Rising Crude Oil Prices, Realty Shares in Focus, and Top Stocks in Action Today

Tue, 2 Jul Pre-Open

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On Monday, Indian share markets traded on a positive note throughout the day and ended on a strong note.

The BSE Sensex closed higher by 292 points to end the day at 39,687. Tata Motors and Bajaj Auto were among the top gainers.

While the broader NSE Nifty ended up by 77 points to end at 11,866.

Among BSE sectoral indices, realty stocks gained the most by 2.6%, followed by automobile stocks and power stocks.

Top Stocks in Action Today

State Bank of India (SBI)share price will be in focus today as the lender in its meeting held on July 1 approved to raise AT 1 Capital up to an amount of Rs 70 billion by way of issuance of Basel-lll compliant debt instrument in rupee and/or any other convertible currency through a public offer or private placement to overseas and/ or Indian investors.

To know more, you can read SBI's 2018-2019 fact sheet on our website.

Maruti Suzuki share price will also be in focus today as the company sold a total of 124,708 units in June 2019. This includes 113,031 units in domestic market, 1,830 units of domestic OEM sales and 9,847 units of exports.

Market participants will also track NCC share price.

Reportedly, NCC has received two new orders totaling to Rs 3589 million in the month of June, 2019. Out of this one order of Rs 1638 million pertain to roads division and second order of Rs 1951 million pertains to Electrical Division.

Oil Prices Rise Amid Extend in Supply Cuts

Oil prices rose over US$ 2 a barrel on Monday as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week. US crude futures for August climbed US$1.57 to US$ 60.04 a barrel, after earlier hitting their highest in over five weeks at US$ 60.28.

Iran, under US sanctions alongside OPEC ally Venezuela on Monday joined top producers Saudi Arabia, Iraq and Russia in supporting a policy aimed at propping up the price of crude amid a weakening global economy.

The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, meet this week to discuss supply cuts. The group has been reducing oil output since 2017 to prevent prices from sliding amid a weakening global economy and soaring US production.

Russian President Vladimir Putin said on Sunday he had agreed with Saudi Arabia to extend existing output cuts of 1.2 million barrels per day (bpd) by six to nine months.

Oil prices have come under renewed pressure in recent months from rising US supplies and a slowing global economy. US crude oil output in April rose to a fresh monthly record of 12.16 million bpd, according to the US Energy Information Administration, even though shale production growth likely peaked last year.

Stay tuned for more updates.

Realty Stocks in Focus

On Monday, shares of real estate companies were trading higher for the fifth straight day, with Godrej Properties and Oberoi Realty hitting their respective all-time highs on the exchanges.

Godrej Properties hit a new high of Rs 1,065 per share, rallying 6% intra-day, after the company on Saturday said it has raised Rs 21 billion by issuing equity shares to qualified institutional buyers (QIBs). The company issued shares at price of Rs 928 per share.

As per an article in a leading financial daily, the management believes that the consolidation is a key trend in real estate against the backdrop of liquidity stress. The current market provides an interesting opportunity for larger developers to acquire projects at reasonable valuations.

Here's an excerpt from the article:

• Moreover, with higher subsidies provided to buyers, a rising focus on affordable housing and marginal GST rates -coupled with a thriving start-up ecosystem around real estate for student housing and flexible work spaces - the real estate market appears set for better times.

Gold Prices Suffer Biggest One-Day Fall in a Year

Gold prices fell below the important level of US$ 1,400 an ounce after Donald Trump and Xi Jinping at the G20 summit agreed to resume US-China trade negotiations.

Spot gold prices dropped as much as 1.8%, the biggest intraday fall in a year, to US$ 1,384.1 an ounce. Gold prices had hit a six-year high of US$ 1,439.2 on June 25 and had rallied 8% last month, as the trade war dragged on and top central banks including the Fed adopted a more dovish tone.

On MCX, gold futures for August delivery fell below the Rs 34,000 per 10 grams, when they declined 1.2% to Rs 33,810. The October gold contracts on MCX also fell sharply but managed to hold on to Rs 34,000 level.

Over the weekend, US and China agreed to a truce in their trade war, denting the safe-haven appeal of the yellow metal. Market participants are now focused on US jobs data due this Friday for clues on the Federal Reserve's next move on policy.

We will keep you updated on the latest developments from this space.

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