Stock Markets Live: Sensex, Nifty Extend Drop; PSU Bank Stocks Rally

The International Energy Agency said the supply glut created by the global pandemic has cleared, even as demand suffers a blow from a resurgence of the virus in India.

Surplus oil inventories in developed nations are now just a small fraction of the levels seen when demand collapsed last year, with output cuts by OPEC and its allies draining the excess, the IEA said on Wednesday. Still, the agency sees a temporary setback for global consumption as infections rock India, before the recovery resumes later in the year.

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• Power Grid options volume 4.6x the 20-day average, with 21,689 calls changing hands vs 3,383 puts
  • Stock up 1.9%, volume 2.5x the 20-day average for this time of day
• NTPC options volume 3.5x the average, with 26,144 calls vs 6,032 puts
  • Stock up 2.1%, volume 2.5x the average
• ONGC options volume 2.3x the average, with 13,886 calls vs 3,968 puts
  • Stock down 1.1%, volume 1.3x the average
• Larsen options volume 2x the average, with 25,099 calls vs 6,179 puts
  • Stock up 1.3%, volume 1.2x the average
• Tata Motors options volume 2x the average, with 55,216 calls vs 16,615 puts
  • Stock up 4.3%, volume 1.1x the average
• Indian Oil options volume 1.9x the average, with 13,651 calls vs 2,812 puts
  • Stock up 1%, volume 1.5x the average
• Coal India options volume 1.7x the average, with 18,371 calls vs 6,739 puts
  • Stock up 0.8%, volume 2.2x the average

The Indian rupee is poised to decline by the most in almost a month amid lingering concerns over the deadly impact of coronavirus that threatens to weigh on the nation’s economy.

• USD/INR up 0.2%, set for the biggest rise since April 19, at 73.4575
• The second, deadlier wave of virus infections is likely to cause rupee weakness till Sept., according to Bloomberg Economics’ forecasting model
  • Latest flareup is expected to drive capital outflows, weaken growth, raise inflation and economic uncertainty
  • Trade patterns will also add adverse seasonal pressures on currency till Sept.
  • Expects rupee to drop to 77/USD by Sept.
• Rupee came off day’s lows as foreign banks sold with stock inflows expected from MSCI Index rebalancing, says Amit Pabari, managing director at CR Forex
• Sovereign bonds are steady ahead of a report that’s likely to show consumer-price inflation eased last month
• CPI probably rose 4.10% y/y in April, compared with a 5.52% gain in March, according to a Bloomberg survey
• 10-year yields little changed at 6.01%; FX and bond markets are shut Thursday for a holiday