Jalan Committee Recommendations; US-China Trade Worries; Key Q1FY20 Results and Top Stocks in Action

Fri, 19 Jul Pre-Open

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On Thursday, the Indian share markets fell sharply in late trade as US-China trade worries dragged global peers.

The benchmark BSE Sensex closed 318 points lower at 38,897 level with YES Bank, Tata Motors, ONGC, and Maruti being the top laggards. In an otherwise weak market, only HDFC, HDFC Bank and ITC remained the top gainers. The broader Nifty 50, too, ended at 11,597 mark, down 91 points.

Top Stocks in Focus

Cadila Healthcare share price will be in focus as Zydus announces completion of enrollment in three Phase III trials of Saroglitazar Magnesium in NASH.

Cyient reported 14.1% fall in its net profit at Rs 680 million for the quarter under review as compared to Rs 792 million for the same quarter in the previous year.

DCB Bank is focusing on granular retail term deposits in order to further improve its deposit profile. As on June 2019, deposits of the Bank grew by 15% to Rs 287.9 billion. Customer Term Deposits grew by 31% and Customer Deposits grew by 26%.

Colgate-Palmolive reported 10.8% fall in its net profit at Rs 16.9 billion for the quarter under review as compared to Rs 1.9 billion for the same quarter in the previous year.

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 Agro Tech Foods, Federal Bank, Network18, TV18 Broadcast, HDFC AMC among others as they announce their March quarter results today.

Jalan Committee Recommends Transfer of RBI's Surplus Funds

Bimal Jalan Committee has prepared the final report on RBI's Capital Reserve. The committee's last meeting was held on Wednesday.

Reportedly, within 3-5 years, the transfer of surplus funds to different parts of the government has been recommended. It is not known how much the committee has recommended.

Due to the controversy over the central bank and government on the issue of cash surplus, former RBI governor Urjit Patel had resigned in December last year. According to the reports, the RBI has a surplus fund of Rs 9 lakh crore. It is about 28% of the total assets of RBI. The government said that the central banks of other major countries keep 14% of their assets in the reserve fund.

With the surplus funding of the Reserve Bank, the government will be able to control the fiscal deficit. The government has set a target of fiscal deficit equal to 3.3% of GDP in the current financial year.

Meanwhile, catch Tanushree Banerjee talk about how this transfer of surplus could be a catalyst for the economy's turnaround in the video below.

Global Stock Market Drivers

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.

Contracts on the Nasdaq and S&P 500 indexes were modestly lower after Netflix Inc.'s surprise loss of US customers last quarter sent its shares down after hours.

With less than two weeks before the Federal Reserve's policy meeting at which investors expect an interest-rate cut, the central bank's anecdotal Beige Book report yesterday suggested the outlook was generally positive and the labor market remains tight.

Yet companies are still struggling to pass on higher wages and tariff-related costs to customers, and the start of earnings season hasn't improved sentiment.

Investors betting on rate cuts in Asia were proven right on Thursday, as central banks in South Korea and Indonesia lowered benchmarks. That's after similar moves by central banks in Malaysia, India and the Philippines.

Oil Prices Edge Lower

Oil edged lower Wednesday unable to shake off the downbeat mood of the last two days in response to a sharp rise in US stockpiles of products like gasoline, pointing to weak demand during the summer driving season in the United States.

Brent crude futures were down 10 cents at US$63.56 a barrel. They fell 1% on Wednesday, and 3% on Tuesday.

US West Texas Intermediate crude futures were down 19 cents at US$56.59. The US benchmark dropped 1.5% in the previous session, and 3% on Tuesday.

Mixed signals from the United States and Iran also left market in limbo. US President Donald Trump said on Tuesday progress had been made with Iran, but Tehran denied it was willing to negotiate over its missile programme.

US officials also said on Wednesday they were unsure whether an oil tanker towed into Iranian waters was seized or rescued.

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