Rising Crude Oil Prices, Jet Airways Saga, and Top Cues in Focus Today

Fri, 21 Jun Pre-Open

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On Thursday, share markets in India witnessed most of the buying interest during closing hours and ended their trading session on a strong note.

The BSE Sensex closed higher by 489 points to end the day at 39,602. Yes Bank and Sun Pharma were among the top gainers.

While the broader NSE Nifty ended up by 140 points to end at 11,832.

Among BSE sectoral indices, automobile stocks gained the most by 2.5%, followed by capital goods stocks and IT stocks.

Top Stocks in Action Today

PSP Projects share price will be in focus today as the company has been awarded with new work orders worth Rs 6.1 billion for institutional and residential projects from various clients.

Ceat share price will also be in focus today as the company has got the mandate to supply tyres for the Renault's newly unveiled sub-4m multi-purpose vehicle, Triber. Earlier, the company had also partnered with Renault for its hatchback Kwid.

Market participants will also track PNB share price.

Reportedly, the lender has been granted permission for raising capital through issuance of Basel III compliant Tier II Bonds amounting up to Rs 15 billion in one or more tranches. The Board of Directors of the Bank at its meeting held on June 19, 2019 have approved the same.

Jet Airways Zooms Over 120%

Shares of Jet Airways surged around 122% during closing hours yesterday ahead of National Company Law Tribunal order on whether the bankruptcy case will be admitted against the airline.

As per an article in The Economic Times, there were huge short positions on the counter, which will not be available for trading in the F&O segment from the July series.

Here's an excerpt:

• Market is expecting a positive outcome at the NCLT hearing. As a result, short covering and fall in open interest mainly supported the stock on Thursday.
  
  A total of 1.21 crore company's shares changed hands on BSE today, up five times against the two-week average of 23.92 lakh shares.

Note that Jet Airways has a debt of nearly Rs 85 billion on its books with total liabilities of around Rs 250 billion.

Several people from the top management have left the airline company in the past few months. Lenders to the cash-strapped airline, led by the SBI are seeking investors to recover their dues.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments form this space.

From the IPO Space...

IndiaMart InterMesh, the country's biggest online B2B marketplace for business products, is going to hit the capital markets with an initial public offering on June 24.

The company will offer around 4.9 million shares of face value of Rs 10 each in the price band of Rs 970-973 per share.

The operator of Indiamart.com aims to raise around Rs 4.8 billion at the upper end of the price band. Proceeds from the issue will go to the selling shareholders.

Speaking of IPOs, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

Gold Prices Jump to 5-Year Highs

Gold prices surged to the highest in more than five years after the US Federal Reserve indicated a readiness to cut interest rates. Bullion for immediate delivery jumped as much as 2.5% to US$ 1,394.1 an ounce, the highest since September 2013.

Note that, gold has rallied since late May as investors seek havens amid slowing global growth due to the fallout from the US-China trade dispute and as central banks globally adopt a more dovish tone.

While the Fed left its key rate unchanged on Wednesday, it dropped a reference to being "patient" on borrowing costs and forecast a larger miss of their 2% inflation target this year.

To know more about gold and which are the best counters to trade in the commodities and currencies space, you can read one of Vijay Bhambwani's recent articles: Why Do I Recommend Trading Only Nickel, Crude oil, Gold, Copper, and USDINR?

From the Commodities Space...

Crude oil prices rose around 3% yesterday on the back of escalating tensions in the Middle East.

As per the news, a US official said one of the country's military drones was shot down by an Iranian missile.

As per the official, the drone was downed in international airspace over the Strait of Hormuz by an Iranian surface-to-air missile.

Buying interest was also seen as members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to meet on July 1, followed by a meeting with non-OPEC allies on July 2.

OPEC and its allies are going to discuss whether to extend a deal on cutting 1.2 million barrels per day of oil production that runs out this month.

We will keep you updated on all the developments from this space. Stay tuned.

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