Rising Crude Oil Prices, Global Stock Market Drivers, and Top Stocks in Action Today

Wed, 11 Sep Pre-Open

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On Monday, Indian share markets witnessed buying interest most of the day and ended higher.

The BSE Sensex closed higher by 164 points to end the day at 37,145. Yes Bank and Maruti Suzuki were among the top gainers.

While the broader NSE Nifty ended up by 57 points to end at 11,003.

Among BSE sectoral indices, telecom stocks gained the most, followed by capital goods stocks and banking stocks.

Top Stocks in Action Today

Power Grid share price will be in focus today as the company has granted new turnkey project of Rs 5.2 billion to Skipper for supply and installation of 765kV, 190km Hexa Zebra Conductor Transmission Line.

Sun Pharma share price will also be in focus today as its wholly owned subsidiary - Sun Pharma (Netherlands) BV has increased its shareholding in PJSC Biosintez, Russia, by way of purchase of 8698 shares equivalent to 3% of PJSC Biosintez under Mandatory Tender Offer.

Meanwhile, Glenmark Pharma's subsidiary - Glenmark Pharmaceuticals Inc. USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Clobetasol Propionate Foam, 0.05%.

Market participants will also track Tata Motors share price.

Reportedly, the company has launched new version of a special edition variant of its compact SUV Nexon to celebrate one lakh sales milestone of the model.

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

Jet Airways Saga

Revival hopes of debt laden Jet Airways faded further as Russian fund Treasury RA Creator is on the verge of being disqualified.

Reports state that Treasury RA Creator did not provide enough information about itself to Jet Airways' insolvency resolution professional nor did it deposit the mandatory amount required to seek access to the airline's data, making it ineligible to bid.

This leaves South America's Synergy Group as the sole suitor for the grounded airline. Lenders are still conducting due diligence on Synergy Group Corporation after it showed interest in investing in Jet Airways.

The company, which owns a majority stake in Colombian carrier Avianca Holdings, the second-largest airline in South America, is looking for a majority stake.

As per the FDI regulations, a foreign airline can own up to 49% stake in an Indian carrier but cannot have controlling rights. Synergy Group is yet to approach an Indian entity to partner it in jointly bidding for Jet Airways.

Note that Jet Airways suspended operations in April due to a severe cash crunch. A consortium of 26 banks led by the State Bank of India has approached the National Company Law Tribunal to recover dues of more than Rs 85 billion.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Global Stock Market Drivers

Asian stocks were lower on Tuesday, weighed by Chinese markets after mainland factory-gate prices shrank at their fastest pace in three years.

China's producer price index fell 0.8% in August year-on-year, its sharpest decline since August 2016 as flagging demand at home and abroad forced some businesses to slash prices.

In currency markets, the pound was trading near a six-week high of US$ 1.2385 at the time of writing, after a law came into force demanding that Prime Minister Boris Johnson delay Britain's departure from the European Union unless he can strike a divorce deal.

Meanwhile, the Japanese yen fell to a five-week low against the US$ as a rebound in government bond yields prompted some investors to cut back on bearish bets on the global economy.

Germany's 30-year bond yield rose into positive territory for the first time in more than a month. Benchmark US Treasury yields rose to three-week highs as investors ventured into riskier assets.

As per the economic schedule released by Vijay Bhambwani, editor of Weekly Cash Alerts, here are the important events to look forward to this week:

• USA's Crude Oil Inventory and PPI data for August Month-on-Month
• Australia's Consumer Sentiments data
• India's M3 Money Supply

Oil Rises amid Expectations of Output Cuts

Oil futures rose for the fifth day, rising to their highest level in almost six weeks on optimism that OPEC and other producing countries may agree to extend output cuts to support prices.

Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the pillars of Saudi Arabia's policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained.

The OPEC+ joint ministerial monitoring committee (JMMC), which reports on compliance with the cuts, is due to meet on Thursday in Abu Dhabi.

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?

And 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!

Read the latest Market Commentary

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