Commodities Buzz: Indian Crude Oil Basket Tumbles Near $54 Mark

The international crude oil price of Indian Basket as computed today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 54.24 per barrel (bbl) on 9.10.2017. This was lower than the price of US$ 55.27 per bbl on previous publishing day of 6.10.2017. In rupee terms, the price of Indian Basket decreased to Rs. 3542.48 per bbl on 9.10.2017 as compared to Rs. 3605.01 per bbl on 6.10.2017. Rupee closed weaker at Rs. 65.31 per US$ on 9.10.2017 as compared to 65.23 per US$ on 6.10.2017.

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Gold Futures Rise 0.18% on Global Cues

Gold futures were trading up 0.18 per cent at Rs 29,778 per ten grams as traders raised bets amid positive cues from the global markets.

At the Multi Commodity Exchange, gold for delivery in February next year rose Rs 54, or 0.18 per cent, to Rs 29,863 per ten grams in a business turnover of 9 lots.

Similarly, the metal for delivery in December traded higher by Rs 50, or 0.15 per cent, to Rs 29,778 per ten grams in 378 lots.

Analysts attributed the rise in gold prices to a firming trend overseas where it rose to the highest in more than a week as an uptick in geopolitical uncertainty increased demand for the precious metal as a safe-haven but growing hopes that the US Federal Reserve will hike interest rates for the third time this year capped gains.

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Gold marks over 1-week high, but US rate hike prospects curb gains

Gold prices inched up to their highest in more than a week on Tuesday, drawing support from geopolitical tensions and a softer dollar, but expectations of another US Federal Reserve interest rate hike this year curbed upside momentum.

Spot gold was up 0.3 per cent at $1,287.31 an ounce by 0653 GMT, after touching its highest since late September at $1,288.70 earlier in the session.

US gold futures for December delivery climbed 0.4 per cent to $1,290 per ounce.

Geopolitical tensions and uncertainty around what US President Donald Trump might do about North Korea kept a certain degree of risk aversion alive in markets, and that was providing temporary support to gold prices, said Mark To, head of research at Hong Kong’s Wing Fung Financial Group.

Russia and China called for restraint on North Korea on Monday after Trump warned over the weekend that “only one thing will work” in dealing with Pyongyang, hinting that military action was on his mind.

A softer dollar on Tuesday was also lending support but growing expectations that the Fed would raise interest rates again this year kept a check on gold’s gains.

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Gold Recoups Previous week’s Losses as Dollar Eases

Gold prices rose on Monday, erasing all of the previous week’s losses, as a weaker dollar and the resilience of a key chart level removed some downward pressure, while the return of Chinese buyers to the market also lent support.

Prices bounced after falling for a fourth week to a two-month low on Friday, following an upbeat reading of U.S. wage growth and unemployment that supported expectations for a U.S. interest rate hike in December, pushing the dollar and Treasury yields higher.

Gold’s resilience above its 200-day moving average at $1,253 an ounce also provided some technical support. Meanwhile, the dollar fell below a 10-week high, while geopolitical concerns centred on North Korea and Spain supported gold prices.

Spot gold was up 0.6 percent at $1,283.16 an ounce by 2:33 p.m. EDT (1833 GMT), while U.S. gold futures for December delivery settled up 0.8 percent at $1,285.

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Top 12 Stocks in Focus Today: Infosys, ONGC, Lupin

Top 12 Stocks which are in Focus for today:

  • Infosys fixes Nov 1 as the record date for Rs 13,000 Cr share buyback, as per media reports.
  • Va Tech Wabag says Corporate Insolvency Resolution process has been initiated under the provisions of the Insolvency and Bankruptcy code.
  • ONGC may sell stake in Indian Oil to LIC in a block deal, as per media reports.
  • Lupin received USFDA approval for a generic hypertension drug Corgard, which has a market size of $109 million.
  • Ujjivan Financial CFO Hiren Shah resigned from the company on personal grounds.
  • NMDC’s total production in September rose 12.3%, while total sales grew 11.2%.
  • Reliance MF cut Radico Khaitan stake to 5.66% from 8.3% as per exchange filings.
  • Piramal Enterprises to mull merger of Piramal Cap and Piramal Fin with Piramal Housing.
  • OMCs stocks in focus today as Petrol, diesel dealers threaten indefinite strike from Oct 27.
  • Sharon Bio got 90 Days for insolvency resolution starting Oct 8.
  • Zuari Global provided Corporate guarantee for $16 million to Dutch development bank, FMO.
  • Mercator sold its vessel for Rs 24.70 Cr to Natalia Shipping Ltd. The company will use the proceeds to repay debt.
  • Heritage Foods ex-date for the stock split from Rs 10 to Rs 5 per share.
  • Majestic Research ex-date for 1:1 bonus.
  • L&T to supply smart electricity meters to EESL, as per media reports.
  • M&M in talks with Karnataka for investments in to expand EV unit, as per media reports.

