Record High Gold Prices, Wipro Q4FY20 Results, and Top Cues in Focus Today

Wed, 15 Apr Pre-Open

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On Monday, Indian share markets witnessed selling pressure throughout the day, tracking weakness in global peers amid heightened worries of COVID-19 virus outbreak.

The BSE Sensex closed lower by 470 points to end the day at 30,690. Bajaj Finance and M&M were among the top losers.

While the broader NSE Nifty ended down by 118 points to end at 8,994.

Among BSE sectoral indices, realty stocks fell the most, followed by banking stocks and finance stocks .

And here's some data from Vijay Bhambwani, editor of Weekly Cash Alerts...

Here's what Vijay wrote about the same:

• NSE f&o turnover was Rs 6,27,016 Crs - far below average a month ago (prev Rs 17,88,472 Crs). Previous session was a weekly expiry so volumes were far higher
  
  Marketwide average MWPL rose to 18.45% (prev 17.72%). If the figure rises past the 20% mark, markets will get depth.

To track such data on a daily basis and get our latest views on stock markets and more, you can join our Telegram channel here.

Top Stocks in Action Today

Indoco Remedies share price will be in focus today as the company has delivered the first shipment of Paracetamol tablets to the UK.

The company said that the first shipment of 1.17 million Paracetamol tablets to the UK was airlifted on April 12 from Goa airport.

Bandhan Bank share price will also be in focus today as the private lender's total deposits grew by 32% to Rs 500.7 billion during the fiscal ended March 2020. The bank had total deposits of Rs 432.3 billion at the end of March 2019.

The growth was mainly on account of retail deposits rising 34% to Rs 447.6 billion as on 31 March 2020, forming 78.4% of the total deposits.

Market participants will also track Wipro share price. The IT services major is set to announce its fourth quarter results (Q4FY20) along with its annual financial statements later today.

Reports state that the company will also announce the name of its new chief executive officer after the resignation of Abidali Neemuchwala. In the first week of February, Neemuchwala had resigned from the firm, citing family commitments.

Pharma Stocks Extend Rally

Shares of pharma companies continued to rally on Monday with the S&P BSE Healthcare index hitting fresh 52-week high on the back of positive developments in the sector.

As many as nine frontline pharma stocks including Dr Reddy's Laboratories, Cipla, Divi's Laboratories, Torrent Pharma, and Abbott India have seen their share prices hit 52-week highs in the past one week.

Last week, the government had lifted curbs on exports of 13 active pharmaceutical ingredients (APIs) and their formulations.

Speaking of the pharma sector, in December 2019, co-head of Research at Equitymaster, Tanushree Banerjee had predicted that pharma could be the sector to see a big rebound in 2020.

And rightly so, most pharma companies have re-emerged as the safer bets for investors in the ongoing market turmoil. The Indian rupee touched a new record low of Rs 76.55 against the US dollar last week. Most pharma companies generate their revenues through exports. Hence, a depreciating rupee is a positive development for them.

As per Tanushree, in a post Covid-19 world, healthcare expenditures globally will see a big rejig.

The world needs affordable medicines in large quantities. Very few can supply them in the quantity and cost that Indian drug makers can. Yet, most Indian pharma stocks are trading at historically low valuations.

Tanushree is recommending her subscribers, to buy stocks selectively, a few at a time, by taking partial exposures to begin with.

She has already recommended 4 safe bluechips in the past month and there are several more in her watchlist. You can access them here: Here's How You Could Trade the Coronavirus Crisis Safely (requires subscription).

And if you are not a StockSelect subscriber, here's where you sign up.

Rising Crude Oil Prices

Crude oil prices rose around 1% on Tuesday after the US Energy Information Administration (EIA) predicted shale output in the world's biggest crude producer would fall by a record amount in April, adding to cuts from other major producers.

The Organization of the Petroleum Exporting Countries (OPEC), along with Russia and other producing countries known as OPEC+, agreed over Easter to cut output by 9.7 million barrels per day (bpd) in May and June.

After a week-long marathon of bilateral talks and four days of video conferences with government ministers from around the world, an agreement finally emerged to tackle the impact of the global pandemic on demand.

Reacting to the above development, in the previous session, crude oil prices had gained with US West Texas Intermediate (WTI) crude futures and Brent futures rising more than 4%.

Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down crude oil prices to 18-year lows, straining budgets of oil producers and hammering the US shale industry.

Crude oil prices had crashed last month in what was the worst price dip since the 1991 Gulf War.

In an article, we have written the entire timeline showing economics of falling crude oil prices. You can check the same here: All About the 30% Crash in Crude Oil - 10 Points.

What effect crude oil prices have on Indian stock markets and the Indian economy remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Gold Prices Surge to Record High

On Monday, domestic gold prices surged to hit a new record high in futures markets tracking higher global rates.

On Multi Commodity Exchange (MCX), June gold futures surged over 2% to Rs 46,385 per 10 gram, before closing Rs 961 higher at Rs 46,255.

In global markets, gold rose to a more than seven-year high on Tuesday on rising fears of a steeper economic downturn and amid massive liquidity measures by global central banks.

Spot gold gained 0.4% to US$ 1,721 per ounce, having touched its highest since November 2012 at US$ 1,725.10 earlier in the session. US gold futures rose 1.1% to US$ 1,781.20 an ounce.

Worries over economy amid the coronavirus outbreak and fresh stimulus measures announced by US Federal Reserve last week helped support gold.

Last week, the US Federal Reserve announced a US$ 2.3 trillion stimulus package to bolster local governments and small and mid-sized businesses.

Meanwhile, the International Monetary Fund said it would provide debt relief to 25 member countries under its Catastrophe Containment and Relief Trust to allow them to focus more financial resources on fighting the pandemic.

In other news, investors infused over Rs 16 billion in gold exchange-traded funds (ETFs) in 2019-20, after pulling out money for the last six financial years.

Data available from the Association of Mutual Funds in India (Amfi) showed that asset under management (AUM) of gold funds surged by 79% to Rs 79.5 billion at the end of March 2020, from Rs 44.5 billion in March 2019.

As per Amfi data, investors put in a net sum of Rs 16.1 billion in 14 gold-linked ETFs in the just concluded financial year, while they had pulled out Rs 4.1 billion in 2018-19.

The safe haven asset had witnessed net outflows of Rs 8.4 billion in 2017-18, Rs 7.8 billion in 2016-17, Rs 9 billion in 2015-16, Rs 14.8 billion in 2014-15 and Rs 22.9 billion in 2013-14.

Investment into gold ETFs picked up in January this year with investors putting in Rs 2 billion. This was followed by an all-time high investment of Rs 14.8 billion in February.

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

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