BSE Sensex and NSE Nifty ended lower for the second session on Thursday led by losses in banking and automobile sectors.
L&T, Tata Steel, Hero MotoCorp and Infosys were the top gainers, whereas M&M, Axis Bank and Maurti Suzuki Indiawere major losers.
The 10-year bond yield on Thursday hit fresh 17-month high after the Reserve Bank of India's (RBI) minutes showed that all members of rate setting committee were worried due to rise in inflation and an uncertain recovery of growth.
The 10-year bond yield was at 7.276%-a level last seen on 21 July 2016, compared to its previous close of 7.219%. Bond yields and prices move in opposite directions.
Top Stocks in Action Today
BPCL share price should witness some action today after it was reported that the company has written to the oil ministry for integration with GAIL (India) Ltd and Oil India Ltd as option 1 and 2. India wants to build bigger oil companies to better compete with global oil giants and withstand oil price volatility through integration of state-run oil firms.
In news from banking sector, HDFC Bank Ltd is planning to raise up to Rs 240 billion through a combination of preferential allotment and qualified institutional placement (QIP). The bank will be raising nearly a third of the amount from its parent Housing Development and Finance Corp. Ltd (HDFC).
IVRCL share price hit upper circuit in yesterday's trade and is expected to see momentum today as well after it was reported the company has agreed to sell two of its road assets in favour of Singapore-based Cube Highways and Infrastructure for around Rs 7.25 billion.
ABB share price should be in limelight in today's trade after it was reported that the company has won an order worth Rs 1.34 billion to supply state-of-the-art traction equipment for electric locomotives, manufactured by Chittaranjan Locomotive works (CLW).
Coal India share price should see momentum today as the company is hunting potential avenues for buying stakes in coking coal blocks overseas.
Global Stock Market Drivers
Most world stock markets fell Thursday as investors assessed the final congressional approval of a sweeping US tax revamp and awaited a Spanish regional election aimed at resolving months of political uncertainty.
Chinese markets advanced after leaders vowed to increase imports and reduce financial risks amid slowing economic growth and pressure to open its markets wider.
Among the key events investors will be watching this week:
- The US and UK will publish updated estimates of third-quarter GDP.
- The Bank of Japan will its set monetary policy.
- Catalonia votes in an election that will pose a test for the Spanish region's secession movement.
Indian Air Traffic Gains Momentum as Travel Season Begins
India's domestic airline traffic continued to grow in double-digits in November, buoyed by the onset of the main travel season, even as concerns linger over rising fuel prices and crippling airport infrastructure.
Reportedly, the number of passengers flown last month jumped almost 17% on year to 10.5 million.
Last year, India became the largest aviation market behind the U.S. and China with domestic traffic touching 100 million passengers.
Bulk & Block Deals
Ashiana Housing share price rose 2% after SBI Mutual Fund bought 1.7% stake in the company on Wednesday through a bulk deal on the NSE.
Meanwhile, Shaily Engineering plastics share price gained over 7% in the morning trade after HDFC Mutual Fund bought 0.2 million shares or 2.9% stake in the company at Rs 900 each in a bulk deal on the NSE.
Our team of Equitymaster analysts have been working on a project to track the smartest minds in value investing. They have compiled a special report on them, called The Superinvestors of India.
Now, because of insights from these interactions, the team has glued their eyes on insider activity and bulk and block deals...
As per them...
- "The three approaches - tracking superinvestor shareholdings, catching these moves early through bulk and block deal disclosures, and keeping tabs on changes in promoter holdings - have unveiled some critical smart money secrets..."
Oil Prices Dip
Oil prices dipped on Thursday as soaring US output, fast approaching 10 million barrels per day (bpd), outweighed a drop in American crude inventories.
US West Texas Intermediate (WTI) crude futures were at US$58.02 a barrel, down 7 cents from their last settlement. Brent crude futures, international benchmark for oil prices, were at US$64.45 a barrel, down 11 cents.
To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentaryfrom the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.
Bitcoin Sinks nearly 20% to 1-week Low
Bitcoin price was trading down on the staggering recent highs as Coinbase launched an investigation over fears its own staff exploited its move into Bitcoin Cash.
On Thursday, Bitcoin was down to US$16895 (£12,642) after climbing above US$19600 late last week.
After a week of uncertainty, Coinbase has launched an internal investigation over fears its own staff exploited its move into Bitcoin Cash - a spin-off of the original Bitcoin. Trading on market information not available to the public would be a major breach of trust for an industry still struggling for mainstream legitimacy.
Bitcoin and cryptocurrencies are a curious bunch. They have no central bank backing and have not yet been regulated. Yet, these seem to have found favour among a large number of people, with demand growing every day. There are over 800 cryptocurrencies in existence today, with new ones being added to the list every day.
While the world of digital currencies is intriguing, it can get very confusing for the layman. Our team member, Ankit Shah, Research Analyst, has decided to study cryptocurrencies and help our readers understand them.
Here's Ankit's take in a recent edition of Equitymaster Insider
- I've been studying and tracking bitcoin for a while, and though I still understand very little about it, I believe that it is a revolutionary technology that could transform a range of businesses and money itself. It would be naive to dismiss it as a passing fad.
I want my readers to be on top of the biggest megatrends in the global economy. So, you can expect to hear about bitcoin whenever there is an important update or insight.
Ankit has also released a premium guide for Equitymaster Insider subscribers, titled Bitcoin 101 which contains everything you need to know about bitcoins and other digital currencies.
If you haven't been receiving Ankit's insights, get on the Insider's list now.
This article was originally published in English at www.equitymaster.com
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