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US Indices end Marginally Down

US indices ended the rally and ended marginally lower on Monday. Ahead of corporate earnings, gains in shares of technology companies limited the effect of a fall in healthcare stocks.

The US Dollar was confined to a tight range as investors assessed the latest political developments in Washington D.C. However, the greenback has steadied in the morning hours, taking support on the hope of improved prospects for the US economy that will lead to rise in interest rates later this year.

Nasdaq Composite ended at 6579.73, while S&P 500 closed at 2544.73 and Dow Jones Industrial Average at 22761.07. All major indices closed marginally down.

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Top Bulk Deals on October 9

Benchmark indices traded flat on Monday. Major benchmark indices, Nifty and Sensex closed higher by 9 points or 0.09% at 9,888 level and 32 points or 0.10% at 31,846 level.

There were 989 advances, 677 declines and 317 unchanged stocks on NSE indicating positive breadth floating in the market.

India VIX was up by 2.27% at 11.3700.

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Biocon says USFDA Issues Complete Response Letter for Pegfilgrastim

The US Food and Drug Administration has issued a Complete Response Letter (CRL) for Mylan’s Biologics License Application (BLA) for MYL-1401H, a proposed biosimilar pegfilgrastim. This product is a part of the biosimilars portfolio being developed jointly by Biocon and Mylan.

The stock will be in focus today following this event on the indices.

The CRL relates to the pending update of the BLA with certain CMC data from facility requalification activities post recent plant modifications. The CRL did not raise any questions on biosimilarity, pharmacokinetic/ pharmacodynamic data, clinical data or immunogenicity.

The company said that it expects this CRL to impact the commercial launch timing of biosimilar pegfilgrastim in the US. We are committed to working with the agency to resolve the issues stated in the CRL expeditiously.

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FII, DII Cashflow Updates

The foreign institutional investors (FIIs) were net sellers in the cash markets with net cash outflow of Rs 3357 crore on Monday.

Major benchmark indices, Nifty and Sensex closed higher by 9 points or 0.09% at 9,888 level and 32 points or 0.10% at 31,846 level.

There were 989 advances, 677 declines and 317 unchanged stocks on NSE indicating positive breadth floating in the market.

India VIX was up by 2.27% at 11.3700.

The following is combined FII/FPI and DII trading data across NSE, BSE and MSEI collated on the basis of trades executed by FIIs/FPIs and DIIs:

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Pre-Opening Commentary: Asian Markets Trading Mixed

SGX Nifty indicating a flat opening for the Indian markets.

Global markets
US: Stocks showed a lack of direction during trading on Monday before the major averages ended the day modestly lower. The Dow edged down 0.1 % to 22,761.07, the Nasdaq dipped 10.45 points to 6,579 and the S&P 500 slipped 0.2 % to 2,544.73.

Europe closed flat yesterday with FTSE down 0.20%, CAC up 0.11%, DAX up 0.16%.

FII /DII Data: In the cash market today, FII’s sold 475 crores stock whereas DII’s bought 55 crores worth of stock.

In the derivative market, FII’s sold 29 crores of Index futures and bought 881 crores worth of Index options.

In the stock futures segment, FII’s sold 218 crores worth of stock futures and bought 66 crores stock options.

Nifty Highest Open Interest:
Call: 10000 / Put: 9800
Bank Nifty Highest Open interest: (12th Oct 2017 Expiry)
Call: 24600 / Put: 24000
India Vix: 11.39
Securities in Ban Period: IBREALEST, JSWENERGY, JPASSOCIAT, DHFL, BEML, RCOM, RELCAPITAL.

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