Indian Indices Continue Momentum, Key Q1FY20 Results, and Top Stocks in Action Today

Wed, 17 Jul Pre-Open

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On Tuesday, share markets in India traded on a positive note throughout the day and ended above the 39,000-mark.

The BSE Sensex closed higher by 234 points to end the day at 39,131. Tata Motors and Yes Bank were among the top gainers.

While the broader NSE Nifty ended up by 73 points to end at 11,661.

Among BSE sectoral indices, realty stocks gained the most by 2%, followed by oil & gas stocks and consumer durable stocks.

Top Stocks in Action Today

Bharat Petroleum Corporation (BPCL) share price will be in focus today as the company has reportedly bought gasoline for Kandla in a rare move to meet demand and plug a supply gap after cancelling an earlier purchase tender.

The company has bought 20,000 tonnes of 91.2-octane grade gasoline at a premium of about US$ 9 a barrel to Singapore quotes on a cost-and-freight basis.

Infosys share price will also be in focus as the company is planning to make an additional investment of US$ 6 million in data preparation software company Trifacta Inc. The board at the meeting approved a follow-on investment of US$ 6 million in Trifacta Inc.

To know more about the company, you can read Infosys' 2018-19 Annual report analysis on our website.

Market participants will also track Cipla share price.

Reportedly, Cipla's wholly owned subsidiary - Cipla EU has entered into a joint venture agreement with Jiangsu Ace bright Pharmaceutical Company (Acebright), China for incorporation of a joint venture (JV) company in China.

Results Corner

HDFC AMC share price has reported 42.2% rise in its net profit at Rs 2.9 billion for the June quarter (Q1FY20) as compared to Rs 2.1 billion for the same quarter in the previous year.

Total income of the company increased by 10.3% at Rs 5.5 billion for Q1FY20 as compared Rs 5 billion for the corresponding quarter previous year.

Federal Bank share price reported a 46.3% year-on-year (YoY) rise in standalone profit at Rs 3.8 billion compared with Rs 2.6 billion in the same quarter last year. Net interest income (NII) for the quarter rose 17.8% to Rs 11.5 billion compared with Rs 9.8 billion in the year-ago quarter.

Gross non-performing assets (NPAs) came in at 2.99% for the June quarter. This was almost the same as 3% in the year-ago quarter, but higher than 2.92% in the March quarter.

Tata Metalik share price has reported 35.4% fall in its net profit at Rs 196.2 million for the quarter under review as compared to Rs 303.9 million for the same quarter in the previous year.

Wipro share price and Tata Elxsi share price will be tracked today as these companies are set to announce their June quarter results.

You can also read our recently released Q1FY20 results: Infosys, TCS, IndusInd Bank.

Never Ending Woes for the Automobile Sector

Retail sales of automobiles in June, declined by 5.4% year-on-year (YoY), showed data released by the Federation of Automobile Dealers Associations (FADA) on Tuesday.

Showroom sales of passenger vehicles decreased by 4.6% YoY to 2,24,755 units as most of the manufacturers have been reluctant to push more vehicles with the dealers.

According to data released by Society of Indian Automobile Manufacturers (SIAM), the wholesales passenger vehicle segment declined significantly by 17.5% to 2,25,732 units led by 24% fall in passenger car sales to 1,39,628 units and utility vehicles by 0.9% to 72,917 units.

Note that auto sales have been hit ever since the liquidity crisis in the finance sector. Lack of demand due to illiquid market and weak consumption appetite led to steep fall in sales.

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

From the Commodity Space...

Crude oil witnessed selling pressure yesterday. Losses were seen after news reported more production facilities returned to operation in the US Gulf after Hurricane Barry swept through over the weekend.

Also, Chinese economic data dimmed the outlook for crude demand.

Speaking of crude oil, catch Vijay Bhambwani talk about the impact of hike in excise duty and taxes on fuel in India. As per him, trading in crude oil offers excellent opportunities in nearly all market conditions due to its unique standing within the world's economic and political systems.

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

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

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