Rising Crude Oil Prices, Yes Bank in Focus, and Top Stocks in Action Today

Thu, 29 Aug Pre-Open

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On Wednesday, Indian share markets witnessed negative trading activity throughout the day and ended lower.

The BSE Sensex closed lower by 189 points to end the day at 37,452. Yes Bank and Vedanta were among the top losers.

While the broader NSE Nifty ended down by 59 points to end at 11,046.

Among BSE sectoral indices, metal stocks fell the most by 3.4%, followed by automobile stocks and power stocks.

Top Stocks in Action Today

Power Finance Corporation (PFC) share price will be in focus today as the company has received approval from its shareholders to raise Rs 700 billion by issuance of bonds, debentures, notes and debt securities in domestic and international markets.

Hindustan Unilever (HUL) share price will also be in focus as the company has slashed prices across some of its product portfolios to pass on the benefit of softening input costs. The company has taken price reductions in range of 4-6% in Lux and Lifebuoy portfolio.

To know more about the company, you can read HUL's latest result analysis and HUL's 2018-19 annual report analysis on our website.

Market participants will also track Hinduja Ventures share price.

Reportedly, the company has received approval for scheme of arrangement between IndusInd Media and Communications and their respective shareholders. The Board of Directors of the company at its meeting held on August 27, 2019 have approved the same.

From the Banking Space...

Moody's Investors Service has downgraded Yes Bank's long-term foreign-currency issuer rating to 'Ba3' from 'Ba1'. The private sector lender's stock witnessed huge selling pressure yesterday and was trading near to its 52-week low levels.

"The downgrade of Yes Bank's ratings takes into account of the lower than expected amount of capital raised by the bank recently and the risk that the substantial decline in the bank's share price will challenge its ability to raise sufficient capital to maintain the rating at its previous level", Moody's said in rating rational.

Meanwhile, Yes Bank on Tuesday, said the board of directors is scheduled to meet on Friday, August 30, 2019, to consider fund raising plan. On August 14, 2019, Yes Bank raised Rs 19.3 billion in new capital via a qualified institutional placement (QIP).

From the Commodity Space...

Crude oil witnessed buying interest yesterday. Gains were seen after an inventory report showed US stockpiles fell more than expected. The data helped in easing worries about economic growth from the Sino-US trade war and meant US crude oil prices gaining around 1%.

Data from the American Petroleum Institute (API) showed US crude stockpiles fell by 11.1 million barrels last week as imports dropped. This was compared with expectations for a 2-million-barrel draw.

Market participants will now be tracking the US government's weekly inventory report. If the official numbers confirm the API data, it would be the biggest weekly decline in nine weeks.

Note that crude oil prices have fallen about a fifth from 2019 highs hit in April, partly because of worries that the trade war is hurting the global economy and could dent oil demand.

Also, India's imports of crude oil have stalled in recent months, with both coal and liquefied natural gas (LNG) also soft.

This fall could be attributed to Indian refiners adjusting to the loss of cargoes from Iran after the United States did not extend waivers to buyers of Iranian crude oil beyond the beginning of May.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's article here: Message of the Markets - What is Crude Oil Indicating?

Gold Prices

Gold prices edged lower on Wednesday after a sharp jump in the preceding session, amid recession concerns. Spot gold was down 0.4% at US$ 1,535.7 per ounce. US gold futures were down 0.5% at US$ 1,545.1 an ounce.

Gold rose more than 1% in the previous session as an inversion in the US yield curve and disappointing US economic data rekindled fears of a looming recession amid uncertainties in the US-China trade dispute. The yield curve inversion deepened to levels not seen since 2007.

Earlier this week, US President Donald Trump predicted a trade deal with China, but optimism failed after China's foreign ministry spokesperson dismissed claims that there had been phone calls between the two sides.

The trade war between the US and China has triggering fears of a global economic slowdown, roiling equity as well as currency markets.

Apart from concerns about global slowdown and worries that a US-China trade breakthrough is not happening soon, gold prices have a boost from buying from central banks.

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

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

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