-in ceremony.

The President of Kyrgyzstan, Sooronbay Jeenbekov were also present at the event. Several overseas friends of BJP from 15 countries, including the US, Australia, Germany, and the UK, were also invited.

With the election outcome settled, markets want to know how the government will tackle slowing economic growth.

Global Stock Market Drivers

European stocks climbed with US futures on Thursday as investors awaited the latest developments in the global growth outlook and trade. Treasury yields steadied near their lowest since 2017.

Shares in Asia were mixed, with Hong Kong and Shanghai falling while South Korean equities advanced.

Turbulence in stocks and the march lower in bond yields this week suggest investors are increasingly coming to terms with a trade war that's here to stay.

The possibility that Beijing may cut exports of rare-earth minerals, along with signs that US-EU talks aren't going anywhere meaningful, are adding to tensions.

Meanwhile, bond markets are flashing a warning, with the yield gap between three-month and 10-year Treasuries, often watched as an early signal of pending recession, sliding to a 2007 low Wednesday.

Here are some key events coming up:

• China provides a first peek at its May economic performance on Friday, with reports anticipating the official manufacturing PMI will tick down to 49.9 amid the worsening trade war with the US.
• US first-quarter revised GDP data are due.
• Today, data is due on the Fed's preferred measure of price pressures; the gauge, which excludes food and energy.

Oil Prices Rise

Oil prices rose on Thursday after a bigger-than-expected decline in US crude inventories, although concerns that the US-China trade war will trigger an economic downturn kept a lid on gains.

Brent crude futures, the international benchmark for oil prices, were at US$69.71 per barrel, up 0.4% from their last close. Brent fell nearly 1% in the previous session.

US West Texas Intermediate (WTI) crude futures were up 0.7%, at US$59.21 a barrel.

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Indian Share Market Update: Top Gainers and Losers