WPI Inflation Data, Global Stock Market Drivers, and Top Cues in Focus Today

Tue, 17 Sep Pre-Open

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On Monday, Indian share markets witnessed negative trading activity throughout the day and ended lower.

The BSE Sensex closed lower by 262 points to end the day at 37,123. M&M and SBI were among the top losers.

While the broader NSE Nifty ended up by 72 points to end at 11,004.

Among BSE sectoral indices, oil & gas stocks fell the most, followed by banking stocks and finance stocks.

Top Stocks in Action Today

Tata Power share price will be in focus today as its subsidiary - Tata Power Renewable Energy (TPREL) has commissioned 150 MW solar capacity in Pokharan, Rajasthan. With this, the overall operating renewable capacity of TPREL now stands at 2,628 MW in India.

Dr Reddy's share price will also be in focus today as the company has launched Lansoprazole Delayed-Release capsules USP, 15 mg, an over the counter (OTC) store-brand equivalent of Prevacid 24HR Capsules, in the United States market, as approved by the US Food and Drug Administration (USFDA).

Meanwhile, Lupin has received approval for its Propranolol Hydrochloride Extended-Release (ER) capsules, 60 mg, 80 mg, 120 mg and 160 mg from Health Canada.

Lupin is the first generic company to receive an approval for generic Inderal-LA capsules for the Canadian market and the product will be manufactured from Lupin's Pithampur Unit-2 Facility.

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

Market participants will also track DLF share price. Reportedly, the company has sold 9-acre land parcel in New Gurugram to American Express for about Rs 3 billion in one of the costliest land deals in this area.

From the Economic Space...

India's wholesale inflation remained at 1.08% in August, the same level as the previous month. In July, wholesale inflation as measured by the Wholesale Price Index (WPI) was at a 25-month low of 1.08%.

However, it eased on a year-on-year (YoY) basis. In August 2018, the WPI had risen to 4.62%.

Inflation in fuel and power declined 4% from a 3.64% fall in July and that in manufactured products was flat from a 0.34% growth in the trailing month.

In an official release, the commerce and industry ministry said, "the rate of inflation based on WPI Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group increased from 4.54% in July 2019 to 5.75% in August 2019."

Data released last week showed that India's retail inflation had climbed to a 10-month high of 3.21% in August but stayed below the central bank's 4% medium-term target, strengthening expectations of another rate cut next month.

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.

From the Commodity Space...

On Monday, an attack on Saudi Arabia that shut 5% of global crude output caused the biggest surge in oil prices since 1991, after US officials blamed Iran and President Donald Trump said Washington was "locked and loaded" to retaliate.

In an extraordinary start to trading, Brent futures jumped almost US$12 a barrel, the biggest intraday advance in dollar terms since they were launched in 1988.

On the New York Mercantile Exchange, West Texas Intermediate contracts were frozen for about two minutes after the scale of the move delayed the market open.

While Brent futures pulled back after their initial surge of almost 20%, taking the global benchmark just shy of US$ 72 a barrel, they were still headed for the biggest percentage gain since 2008.

State energy producer Saudi Aramco lost about 5.7 million barrels per day of output on Saturday after 10 unmanned aerial vehicles struck the world's biggest crude-processing facility in Abqaiq and the kingdom's second-biggest oil field in Khurais.

For oil markets, it's the single worst sudden disruption ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Saddam Hussein invaded his neighbor. It also exceeds the loss of Iranian oil output in 1979 during the Islamic Revolution, the reports noted.

This would rattle oil markets and cast a shadow on Aramco's preparations for what could be the world's biggest initial public offering.

Now how all these developments pan out going forward remains to be seen. Meanwhile, we will keep you updated on the developments from this space.

Global Stock Market Drivers

World stocks halted a four-day winning streak and ended marginally lower. European shares fell 0.6% and Wall Street signaled a weak start. In Asia, the blue-chip CSI300 index ended down 0.4%, while the Shanghai Composite Index closed flat.

In currency markets, the Saudi news pushed the yen up 0.2% to 107.88 per dollar, while boosting currencies of oil-exporting countries.

The Indian rupee fell sharply against the US dollar as oil prices skyrocketed. The domestic currency fell to as much as 71.42 a dollar as compared to its previous close of 70.92.

Elsewhere in bond markets, core longer-dated euro zone bond yields edged lower as poor data from China bolstered demand for safe-haven assets.

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

• Germany's Economic Sentiments data
• United Kingdom's CPI data for August
• Canada's Core Retail Sales for July

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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