August Service Sector Activity Index, Falling Gold Imports, and Top Cues in Focus Today

Thu, 5 Sep Pre-Open

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On Wednesday, Indian share markets witnessed buying interest during closing hours and ended higher.

The BSE Sensex closed higher by 162 points to end the day at 36,725. Bharti Airtel and State Bank of India were among the top gainers.

While the broader NSE Nifty ended up by 47 points to end at 10,845.

Among BSE sectoral indices, telecom stocks gained the most, followed by banking stocks and metal stocks.

Top Stocks in Focus Today

From the pharma sector, Sun Pharma share price will be in focus today as the markets regulator has ordered a forensic audit against India's largest drug maker Sun Pharma to look into allegations of financial irregularities and lapses in corporate governance standards.

Earlier, a report said the regulator's inquiry had cleared Sun Pharma of any wrongdoing, after finding no merit in the whistleblower's allegations.

To know more about the company, you can read Sun Pharma's latest result analysis and Sun Pharma's 2018-19 annual report analysis on our website.

From the banking sector, IDBI Bank share price will also be in focus today as the lender is set to get a one-time capital infusion of Rs 93 billion from its promoters - the central government and Life Insurance Corporation (LIC). Union minister Prakash Javadekar announced the decision taken by the Cabinet on Tuesday.

Of the Rs 93 billion, LIC will contribute 51% and the remaining 49% funds will come from the government as its share on a one-time basis. The government's capital infusion will come in the form of recapitalisation bonds.

Note that this is the first time the government has decided to pump money in IDBI Bank after LIC acquired a majority stake of 51% in the bank. The government holds around 46.5% stake in the lender.

Service Sector Activity Growth Eases in August

In the news from the macroeconomic space, India's services sector activity growth eased in August as new business inflows rose at a slower pace. Following this, job creation and output expansion moderated.

The IHS Markit India Services Business Activity Index declined from 53.8 in July to 52.4 in August, pointing to a slower rate of increase in output.

The IHS Markit India Composite purchasing manager's index (PMI) Output Index, that maps both the manufacturing and services industry, fell from 53.9 in July to 52.6 in August.

Notwithstanding the decline, the composite PMI Output Index was in expansion territory for the 18th month in a row.

Growth of aggregate new orders moderated from July and was modest.

Private sector jobs rose further in August, but the pace of expansion was slower.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Despite the decline, service providers remained confident of a rise in business activity in the coming 12 months, with optimism strengthening to a one-year high.

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

Gold Imports Witness a Slump in August

India's gold imports in August plunged 73% year-on-year (YoY).

This was the lowest level in three years as a rally in local prices to a record high and a hike in import duty curtailed retail purchases of the precious metal.

As per the news, India imported 30 tonnes of gold in August, down from 111.47 tonnes a year ago.

In value terms, the country's imports in the month fell 62% to US$ 1.37 billion.

Note that Lower imports by the world's second biggest consumer could cap gains in global prices that are trading near their highest level in over six years.

Speaking of gold, globally, gold prices are up around 20% so far this year amid inflows into gold-backed assets. US-China trade war, volatility in risk assets like equities, and central banks signaling a looser monetary policy have boosted the safe-haven appeal of gold.

As per a Bloomberg report, inflows into gold-backed exchange traded funds (ETFs) topped 100 tons in August, the highest since February 2013. Holdings rose 101.9 tons, bringing total known assets to 2,453.4 tons, the third straight monthly increase after the addition of a combined 154.1 tons in June and July.

For domestic markets, jewellers hope that upcoming festive season will improve gold demand, which has been hurt due to high prices.

As many central banks diversify their portfolio, they are adding gold as global growth slows and trade and geopolitical tensions rise.

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