NBFCs Back in Focus; WPI Inflation at 2-Year Low, and Top Stocks in Action Today

Mon, 17 Jun Pre-Open

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On Friday, Indian share markets fell sharply during the closing hours and ended deep in the red.

The BSE Sensex closed lower by 289 points to end the day at 39,452. IndusInd Bank and Bharti Airtel were among the top losers.

While the broader NSE Nifty ended down by 91 points to end at 11,823.

Among BSE sectoral indices, realty stocks fell the most by 2.1%, followed by telecom stocks and banking stocks.

Top Stocks in Focus Today

Wockhardt share price will be in focus today as the US Food and Drug Administration (USFDA) has carried out inspection of the company's bioequivalence centre located at Aurangabad.

To know more about the company, you can read Wockhardt's latest result analysis on our website.

Hexaware Technologies share price will also be in focus today as the company has acquired Mobiquity Inc. for a total consideration of around US$ 182 million. Mobiquity creates digital products for some of the most well-known brands in the world, such as Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka.

Market participants will also track Abbott India share price.

Reportedly, the company has unveiled sensor enabled HD grid mapping catheter, a device that can be inserted in the body to treat diseases or perform surgical procedures.

From the Macroeconomic Space...

India's wholesale price-based inflation (WPI) slipped to 22-month low at 2.45% in May.

The fall here was helped by lower prices for food articles, and fuel and power items. Inflation in food articles basket was 6.99%, down from 7.37% in April.

However, onion prices spiked during the month with inflation at 15.89%, as against -3.43% in April.

Vegetables inflation eased to 33.15% in May. This was down from 40.65% in the previous month. Inflation in potato was -23.36%, against -17.15% in April.

Inflation in 'fuel and power' category cooled to 0.98%, from 3.84% last month. Manufactured items too saw decline in prices with inflation at 1.28% in May, against 1.72% in April.

The WPI inflation in May is the lowest in 22 months, since July 2017, when it was at 1.88%. It was at 3.07% in April and 4.78% in May 2018.

Earlier this week, government data showed retail inflation touching a seven-month high of 3.05% in May 2019.

Higher vegetable and food prices led to the fourth consecutive monthly increase in retail inflation, which is calculated on the basis of Consumer Price Index (CPI).

As per the data released by Central Statistics Office (CSO), inflation in the food basket increased to 1.83% in May. The same was recorded at 1.1% in April.

The retail inflation in April 2019 was revised upwards to 2.99% from the earlier 2.92%. The retail inflation level during the May 2018 was recorded at 4.87%.

The Reserve Bank of India has set the targets of 4% for the inflation rate.

The Monetary Policy Committee (MPC) under the central bank factors in CPI-based retail inflation while finalizing its monetary policy.

From the Commodities Space...

Oil prices witnessed selling pressure on Friday after the International Energy Agency (IEA) cut its global oil demand growth forecast, taking some attention away from fresh tensions in the Middle East sparked by an attack on two tankers in the Strait of Hormuz.

Last week on Thursday, crude futures were up around 4% following attacks on two oil tankers in one of the world's key shipping routes.

It was the second time in less than a month that tankers had been attacked in the world's most important zone for oil supplies, with hundreds of millions of dollars' worth of oil passing through the shipping lane every year.

The next meeting of the Organization of the Petroleum Exporting Countries (OPEC) is going to take place at the end of June and market participants are eyeing whether the world's major oil producers would prolong their supply cuts.

As you know, rising crude oil prices have a big impact on the Indian economy as it imports over 70% of its energy needs.

Rise in crude oil increases input costs for dependent firms. It also means rising inflation. Rising inflation means rising interest rates.

It also puts pressure on the government to cut excise duty, thereby impacting its revenues. We have already seen that happening.

Research Analyst, Richa Agarwal believes that this has the potential to bring down sentiments in the domestic markets. She further believes that, if oil prices continue their upward march in a tight global environment, a broader correction in the sentiment fueled domestic market cannot be ruled out.

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