Oil Prices Amid G20 Summit, Global Stock Market Drivers and Top Stocks to Watch Out Today

Fri, 28 Jun Pre-Open

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The Indian share markets ended with marginal cuts on the last day of the June Futures & Options (F&O) series in Thursday's volatile session.

The benchmark S&P BSE Sensex was little changed from its previous day's close, up 6 points to 39,586, with Tech Mahindra, HCL Tech, Reliance Industries, ITC, and Infosys the biggest BSE losers.

In a volatile session, Sensex rose to 39,817 while Nifty reclaimed the 11,900 level but failed to hold the same.

Top Stocks in Focus

Sun pharma share price will be in focus as its wholly owned subsidiary has entered into an exclusive licensing agreement with a subsidiary of China Medical System Holdings (CMS) for the development and commercialization of Cyclosporine A 0.09% (CsA) eye drops for dry eye disease in Greater China.

Larsen & Toubro's (L&T) subsidiary, L&T Heavy Engineering (LTHE) has won twin orders from Oil & Natural Gas Corporation (ONGC). The secured order is in the range of Rs 25 to 50 billion.

Welspun India will hog limelight today as the company has signed joint venture agreement with Sense Organics Import & Trading GmbH, Germany.

Aurobindo Pharma's Nellore unit received 'No Action Indicated' tag from US Food and Administration. USFDA completed its audit at Nellore unit on April 19.

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

Global Stock Market Drivers

US equity futures were mixed on Thursday and European stocks turned lower amid edgy trading in the build-up to a potentially pivotal G-20 meeting in Japan. Treasuries reversed a small drop and gold pared a decline.

Contracts for all three of the main US gauges had been solidly up, but those for the Dow Jones Industrial Average dropped as Boeing fell in pre-market trading after the FAA found new risks related to its grounded 737 Max.

S&P 500 and Nasdaq 100 futures pared some of their gain and Treasuries turned higher when the Wall Street Journal reported that China's insistence the US lift a ban on technology sales to Huawei will be included in President Xi Jinping's terms for a trade truce.

The Saturday sit-down between President Donald Trump and Xi in Osaka, Japan, looms as a key event for markets, with reports about a tariff pause contrasting with Trump's repeated reminders that more duties are possible.

The nervous trading and reaction to the Wall Street Journal report helped underscore the stakes. Separately, the president picked another trade fight with India before a Friday meeting with Prime Minister Narendra Modi and Japan's Shinzo Abe.

Oil Prices Slip

Oil prices fell on Thursday to erase some of the previous session's strong gains, as traders wait for the G20 summit in Japan and for a meeting of OPEC and other crude producers to decide on an extension of output cuts.

Brent crude futures were down 42 cents, or 0.6%, at US$66.07.

US West Texas Intermediate (WTI) crude futures were down 0.6%, at US$59.05.

Oil prices rose more than 2% on Wednesday to their highest in about a month, buoyed by US government data showing a larger-than-expected drawdown in crude stocks as exports hit a record-high and surprise drops in refined product stockpiles.

From the IPO Space...

IndiaMART InterMESH's IPO was subscribed more than 36 times on Wednesday, its final day of issue.

The IPO comprised an offer for sale (OFS) by promoters.

Delhi-based IndiaMart InterMESH is an online marketplace and business-to-business (B2B) classifieds platform.

The IPO opened for subscription on Monday, and closed on Wednesday, June 26.

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

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

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