Nifty rejig: JSW Steel replaces Lupin in the Nifty50 today.

JSW Steel Ltd. will replace domestic pharma major Lupin Ltd. in the benchmark Nifty50 Index of the National Stock Exchange, effective from today, 28 Sept 2018. The inclusion of JSW Steel is expected to enhance the stock of JSW Steel, given that a number of exchange-traded funds track the Nifty index.

The shares of JSW Steel Limited rose upto 2 per cent in early morning hours Friday, after the NSE announced that it will be replacing Lupin Limited in the benchmark NSE Nifty50 index from Friday. However, JSW Steel’s stocks subsequently turned flat, lower over 4 percent during mid market trade.

JSW Group is a USD 13 billion company serving to the different sectors such as Steel, Energy, Cement and Infrastructure. Its Group operations cover across India, South Africa, South America and Europe.

On Friday, the shares of JSW Steel Limited opened at Rs. 403.85 per share, and hit a high of 407.95 and a low of 374.20 per share on the NSE. At the time of this reporting, the stock was trading at Rs. 383.20 per share, down 4.27 per cent. While, the shares of Lupin opened at Rs. 898.35 per share and are currently trading at Rs. 914.50  per share, up 2.02 percent.

Commodity Preview 

Crude Oil: Something Want to Know

Of late, the Organization of the Petroleum Exporting Countries (OPEC) has been increasing crudeoil production to relieve the worries about high oil prices in the midst of expected supply losses from Venezuela and Iran.

Saudi Arabia is the largest producer and exporter of Crude Oil has been targeting an increase in crudeoil exports to the most transparent market, the U.S, which reports that crudeoil imports and inventory levels every week. However, the Saudis are eyeing to recover their footing in the American market after cutting shipments to the U.S to a thirty-year-low at the end of last year, when OPEC’s efforts to lessen the global oil glut were in its highest level.

Last month, the 4-week average of US crude oil imports from Saudi Arabia went beyond 1 million bpd for the first time since June 2017, as per date of Energy Information Administration.

In the start of the year, the OPEC and associates achieved their undertaking to draw global inventories down to the 5-year average. Although the oil market tightened, Saudi Arabia was still declaring to carry on with the production cut pact until the end of this year, in any case. On the other hand, the United States announced the return of sanctions on Iran, as well as on its oil, Venezuela’s production continued to fall by between range 40,000 bpd to 50,000 bpd every month, outages in Libya and Nigeria continued, and Brent Crude prices hit USD 80 a barrel in May. Stock Market Advice From Experts 

Petrol Diesel price hike again, Japan Crude Oil import data

INR made the historically low level of 71 on Friday against US $ amid rising Crude Oil prices. This led to the recent rise in petrol and diesel prices. Oil Marketing companies raised the petrol price once again across the four major metros of the country on Saturday. The Per Litre petrol is selling at,  Rs 78.68 in Delhi, Rs 86.06 in Mumbai,  Rs 81.06 in Kolkata and Rs 81.77 in Chennai. Notable this is the seventh hike in petrol rates by Oil Marketing companies. 

The Agency for Natural resource and Energy in Tokyo released data of Crude Oil import by Japan from United Arab Emirates, Saudi Arabia, Kuwait, Iran, and Russia. The total crude oil import in July month amounted to Rs 90.554 million as said by the agency.  Arab Oil accounted for 82.5% of Japan's petroleum need.  

GET MCX CRUDE OIL TIPS BY EXPERT FOR INTRADY.