Developments in Global Financial Markets, India's Retail Inflation, and Top Cues in Focus Today

Fri, 16 Aug Pre-Open

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On Wednesday, Indian share markets witnessed buying interest throughout the day and ended their trading session on a strong note.

Most of the buying interest was seen amid gains in Asian stocks after US President Donald Trump delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a trade conflict.

On the sectoral front, gains were seen in the metal sector and telecom sector.

At the closing bell on Wednesday, the BSE Sensex stood higher by 353 points (up 1%) and the NSE Nifty closed higher by 104 points (up 1%).

Top Stocks in Focus Today

Jindal Steel and Power (JSPL) share price will be in focus today after reports stated that the company has sold off its major international venture Botswana coal mine to Maatla Energy for US$ 150 million.

The report further added that proceeds of this divestment are likely to be used to cut debt of Jindal Steel and Power at the group level. At present, JSPL has a total outstanding debt of Rs 400 billion (as of March 2019).

From the pharma sector, Dr Reddy's Laboratories share price will also be in focus today as the firm in a filing said its generic versions of multiple sclerosis drug Copaxone and female contraceptive device Nuvaring received complete response letter from US Food and Drug Administration. A complete response letter from FDA signals that the agency will not approve an application.

Market participants will also track GMR Infra share price, HEG share price, and Indiabulls Real Estate share price as these companies announced their June quarter (Q1FY20) results on Wednesday.

You can also read our recently released Q1FY20 results of other companies here: Tata Steel, Cummins India, Sonata Software, HCL Technologies, Siemens, Ultratech Cement, HPCL, Cipla, Page Industries, Coal India.

From the Results Corner...

From the auto-ancillaries sector, auto component major Bosch reported 35% decline in its consolidated net profit at Rs 2,799.5 million for Q1FY20, hit by slowdown in the domestic automobile industry.

The company, which had posted a net profit of Rs 4,309.8 million for the same period last year said it has initiated several measures including manpower adjustments to remain competitive in the market.

In a regulatory filing, the company said, "we have initiated several transformation projects, including restructuring. The company has set up an additional provision of Rs 820 million towards reskilling and redevelopment".

Revenues declined to Rs 27,788.2 million from Rs 32,121.5 million in the year ago period. The company's non-automotive business posted a decline of 16%. This was primarily due to a drop in the energy services' business.

The company's automotive sales decreased 17.5% during the first quarter. Domestic sales decreased by 18.2% while export sales fell 8.6%.

July Retail Inflation Data

As per the data released by the National Statistics Office (NSO), India's retail inflation stayed nearly steady in July halting an eight-month surge despite firmer food prices as oil price continued to stay subdued.

Consumer food price inflation inched up to 2.36% in July, compared to an upwardly revised 2.25% in June.

Crude oil price has been benign in recent past. In international markets, Brent crude futures were up 8 cents from the previous settlement at US$58.65 a barrel on Tuesday.

Retail inflation measured by changes to Consumer Price Index (CPI) stood at 3.15% in July, marginally below the 3.18% reported in June.

Retail inflation staying within the RBI's comfort range of 4% within a band of plus or minus 2% could encourage the central bank to consider a further reduction in policy rates considering the deceleration in industrial output seen in June owing to a slowdown in manufacturing and mining output.

Data released last week showed that factory output as measured by index of industrial production (IIP) had inched up 2% in June, compared to 3.1% in May and 7% in June last year.

The central bank had cut its repo rate four times so far this year amid benign inflation and sobering signals from economic indicators to stimulate growth, which had fallen to its slowest pace in nearly five years in the March quarter.

Indian economy which expanded at 8% in the first quarter of FY19 subsequently slowed down to 5.8% in the fourth quarter ending March 2019.

With the slowdown in growth rate affecting profits and jobs, businesses are expecting fiscal measures from the government to stage a turnaround.

From the Global Financial Markets...

Crash in Argentine Peso, reported increase in bad loans in the Chinese banking system, inverting German yield curve, non-ending protests in Hong Kong, and recent devaluation of Yuan by China has triggered a fresh round of sell-off in equities and emerging market currencies.

Also, increasing chances of continuing the US-China trade war till US Presidential elections in 2020 and indication by the Reserve Bank of Australia about the possibility of reducing rates to sub-zero levels point to worrying global scenario.

In other news, US President Donald Trump backed off his September 1 deadline for 10% tariffs on the remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods in the hopes of blunting their impact on US holiday sales.

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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