US-China Trade Talks, India's Forex Reserves, and Top Cues in Focus Today

Tue, 26 Nov Pre-Open

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On Monday, Indian share markets witnessed buying interest throughout the day amid positive global cues.

The BSE Sensex closed higher by 530 points to end the day at 40,889. Bharti Airtel and Tata Steel were among the top gainers.

While the broader NSE Nifty ended up by 165 points to end at 12,079.

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

Top Stocks in Action Today

Power Grid share price will be in focus today as the company has been declared as the successful bidder in two intra-state transmission system projects of Uttar Pradesh under Tariff Based Competitive Bidding (TBCB).

Tata Motors share price will also be in focus today as the company has received its shareholders' approval for raising up to Rs 64.9 billion from Tata Sons through issuance of securities through preferential allotment.

Last month, the company's board had approved to raise the capital, which it plans to utilize to reduce debt and to refinance existing loans.

Market participants will also track Siemens share price. The company is in talks with various stakeholders for developing industrial energy storage solutions to cash in on the government effort to boost battery storage plans.

India's Forex Reserves

In the news from the economy, India's forex reserves rose by US$ 441 million to a fresh lifetime high of US$ 448.3 billion in the week to 15 November on an increase in core currency assets.

The overall foreign exchange reserves, which have been on an upward trend for many weeks now, had swelled by US$ 1.7 billion to US$ 447.8 billion in the previous reporting week.

The foreign currency assets, a major component of the reserves, increased by US$ 643 million to US$ 416.5 billion in the week ended 15 November, as per the Reserve Bank data.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.

During the week, gold reserves decreased by US$ 200 million to US$ 26.7 billion.

The special drawing rights with the International Monetary Fund was down by US$ 5 million to US$ 1.4 billion.

The country's reserve position with the Fund increased by US$ 3 million to US$ 3.6 billion.

From the Commodity Space...

Oil prices rose on Monday as positive comments from the United States and China rekindled hopes in global markets that the world's two largest economies could soon sign an interim deal to end their bitter trade war.

National security adviser Robert O'Brien said on Saturday that an initial trade agreement with China is still possible by the end of the year.

He added that Washington would not turn a blind eye to what happens in Hong Kong, where demonstrators were angry at what they see as an erosion of freedoms promised to the ex-British colony when it returned to Chinese rule more than 20 years ago.

This came a day after US President Donald Trump and Chinese President Xi Jinping expressed a desire to sign an initial trade deal and defuse a 16-month tariff war that has lowered global growth.

China's foreign ministry said it hopes the United States will work with Beijing on a basis of equality and mutual respect on the ongoing bilateral trade negotiations.

In other news, China's crude oil imports from Saudi Arabia rose 76.3% in October, boosted by demand from new refiners, with the kingdom retaining its position as the top supplier to the world's biggest oil importer.

Saudi shipments grew to 8.41 million tonnes, or 1.98 million barrels per day (bpd), compared with 1.74 million bpd in September and 1.12 million bpd in same period last year.

Imports from Iran remained stable at 532,790 tonnes in October, just below 538,878 tonnes in September, despite persistent tensions between Washington and Tehran.

Speaking of crude oil, in the video below, Vijay Bhambwani talks about the expected trend of crude oil prices.

Vijay reveals his strategy on trading in crude oil. Tune in to find out...

CSB Bank IPO

Private sector lender CSB Bank's initial public offering (IPO) was subscribed 3.88 times so far on November 25, the second day of bidding.

The issue continued to receive strong demand from retail investors as their reserved portion was oversubscribed 19.6 times.

The portion set aside for non-institutional investors was subscribed 64% and that of qualified institutional buyers by 25%.

The public issue, which will close for subscription on November 26, consists of a fresh issue of shares to raise up to Rs 240 million and an offer for sale of 19.7 million shares by existing investors.

CSB Bank is one of the oldest private lenders in India, having a strong presence in Kerala, Tamil Nadu, Maharashtra and Karnataka.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of IPOs, the year 2019 hasn't seen much activity in the IPO market. Since the start of the year, there have been just 13 IPOs on the BSE main board.

However, it is interesting to note that despite the tepid stock market conditions, most of the companies gave positive listing day gains.

In fact, if you had invested in each one of them and held them till now, your gains would have been even better.

The best IPOs of 2019 have delivered fantastic returns. In fact, 10 of the 13 companies have delivered positive returns.

So, unlike bull markets wherein selling shareholders do their best to squeeze the highest price, bear markets often offer fantastic opportunities to spot great companies and get onboard early on.

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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