Rising Rupee, Global Stock Market Drivers, and Top Cues in Focus Today

Fri, 13 Sep Pre-Open

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India share markets ended their day in the red yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 164 points (down 0.4%) and the NSE Nifty closed down by 54 points (down 0.5%).

The BSE Mid Cap index ended the day down 0.2%, while the BSE Small Cap index ended the day up 0.1%.

Sectoral indices ended on a mixed note with stocks in the auto sector and telecom sector witnessing most of the selling pressure.

Top Stocks in Action Today

Allahabad Bank share price will be in focus today as its Board is going to consider amalgamation of the bank with Indian Bank. The meeting of Board of Directors of the Bank is scheduled to be held on September 16, 2019, to consider the same.

Meanwhile, State Bank of India (SBI) has received approval for divestment of 45 million equity shares constituting 3.5% of its stake in SBI Life Insurance to achieve Minimum Public Shareholding of 25% (Part of Bank's share for MPS) through offer for sale process.

MSTC share price will also be in focus today as Adani Group has appointed MSTC as the selling agent to sell all surplus inventory and other equipment (excluding scrap) of entire Adani Group of Companies. The agreement will remain valid till either party terminates the agreement by giving advance notice of 3 months to the other party.

Market participants will also track ITC share price. The company's hospitality arm - ITC Hotels is going to eliminate single-use plastic products for front of the house areas by October 2019, as part of adopting sustainable practices.

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

Global Stock Market Drivers

Asian stocks advanced to a six-week high on Thursday amid hopes of a slowdown in the US-China trade war and expectations that the European Central Bank (ECB) would kick off another wave of monetary easing by global central banks.

Chinese stocks rose and the yuan hit a three-week high after US President Donald Trump agreed to delay an additional increase in tariffs on Chinese goods by two weeks at the request of China's Vice Premier Liu He "as a gesture of good will."

The yen had rocketed towards a 2019 high in August as investors fretted about recession and market selloffs.

Trump's delay of additional tariffs on Chinese goods comes one day after China said it would exempt 16 types of US products from import tariffs.

Here are the important events to look forward to this week:

• Japan's Industrial Production for July M-o-M
• USA's Retail Sales for August and July Business Inventory
• New Zealand's August PMI data.

Rupee Continues Momentum

On Thursday, the rupee continued its rebound against the US dollar after the Indian currency fell to its year's low of 72.40 against the greenback last week.

The domestic currency rose to one-month high of Rs 71.23, after opening at Rs 71.43.

On Wednesday, the rupee recovered from initial losses to settle higher by 5 paise at 71.66 against the US currency, extending gains for a fifth straight session on the back of firm domestic equities and Asian currencies like the Chinese yuan.

Reportedly, the uptick in domestic stocks enthused investors, following which the domestic unit gained strength and recovered from early losses.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative trader's association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

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!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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