Rising Crude Oil Prices, Upcoming IPOs, and Top Stocks in Action Today

Fri, 6 Sep Pre-Open

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On Thursday, Indian share markets continued to trade in the red during closing hours and ended marginally lower.

The BSE Sensex closed lower by 80 points to end the day at 36,644. HDFC and TCS were among the top losers.

While the broader NSE Nifty ended up by 3 points to end at 10,848.

Among BSE sectoral indices, realty stocks fell the most, followed by banking stocks and finance stocks.

Top Stocks in Action Today

Glenmark Pharma share price will be in focus today as the company has initiated the process of reorganizing itself into three different entities and expects the process to be completed in the current fiscal year.

This reorganization is designed to place Glenmark on an accelerated trajectory and these three different entities will together make up the Glenmark group of companies.

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

Coal India share price will also be in focus today as the company has entered into memorandum of understandings (MOUs) with two Russian entities in the areas of coking coal mining.

Meanwhile, Wipro share price has secured a strategic seven-year engagement, valued at US$ 300 million, from ICICI Bank, to provide a comprehensive suite of services.

Market participants will also track Punjab National Bank (PNB) share price. The lender's board has considered and decided to give its in-principle approval for amalgamation of the Oriental Bank of Commerce (OBC) and United Bank of India into PNB.

Further, the board has also approved the capital infusion of up to Rs 180 billion by Government of India for preferential allotment of equity shares of PNB.

From the Commodity Space...

Oil prices edged higher on Thursday as hopes of progress in resolving the US-China trade row boosted investor sentiment.

Crude had gained more than 4% on Wednesday as positive Chinese economic data sparked a wider market rally. On Thursday, China said Beijing and Washington agreed to hold high-level trade talks in early October.

Data from the American Petroleum Institute (API) showed US crude stocks rose last week, while gasoline inventories decreased, and distillate stocks drew.

Crude inventories rose by 4,01,000 barrels in the week ended August 30 to 429.1 million. This compares with analysts' expectations for a decrease of 2.5 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2,38,000 barrels, while refinery crude runs fell by 306,000 barrels per day.

It remains to be seen how these developments affect crude oil prices in the coming weeks. Meanwhile, we will keep you updated on all the news from this space.

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 Slump

Gold prices dropped on Thursday as risk-on sentiment got a boost after China and the United States agreed to hold talks to end their protracted trade dispute.

On MCX, October gold futures prices fell 0.71% to Rs 39,542 per 10 grams, after they hit a new high of Rs 39,885 on Wednesday.

Silver futures also fell sharply today, with prices falling 0.6% to Rs 51,120 per kg. Silver futures prices had also hit a life-time high of Rs 51,489 on Wednesday.

Note that gold has jumped about 23% this year as the bruising trade war between the world's two largest economies has sparked fears of a global economic slowdown and encouraged monetary easing by major central banks around the world.

Market participants will watch out for the US central bank's meeting later this month, amid expectations of a 25-basis point interest rate cut.

IPO Buzz

Bajaj Energy has received market regulators' approval to raise an estimated Rs 54.5 billion through an initial share-sale offer.

According to draft papers, Bajaj Energy's initial public offer (IPO) comprises fresh issuance of shares aggregating up to Rs 51.5 billion and an offer for sale of scrips up to Rs 3 billion by Bajaj Power Ventures.

The company plans to utilize the proceeds from the IPO to purchase equity shares of Lalitpur Power Generation Company from Bajaj Power Ventures and Bajaj Hindustan Sugar for Rs 49.7 billion, and the remaining amount will be utilised for general expenses.

Bajaj Power owns 100% stake in Bajaj Energy, which is into developing, financing and operating thermal power plants with a gross installed capacity of 2,430 MW.

The 2,430-MW capacity comprises 450 MW from five operational plants of 90 MW each, owned and managed by Bajaj Energy, and 1,980 MW from the power plant owned and managed by a special purpose vehicle of Lalitpur Power.

Speaking of IPOs, the first half of 2019 hasn't seen a lot of activity in the IPO market. Despite lackluster activity in India's primary markets, there have been attractive money-making opportunities for attentive investors.

Ankit Shah recommended applying to the IPO of Polycab India and the IPO of IndiaMART InterMESH. Both IPOs were subscribed many times over. And both gave handsome double-digit returns on the listing date.

At Equitymaster, we 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.

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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