Strengthening Rupee, Inflation & Factory Output Data, and Top Stocks in Action Today

Mon, 16 Sep Pre-Open

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On Friday, Indian share markets witnessed most of the buying interest during closing hours and ended on a strong note.

The BSE Sensex closed higher by 281 points to end the day at 37,385. ICICI Bank and Vedanta were among the top gainers.

While the broader NSE Nifty ended up by 93 points to end at 11,076.

Among BSE sectoral indices, oil & gas stocks gained the most, followed by consumer durable stocks and banking stocks.

Top Stocks in Action Today

BEML share price will be in focus today as the company has opened a 'Bogie Traction Motor Run test facility' for Metro at its Metro manufacturing unit in Bengaluru. This facility is one of its kind in India and will help in improving Metro train ride quality and increases the reliability of coaches.

Voltas share price will also be in focus today as the company is eyeing a 20% volume growth during this fiscal year, despite widening slowdown. The company, which sold 1.25 million in FY19, is expecting volume to touch 1.5 million units by March.

Market participants will also track PI Industries share price.

Reportedly, the company has executed an offer with Isagro S.p.A, a company incorporated in Italy, for acquisition of the business of Isagro Asia, who are engaged in Contract Manufacturing, local distribution and exports of agrochemicals through acquisition of 100% shareholding of Isagro Asia.

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

From the Economic Space...

India's consumer Price Index-based retail inflation reached 3.21% in August, as opposed to 3.15% in the previous month.

This is the highest level recorded in the past ten months since October 2018. Retail inflation during August 2018 stood at 3.69%. During August, inflation in rural areas was at 2.18%, whereas it was 4.49% in the urban areas.

This is the thirteenth month that retail inflation has stayed under the target of 4% set by the Reserve Bank of India. The central bank factors in CPI-based retail inflation while planning its monetary policy.

Overall inflation in the food basket, measured on the basis of consumer food price index (CFPI), rose to 2.99% in August 2019, in comparison to 2.36% in July 2019.

Meanwhile, India's factory output growth, measured by the Index of Industrial Production, grew 4.3% in July 2019 as compared to the level in the month of July 2018. Factory output had grown 6.53% in the year-ago period.

The slowdown in industrial output was primarily due to slump in the manufacturing sector, which grew at 4.2% in July 2019 as compared to 7% a year ago.

From the Banking Space...

Latest RBI data showed that the credit and deposits growth slowed to 10.2% and 9.7% to Rs 96.8 trillion and Rs 127.8 trillion respectively, in the fortnight to August 30.

In the year-ago fortnight, advances were at Rs 87.8 trillion while deposits stood at Rs 116.5 trillion.

In the previous fortnight to August 16, advances grew 11.6% to Rs 96.82 trillion and deposits by 10.2% to Rs 126.8 trillion.

In July, the non-food bank credit rose 11.4% on year-on-year basis from 10.6% in July 2018.

Credit to agriculture & allied activities rose 6.8% compared with an increase of 6.6% in the same month last year.

Loans to industry rose 6.1% in July from 0.3% a year ago. Meanwhile, personal loans rose 17% in July compared to an increase of 16.7% in July 2018.

As per co-head of Research at Equitymaster, Tanushree Banerjee, retail and corporate credit are expected to grow by multi-fold over the next few years.

So look out for strong well-established financial services players which will benefit the most from this trend.

Strengthening Rupee

Continuing its up move for a seventh straight day, the rupee gained as much as 26 paise to edge past the 71 mark against the dollar on Friday.

The domestic currency had opened 18 paise higher at 70.96, its one-month high, amid positive global cues.

The rupee on Thursday climbed 52 paise to end at 71.14 as signs of easing trade tensions between the US and China buoyed global markets.

In the previous six trading sessions, the Indian currency has appreciated by 125 paise.

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?

Gold Prices

Gold prices were rangebound on Friday as monetary easing uncertainties by major central banks supported demand while trade talk optimism lifted other assets, curbing gold's gains.

US President Donald Trump said on Thursday he preferred a comprehensive trade deal with China but did not rule out the possibility of an interim pact, even as he said an "easy" agreement would not be possible.

Meanwhile, Silver futures on MCX fell to Rs 47,047 per kg. Silver prices are now down about 8% from last week's high of Rs 51,489.

Speaking of Silver, Vijay Bhambwani tells us from where to buy silver and where not to.

In the below video, he reveals a simple method to find out whether your silver bar is pure.

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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