Strong End to the Week

Fri, 12 Aug Closing

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Indian equity markets extended their rally in the afternoon session, thus finishing on a strong note amid strong international markets. At the closing bell, the BSE Sensex stood higher by 293 points, while the NSE Nifty finished up by 80 points.

Indian equity markets extended their rally in the afternoon session, thus finishing on a strong note amid strong international markets. At the closing bell, the BSE Sensex stood higher by 293 points, while the NSE Nifty finished up by 80 points. The S&P BSE Mid Cap and S&P BSE Small Cap indices finished higher by 0.8% and 0.2% respectively. Gains were largely seen in banking & metal stocks.

Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.6%, while Japan's Nikkei 225 is up 1.1% and Hong Kong's Hang Seng is up 0.83%. European markets are trading mixed. The FTSE 100 is higher by 0.08%, while the DAX & the CAC 40 are down 0.36% and 0.17% respectively.

The rupee was trading at 66.82 against the US$ in the afternoon session. Oil prices were trading at US$ 43.59 at the time of writing.

According to an article in The Financial Express, the proposed investment plan of ArcelorMittal and SAIL for an automotive steel plant in India will be finalized during steel minister's visit to London and Luxembourg later in the month. Reportedly, the issues related to the production would be sorted out in a month or so and the joint venture would be "operational" by the year-end.

The world's largest steelmaker ArcelorMittal and India's largest steel PSU SAIL had last year signed a memorandum of understanding for setting up the facility. The aim was to cater to the growing need of the automotive sector. The proposed joint venture could be a 1.2-million-tonne unit, entailing an investment of around Rs 50 billion.

SAIL was supposed to supply steel to the joint venture entity while ArcelorMittal would supply the required technology. ArcelorMittal supplies around 17% of the global auto steel demand. As per the reports, India is likely to manufacture 7 million units to become the world's fourth largest automobile manufacturing nation by 2020. SAIL finished the day up by 0.4% on the BSE.

Increasing the availability of indigenously produced automotive steel would reduce India's dependence on imports and is likely to give the automotive industry a sustainable competitive advantage (Subscription Required).

On 5 February 2016, the government of India imposed a minimum import price (MIP) on specific steel products to protect domestic players from cheap imports from China and other countries. Steel imports have dropped 34% after the imposition of MIP (April to July 2016). Alloy steel imports declined 30%. Last week, the government announced an extension of the specified minimum import price (MIP) on 66 steel products for another two months. In our recent edition of The 5 Minute WrapUp Premium, we have explained whether extension of MIP will be a game changer for Indian steel industries (Subscription Required).

According to a leading financial daily, the demand for gold in India in the second quarter fell by 18% and stood at 131 tonnes this year on account of rise in prices, government regulations and jewelers' strike. The total gold demand stood at 159.8 tonnes in the corresponding quarter last year. As per data compiled by World Gold Council (WGC), in value terms, India's gold demand for April-June period dropped by 8.7% to Rs 355 billion compared with Rs 388.9 billion in the corresponding quarter of 2015.

The total jewelry demand in India during the period was down by 20% to 97.9 tonnes compared with 122.1 tonnes in the same quarter of 2015. In value terms, jewelry demand was at Rs 265.2 billion, a fall of 10.8% from Rs 297.2 billion in the second quarter of 2015.

Total investment demand for the June quarter was down by 12% at 33.1 tonnes against 37.7 tonnes in same period last year. In value terms, gold investment demand was Rs 89.8 billion, a drop of 2.1% from Rs 91.7 billion in Q2 2015. During the quarter under review, total gold recycled also declined to 23.8 tonnes from 24.0 tonnes a year ago.

Gold demand is expected to return to normalcy in the remaining six months of 2016 on account of wedding season and festivals closer to Diwali. Two-thirds of demand in India comes from villages, where jewelry is a traditional investment. Consumption of gold is reportedly expected to rise as farmers reap the benefit of this year's monsoon and that should further support the global bullion price that is trading near the highest since March 2014.

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