Looming Trade War Tensions, Key Q4FY19 Results and Top Stocks in Action

Fri, 10 May Pre-Open

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On Thursday, the Indian share markets finished lower for seventh straight day. Nifty broke the 11,300 level during intraday and touched a low of 11,255.

At close, the Sensex was down 230 points at 37559, while Nifty was down 58 points at 11302.

Top losers on the Nifty were Reliance Industries, BPCL, Coal India, Asian Paints and NTPC, while gainers included Zee Entertainment, Yes Bank, Bajaj Finserv, Bajaj Finance and Hero Motocorp.

Top Stocks in Focus

Lupin share price will be in focus as the company and Aptissen S.A. (Aptissen) have entered into a definitive distribution agreement under which Aptissen has granted the company exclusive rights to market distribute and sell the current Aptissen products in Canada.

JSW Steel reported crude steel production at 13.9 lakh tonnes (LT) for April 2019, registering a rise of 2% over corresponding month of previous year.

Apollo Tyres reported a fall of 52.9% in its net profit at Rs 1.1 billion for the quarter ended March 2019 as compared to Rs 2.2 billion for the same quarter in the previous year.

Maruti Suzuki India reported 9.6% fall in its production to 147,669 vehicles in April 2019, as compared to 163,368 vehicles in April 2018.

The Competition Commission of India (CCI) has given an approval for the acquisition of 6.5% stake by General Atlantic Group in PNB Housing Finance.

Gillette India reported a rise of 23.1% in its net profit at Rs 877.6 million for the quarter under review as compared to Rs 713.2 million for the same quarter in the previous year. The stock will be watched out today.

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

Results Corner

Market participants will track Canara Bank, Eicher Motors, Dilip Buildcon, HT Media, IDFC First Bank, Vakrangee, Syndicate Bank among others as they announce their March quarter results today.

Global Stock Market Drivers

Stocks dropped globally, and US equity futures retreated on Thursday as the deadline approached for China and the US to raise reciprocal tariffs.

The yen climbed with gold and Treasuries as investors sought havens, while the yuan fell to its weakest since January.

Investors are training their focus on the world's biggest economies as key bilateral talks approach. China's top trade negotiator, Liu He, is scheduled to be in the US today. Discussions will resume hours after concerns flared again about the strength of the Chinese economy.

Meanwhile, simmering geopolitical tension elsewhere, from North Korea firing at least one projectile on Thursday to renewed stress between America and Iran, added to the gloomy mood.

Crude oil fell, and emerging-markets stocks tumbled. Developing-nation currencies weakened, with the Korean won leading declines.

Here are some notable events coming up:

• Trade and producer-prices data of the US will be announced.
• The US will release the April CPI report today.

Oil Prices Slide

Oil prices fell on Thursday as an escalating trade battle between the United States and China outweighed upward pressure from a surprise decline in US inventories of crude.

Brent crude oil futures were at US$69.72 a barrel, down 65 cents from their previous settlement and heading for their second consecutive weekly loss.

US West Texas Intermediate (WTI) crude futures were at US$61.43 per barrel, down 69 cents and set for a third week of losses.

Heightened tensions between the world's two biggest economies cloud the outlook for global growth and thus oil demand.

US President Donald Trump said on Wednesday that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached.

Higher tariffs are set to take effect today, during Chinese Vice Premier Liu He's two-day visit to Washington from Thursday.

Oil prices have had some support from signs of tighter global supply on the back of production cuts by the Organization of the Petroleum Exporting Countries and allies including Russia.

Brent and WTI have risen more than 30% so far this year.

Supplies have also been tightened by US sanctions on OPEC members Venezuela and Iran.

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