Indian Indices End Higher, IPO Buzz, and Top Cues in Focus Today

Wed, 26 Jun Pre-Open

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On Tuesday, Indian share markets witnessed most of the buying interest during closing hours and ended their trading session on a strong note. Gains were largely seen in the energy sector, metal sector and realty sector.

At the closing bell on Tuesday, the BSE Sensex stood higher by 312 points (up 0.8%) and the NSE Nifty closed higher by 97 points (up 0.8%).

Top Stocks in Action Today

Trent share price will be in focus today as the company said it was seeking shareholder's approval to allot up to 24.7 million equity shares to Tata Sons. After the transaction, the stake of Tata Sons, holding company of Tata Group, in Trent will increase to 33% from the current 28%.

To know more about the company, you can read Trent's latest result analysis on our website.

Alembic Pharma share price will also be in focus today as the company has received approval from the US health regulator for Oseltamivir Phosphate capsules, used for treatment of influenza infection.

Market participants will also track ITC share price.

Reportedly, promoters of Hotel Leelaventure told the NCLT that ITC was trying to scuttle their deal with Brookfield.

From the IPO Space...

IndiaMART InterMESH's initial public offer (IPO) was subscribed 66% on its second day of issue. Delhi-based IndiaMART InterMESH is an online marketplace and business-to-business (B2B) classifieds platform.

The Rs 4.8 billion IPO of IndiaMart InterMESH comprises an offer for sale (OFS) by promoters, which means the company will not get any proceeds from public issue. The promoters' holding will be reduced to 53% from 58% after the issue.

As of 2:00 pm on Tuesday, the offer received 17,75,895 bids against the total issue size of 26,92,824, data from the National Stock Exchange (NSE) showed.

Gold Rally Continues

Gold prices continued their momentum and reports state that there could be some more upside left as rising bets on lower interest rates, a weaker dollar and confrontations between the US and countries including China and Iran catapulted prices to six-year highs.

Globally, prices are already up 10% in the past four weeks, breaking above US$ 1,400 an ounce for the first time since 2013.

Gold prices have also been supported by central banks buying the metal at the fastest rate in decades to diversify their reserves. A report citing World Gold Council data, said that global central banks are among the world's largest investors in gold, with total holdings of more than 30,000 tonnes as on February 2019.

Vijay Bhambwani, in his latest article has explained why gold prices are on the rise and how it's not a cause for cheer.

Here's a snippet from the article:

• Gold is the cave investors hide in, when the mind is overwhelmed with fear and alternate investment ideas run out.
  
  The Indian investor in gold is a breed apart. He must contend with the local currency peg as well. It's a well-known fact that the INR has a history of depreciating between 3.5% to 5% per annum on a long period average (LPA) basis. Every time the INR falls versus the Dollar, gold rises on currency considerations alone. This is why gold is off its peak in Dollar terms but it's near lifetime highs in INR. Any further depreciation and gold rises.

To know more, you can read his full article: Gold Is Rising. Should You Be Happy?

From the Commodity Space...

Oil prices inched lower on Tuesday, weighed down by concerns over declining crude demand and a Saudi pledge to offset any shortfall from countries hit by sanctions, as the market shrugged off risks to supply linked to tensions around Iran.

Hopes for progress in the trade war between China and the United States during this week's G20 meeting were dampened by a comment from a senior US official saying US President Donald Trump was "comfortable with any outcome" from the talks.

The chief executive of Saudi Aramco, state oil firm of OPEC's de facto leader said its spare capacity of 12 million barrels per day (bpd) was sufficient and that it would meet its customers' needs.

Demand concerns were briefly overcome last week when Brent climbed 5% and US crude surged almost 10%, its strongest week since 2016, after Iran shot down a US drone, adding to tensions stoked by previous attacks on oil tankers in the area.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies including Russia appear likely to extend a deal on curbing output when they meet on July 1-2.

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.

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

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