Strengthening Rupee, Global Stock Market Drivers, and Top Stocks in Action Today

Mon, 1 Jul Pre-Open

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On Friday, Indian share markets traded on a negative note most of the day and ended lower.

The BSE Sensex closed lower by 192 points to end the day at 39,395. IndusInd Bank and Yes Bank were among the top losers.

While the broader NSE Nifty ended down by 53 points to end at 11,789.

Among BSE sectoral indices, energy stocks fell the most by 1.5%, followed by metal stocks and telecom stocks.

Top Stocks in Action Today

Infosys share price will be in focus today as its subsidiary, EdgeVerve Systems has launched Assist Edge Engage at CCW Vegas. Assist Edge Engage is an intelligent automation platform for contact centers offering smart features that increase agent productivity, satisfaction and elevate customer experience.

Wipro share price will also be in focus today as the company exited its joint venture (JV) Wipro Airport IT Services (WAISL) by selling its remaining 11% shareholding to Antariksh Softech for Rs 5.5 million.

To know more about the company, you can read Wipro's latest result analysis and Wipro's 2018-19 Annual report analysis on our website.

Market participants will also track HPCL share price.

Reportedly, the company has tied up with Ashok Leyland to launch a unique break down maintenance solution titled 'Sadak Ka Saathi' for DriveTrack Plus customers.

DHFL's Woes...

In the news from the finance sector, shares of Dewan Housing Finance Corporation (DHFL) witnessed huge selling after the company deferred the release of its March 2019 quarter (Q4) results which were scheduled to be announced on Saturday (June 29).

In a regulatory filing, the company cited "certain unforeseen operational engagements including no availability of a few directors to ensure participation of all the members of the Audit Committee as well as the Board" for deferring the results.

Earlier on Tuesday, the company said it has defaulted on unsecured commercial paper (CP) of Rs 2.3 billion. Within 10 months of starting wealth management business WGC Wealth, Wadhawans, the promoters of beleaguered Dewan Housing Finance Corporation (DHFL), have exited the venture by selling stake to employees.

Lenders to DHFL will meet early next month to hammer out a rescue package, which will include the reworking of loan payments, fresh working capital support, roping in a financial investor, and the promoters ceding control.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from the space.

From the IPO Space...

KPR Agrochem has withdrawn its Rs 2.8 billion initial public offering (IPO) a day before it was to hit the primary markets on Friday. The company did not give any reason.

This was the second IPO which withdrew last week after Sudarshan Pharma called off the listing of its SME IPO on the last day of subscription.

KPR Agrochem was looking to raise money partly through fresh issue and party an offer for sale by promoters. The fresh money raised was to be used to cut debt.

Speaking of IPOs, 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.

From the Currency Space...

The rupee strengthened in early trade on Friday to trade above 69-level against the US dollar for the first time since April 11. The local currency gained against the US dollar following easing crude oil prices and weaker greenback.

Rupee opened higher for fifth consecutive sessions on Friday and went on to hit fresh 11-week highs. So far this year, the rupee has risen 1% against the greenback.

Global Stock Market Drivers

Asian share markets slipped on Friday as investors waited for a meeting between presidents Donald Trump and Xi Jinping, hoping that they will produce a truce in spiraling US-China trade tension.

US President Donald Trump said he had not promised President Xi Jinping a reprieve from escalating tariffs in a trade war that is casting a shadow on global growth, but felt their talks planned for the next day would be productive.

Trump has imposed tariffs on US$ 250 billion of Chinese imports and is threatening to extend those to another US$ 300 billion of goods, effectively everything China exports to the United States. China has retaliated with tariffs on US imports.

Trump said he saw US trade prospects improving, days after criticizing the US-Japan security treaty and demanding that India withdraw retaliatory tariffs.

Stay tuned for more updates from this space.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers