Indian Indices Continue Momentum, Global Stock Market Drivers, and Top Cues in Focus Today

Thu, 12 Sep Pre-Open

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On Wednesday, Indian share markets witnessed buying interest throughout the day and ended higher.

The BSE Sensex closed higher by 125 points to end the day at 37,271. Yes Bank and Tata Motors were among the top gainers.

While the broader NSE Nifty ended up by 33 points to end at 11,036.

Among BSE sectoral indices, realty stocks gained the most, followed by automobile stocks and metal stocks.

Top Stocks in Action Today

Dr Reddy's Laboratories share price will be in focus today as the company announced the launch of Fosaprepitant for Injection, the therapeutic generic equivalent of EMEND (fosaprepitant) for injection, approved by the US Food and Drug Administration (USFDA).

DHFL share price will also be in focus today as the company has defaulted in payment of interest due on September 3 and 4 in respect of NCDs on private placement basis and public issue.

Market participants will also track Cyient share price.

Reportedly, the company has signed a Memorandum of Understanding (MoU) with UK-based defence technology firm, QinetiQ's Target Systems (QTS), to offer avionics products for its unmanned target systems.

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

From the Banking Sector...

Shares of Yes Bank gained over 15% yesterday after reports emerged that the private lender's co-founder Rana Kapoor was in talks with One97 Communications, owner of Paytm, to sell his stake.

According to reports, Kapoor held preliminary talks with Vijay Shekhar Sharma, founder of One97 Communications. The structure of the deal would depend on the approval from the Reserve Bank of India (RBI), given that Sharma already owns a stake in Paytm Payments Bank.

Note that Yes Bank's shares have seen a steady decline since August last year, when the Reserve Bank of India said Rana Kapoor's term as the bank's CEO will not be renewed after January 2019.

Kapoor and his associate entities owned 10.6% in the bank at the end of June 2019. Around 7.3% of the Kapoor family stake has been pledged with Reliance Nippon Asset Management Company.

Last month, Moody's Investors Service downgraded the private lender's long-term foreign currency issuer rating, citing the bank's capital raise that fell short of its expectations.

Stay tuned for more updates from this space.

From the Commodity Space...

Oil prices rose on Wednesday after a sharp drop in US crude stocks as OPEC member Iraq said the producer group will discuss whether to deepen output cuts.

Prices rose earlier this week after Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman said oil policy would not change and a deal with other producers to cut output by 1.2 million barrels per day would be maintained.

Iraq's oil minister on Wednesday, said the Organization of the Petroleum Exporting Countries will discuss at a ministerial meeting on Thursday whether to deepen cuts. The previous OPEC meeting had discussed cuts of 1.6-1.8 million barrels per day, he said.

Oil prices have risen more than 7% this month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers.

Buying interest was also seen after data from the American Petroleum Institute (API) showed US crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast.

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?

Global Stock Market Drivers

Global stocks rose for the sixth straight day on Wednesday and bond prices fell as investors continued to unwind safety bets, encouraged by hopes of a resolution to the Sino-US trade standoff and signs Europe may be preparing to ease budget spending rules.

Higher-risk assets rose across the board at the expense of safe-haven plays such as gold and bonds, as political risk appeared to ease in Britain, Italy and Hong Kong.

China announced exemptions for 16 types of US products from additional retaliatory duties, in a move that comes as trade negotiators from the two countries prepare to meet later this month to try and de-escalate their protracted tariff row.

Currency markets too reflected the risk-on mood as the dollar strengthened 0.2% to 107.795 yen, its highest in six weeks, and the British pound hovering near six-week highs of US$ 1.2385 hit earlier in the week.

The yen had rocketed towards a 2019 high in August as investors fretted about recession and market selloffs.

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:

• Germany's August CPI data
• India's August CPI data, Industrial Production, and Manufacturing data for July
• USA's Core CPI data.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers