Strengthening Rupee, Falling Crude Oil Prices, and Top Stocks in Action Today

Wed, 11 Dec Pre-Open

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On Tuesday, Indian share markets witnessed most of the selling pressure during closing hours and ended lower.

The BSE Sensex closed lower by 248 points to end the day at 40,240. Yes Bank and IndusInd Bank were among the top losers.

While the broader NSE Nifty ended down by 81 points to end at 11,857.

Among BSE sectoral indices, power stocks fell the most, followed by oil & gas stocks and IT stocks.

Speaking of the Indian stock markets, smallcap analyst Richa Agarwal talks about the ongoing economic slowdown, an upcoming rebound in the small cap space, and her number 1 stock pick for 2020 in the video below.

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Top Stocks in Action Today

HDFC share price will be in focus today as the company is proposing to acquire around 11.4 million equity shares of Rs 10 each of HDFC Credila Financial Services, a subsidiary of the company.

Sterlite Technologies share price will also be in focus today as the company has signed a Memorandum of Understanding (MoU) with Indian Institute of Technology (IIT) Madras for sponsoring a chair professorship in 5G.

Under this MoU, the company and IIT Madras will partner for research and advancements in 5G communications technology.

Market participants will also track Dilip Buildcon share price. The company has been declared L-1 bidder through Joint Venture by Delhi Metro Rail Corporation.

PSB's Turn Profitable in April-Sept FY20

In news from the public sector banks space. Public sector banks (PSBs) returned to profitability in FY20, posting an aggregate profit of Rs 32.2 billion in the first half ending September.

PSBs had posted huge losses in FY18 and FY19 due to heavy provisioning for non-performing assets and other contingencies, the reports noted.

State-run lenders had posted aggregate operating profits during FY18 and FY19 of Rs 1,556 billion and Rs 1,538.7 billion respectively.

However, they made aggregate provisions for NPAs and other contingencies of Rs 2,409.7 billion and Rs 2,356.2 billion in FY18 and FY19, respectively.

This resulted in aggregate net losses of Rs 853.7 billion and Rs 817.5 billion in FY18 and FY19 respectively.

Yes Bank in Focus

Shares of Yes Bank slipped over 10% yesterday, ahead of its board meeting to finalize and approve the details of the preferential allotment.

Several foreign and domestic investors have showed interest in investing in the company, which includes Capital International, a part of the US$ 1.87-trillion Capital Group based in the US, who has committed to invest at least US$ 120 million in the lender.

Other investors include Discovery Capital, Ward Ferry, SPGP Holdings, Rakesh Jhunjhunwala and Aditya Birla Family Office.

However, media reports suggest that Yes Bank is likely to reject the offer that made up more than half of its planned US$ 2 billion capital raising, and is talking to institutional investors about making up the shortfall.

Strengthening Rupee

The rupee on Tuesday hit an over one-month high against the US dollar, slipping below the 71-mark for the first time since 7 November, amid foreign fund inflows.

On Tuesday, the domestic currency opened higher for the fifth straight session.

On Monday, the rupee pared initial losses and settled 16 paise up at 71.04 against the US dollar amid softening crude oil prices and weakening of the greenback vis-a-vis other currencies overseas.

As per the reports, volatility is expected to remain high not only for rupee as well as for the major crosses ahead of important FOMC and ECB policy statement and at the same time we are expected to get cues from the ongoing trade talks between US and China this week.

From the Commodity Space...

Oil prices slipped for a second straight session on Tuesday as a slowing global demand outlook outweighed OPEC's deal with associated producers last week to deepen output cuts in 2020.

Last week, the Organization of the Petroleum Exporting Countries (OPEC) and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices.

However, crude prices have fallen this week as a December 15 deadline for the next round of US tariffs on Chinese imports loomed over markets.

US crude oil inventories were expected to have dipped last week, while stocks of refined products were seen higher with gasoline stocks set to rise for the fifth straight week, a preliminary Reuters poll showed.

As per the economic schedule released by Vijay Bhambwani, here are the important events due later today:

• Japan - PPI Nov M-o-M & Y-o-Y
• USA - Crude Oil Inventories
• Brazil - Retail Sales M-o-M & Y-o-Y

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

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