Infosys Q1FY20 Result in Focus; Global Stock Market Drivers and Top Stocks in Action

Fri, 12 Jul Pre-Open

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The Indian share markets snapped selling spree at D-Street on Thursday as possible interest rate cuts by the United States' Federal Reserve lifted sentiments across the Asian markets.

The BSE Sensex settled 266 points higher at 38,823 levels. Hero Moto Corp, IndusInd Bank, Tata Motors, and Vedanta were the top gainers on the 30-share index while Tech Mahindra, ICICI Bank and Axis Bank were the top laggards. The broader Nifty50 too settled 84 points higher at 11,583 levels.

Top Stocks in Focus

Aurobindo Pharma share price will be in focus as it has launched Cinacalcet Hydrochloride Tablets (30mg, 60mg and 90mg) at risk in the US market in accordance with the terms of settlement agreement with Amgen Inc.

Meanwhile, Torrent Pharmaceuticals has informed that the company and Glenmark Pharmaceuticals have signed licensing agreement for co-marketing of Remogliflozin Etabonate in India.

Bank of Baroda is planning to launch an online marketplace for its customers offering banking services and farm-related products. The bank has invited bids seeking a partner to supply 'digital commerce platform' to provide assistance to merchants on catalog management, purchase management fulfilment, pricing, promotion and other similar services.

Infosys will announce results for the first quarter ended 30 June 2019 today. The stock will be in focus.

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

Global Stock Market Drivers

European equities climbed alongside US futures and Asian stocks as investors cheered fresh signs from central bankers that rates are headed lower.

US futures climbed after the S&P 500 briefly topped 3,000 for the first time Wednesday on signals that Federal Reserve Chairman Jerome Powell is willing to lower rates, citing a slowing global economy and trade issues.

Shares rose across most of Asia with the South Korean and Hong Kong markets outperforming and stocks in China edging higher.

Market participants will be eyeing ECB minutes and Powell's testimony before the Senate Banking Committee for further clues.

Here are some key events coming up:

• Powell testifies to Senate Banking Committee.
• ECB minutes will be in focus.
• A key measure of US inflation, the core consumer price index is due.
• US producer prices are also due today.

Oil Prices Rise

Oil futures hit a six-week high on Thursday as a storm built in the Gulf of Mexico, threatening crude output, while an incident with a British tanker in the Middle East highlighted ongoing tensions in the region.

US West Texas Intermediate (WTI) crude futures were up 0.6%, at US$60.77 a barrel, after earlier touching the highest since May 23 at US$60.83. They gained 4.5% in the previous session.

Brent crude futures reversed early losses and were up 0.5%, at US$67.31 a barrel, after rising to as high as US$67.38, the highest since May 30. They ended Wednesday up 4.4%.

Five boats believed to belong to Iranian Revolutionary Guards approached a British oil tanker on Wednesday and asked it to stop in Iranian waters close by but withdrew after a British warship warned them over radio, a US defence official said on Thursday.

Tensions have been high in the Middle East after attacks on tankers and the downing of a US drone by Iran last month, following President Donald Trump's unilateral withdrawal from a multi-party agreement with Tehran to end its nuclear programme.

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