Indian Indices Witness Sharp Selling, India's Crude Oil Imports, and Top Cues in Focus Today

Fri, 23 Aug Pre-Open

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India share markets witnessed sharp selling pressure yesterday and ended their day deep in the red.

At the closing bell yesterday, the BSE Sensex stood lower by 587 points (down 1.6%) and the NSE Nifty closed down by 182 points (down 1.7%).

The BSE Mid Cap index ended the day down 1.4%, while the BSE Small Cap index ended the day down 2.2%.

Note that the decline in small-cap segment has been sharper since the Union Budget, with the BSE Smallcap index hitting its lowest level since February 2017.

But Richa Agarwal says this fall currently offers the best bargains to the market.

In the below video, she talks about picking right stocks to benefit from the upcoming rebound.

Sectoral indices ended on a negative note with stocks in the realty sector and metal sector witnessing most of the selling pressure.

Top Stocks in Focus Today

From the pharmaceutical sector, Zydus Cadila share price will be in focus today as the company has received the final approval from the US Food and Drug Administration (USFDA) to market Ranolazine Extended Release Tablets (US RLD- Ranexa), 500 mg and 1.000 mg.

The drug is used to treat chronic angina and may be used with other medicines that are used for heart problems and blood pressure control.

The group now has 271 approvals and has so far filed over 360 ANDAS since the commencement of the filing process in FY 2003 -04.

To know more about the company, you can access to Cadila Healthcare's 1QFY20 result analysis and Cadila Healthcare's stock analysis on our website.

Lupin share price will also be in focus today as the company announced the launch of Fluoxetine tablets USP, 10 mg and 20 mg, having received an approval from the United States Food and Drug Administration (USFDA) earlier.

From the realty sector, DLF share price will also be in focus today as the company got a notice from the Supreme Court for non-disclosure of key information in Qualified institutional placement (QIP).

IMF Warns Governments Against Currency Weakening

The International Monetary Fund has warned against governments trying to weaken their currencies through monetary easing or market interventions, arguing in a blog post that this would hurt the functioning of the international monetary system and make all nations worse off.

The post, which comes as global central bankers are gathering this week to discuss monetary policy issues in Jackson Hole, Wyoming, said that policy proposals to use monetary easing and direct purchases of other countries' currencies are unlikely to work.

US President Donald Trump has stepped up his complaints about a strong dollar hurting US exports in recent days as a key index of the dollar's value against other currencies rose amid a stock market recovery.

On Wednesday he revived his Twitter campaign for the Federal Reserve to cut US interest rates.

The IMF researchers said that one problem for the limitations of impacts of US currency fluctuations on the trade balance is that many US imports from China and other countries are invoiced in dollars, not local currencies.

The IMF blog emphasized that global external imbalances are not grossly misaligned and repeated the fund's view that China's external position, which includes the value of the yuan, was broadly in line with fundamentals in 2018.

The US Treasury has declared China a currency manipulator and requested that the IMF work with it to "correct" the situation.

Given the depth of the market for the dollar and the euro, actions such as buying foreign currencies to weaken the dollar or taxing capital inflows are likely to be ineffective.

What is more, they have negative implications for the orderly working of the international monetary system.

Even countervailing bilateral tariffs aimed at offsetting an undervalued currency is unlikely to reduce aggregate trade imbalances because they mainly would divert trade to other countries, the IMF researchers stated.

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

India's Crude Oil Imports Decline in July

In the news from the commodity space, data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed that India's July crude oil imports declined from a year earlier, while petrol imports climbed to their highest since at least April 2011.

Crude oil imports declined 1.2% from a year earlier to 19.34 million tonnes, but increased 14.6% from the previous month.

Petrol imports rose to 230,000 tonnes in July, the highest since PPAC data going back to 2011.

Government data published earlier this month showed sales of gasoline, or petrol, were 8.8% higher from a year earlier at 2.52 million tonnes.

Meanwhile, LNG imports fell to their lowest since February 2018 at 850,000 tonnes.

Note that India's imports of crude oil have stalled in recent months, with both coal and liquefied natural gas (LNG) also witnessing a decline.

The above fall could be attributed to Indian refiners adjusting to the loss of cargoes from Iran after the United States did not extend waivers to buyers of Iranian crude beyond the beginning of May.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's recent article here: Message of the Markets - What is Crude Oil Indicating?

And 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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