US-China Trade Talks, Service Sector Growth, Polycab IPO, and Top Stocks in Action

Fri, 5 Apr Pre-Open

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On Thursday, the Indian share markets ended lower but off day's low after Reserve Bank of India (RBI) slashed repo rate by 25 bps to 6%.

At the close, the Sensex was down 192 points at 38,685, while Nifty was down 46 points at 11,598.

On the sectoral front, except automobiles, FMCG and pharma, all other indices ended in red led by IT, bank and energy.

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

RBI Cuts Repo Rate

In an attempt to propel economy ahead of the general elections, the RBI on Thursday lowered the benchmark interest rate by 0.25%, the second cut in a row, to the lowest level in one year on softening inflation.

The central bank, however, kept monetary policy stance 'Neutral' over uncertainty over monsoon.

It also lowered GDP growth forecast for the FY20 to 7.2% from 7.4% predicted in February policy.

In the second policy review under Governor Shaktikanta Das, the six-member Monetary Policy Committee voted 4:2 in favour of the rate cut.

The benchmark interest rate was cut by 0.25% to 6%, a move which will result in lower cost of borrowing for banks that are expected to transmit the same to individuals and corporates.

The Reserve Bank of India (RBI) on February 7 had last cut interest rate to 6.25% from 6.5%.

Last time repo rate stood at 6% was in April 2018.

The rate cut is in consonance of achieving the medium-term objective of maintaining inflation at the 4% level while supporting growth, the RBI said in its first bi-monthly monetary policy statement for FY20.

India's Services Sector Output Growth at 6-Month Low

The country's services sector activity eased in March with slowest pace of output growth in 6-months due to a slower expansion in new work, leading to weakest rate of hiring since last September.

The seasonally adjusted Nikkei India Services Business Activity Index fell to 52 in March from 52.5 in February, indicating the slowest expansion since last September.

Despite the moderation, the services PMI was in the expansion territory for the 10th straight month.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Global Stock Market Drivers

The global rally in stocks lost momentum on Thursday while bonds recovered ground alongside gold as investors awaited further news from US-China trade negotiations and key jobs data tomorrow in Washington.

Donald Trump's meeting with Chinese Vice Premier Liu He at the White House will be in focus today, as negotiations over a trade deal between the world's biggest economies enter what could be the final stages.

Meanwhile, the pound held three days of gains after the UK's House of Commons passed a bill to block a no-deal Brexit. The euro was steady despite a slump in German factory orders.

Market participants will keep eyes on the monthly US jobs report to be released today.

Oil Extends Loss

Oil prices fell on Thursday in Asia following reports that US crude oil inventories rose unexpectedly last week.

US Crude Oil WTI Futures were down 0.1% to US$62.37, while international Brent Oil Futures dropped 0.1% to US$69.27.

Despite the fall, WTI remains up more than 35% for the year and Brent 28%, supported by aggressive production cuts from OPEC and Russian-led allies and US sanctions against Iran and Venezuela.

In other news, positive signs in the Sino-US trade front eased concerns over the potential negative impact on oil demand from the world's two biggest oil importers.

From the IPO space...

Polycab India, country's largest manufacturer of wires and cables in terms of revenue, will come out with its initial public offer (IPO) today.

On the block will be fresh issue of equity shares, aggregating up to Rs 4 billion and offer for sale (OFS) of 17.6 million shares.

The price band of the issue is fixed at Rs 533-538. At the upper limit of the band, the issue size is Rs 13.5 billion.

With IPOs hitting the markets again, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

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