Falling Gold Prices, Global Stock Market Drivers, and Top Cues in Focus Today

Fri, 20 Sep Pre-Open

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On Thursday, Indian share markets witnessed negative trading activity throughout the day and ended deep in the red.

The BSE Sensex closed lower by 470 points to end the day at 36,093. Yes Bank and Tata Steel were among the top losers.

While the broader NSE Nifty ended down by 136 points to end at 10,705.

Among BSE sectoral indices, energy stocks fell the most, followed by banking stocks and metal stocks.

Top Stocks in Action Today

Grasim Industries share price will be in focus today as its board has approved the issuance of Non-Convertible Debentures (NCDs) on private placement basis, for an amount not exceeding Rs 7.5 billion, in one or more tranches.

Lupin share price will also be in focus today as the company has received warning letter from the United States Food and Drug Administration (USFDA) for its Mandideep (Unit-1) facility.

This is subsequent to an earlier intimation received from the USFDA in March 2019 wherein the agency had classified its inspection conducted at the said facility in December 2018 as Official Action Indicated (OAI).

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 Rites share price.

Reportedly, the company has signed the contract for supply of two additional fully air-conditioned Diesel Multiple Unit train sets, for US$ 22.4 million with the Ministry of Transport and Civil Aviation, Government of Sri Lanka.

From the IPO Space...

In latest developments from the IPO space, RBL Bank-backed Utkarsh Small Finance Bank (USFB), which mainly gives microfinance loans in Bihar and Uttar Pradesh, has begun work on its initial public offering (IPO).

Reports state that the bank is presently in the process of appointing investment banks for its proposed IPO, which is expected to be around Rs 5 billion in size.

Established in 2009, USFB is wholly owned by Utkarsh Core invest Ltd and counts CDC Group Plc, the development finance institution of the UK government, as its largest shareholder holding with 14% stake.

Speaking of IPOs, only 11 companies have hit the capital markets so far in 2019, garnering over Rs 100 billion through initial share sales, much lower than 24 firms raising Rs 309.6 billion in entire 2018.

In 2017, as many as 36 firms mopped-up a record amount of over Rs 680 billion through initial share-sales.

So far this year, a total of 23 companies have approached markets regulator for raising funds through IPOs. In comparison, 90 firms filed draft papers with the regulator in all of 2018.

Despite lackluster activity in India's primary markets, there have been attractive money-making opportunities for attentive investors.

Ankit Shah recommended applying to the IPO of Polycab India and the IPO of IndiaMART InterMESH. Both IPOs were subscribed many times over. And both gave handsome double-digit returns on the listing date.

At Equitymaster, we believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

Gold Prices Continue Downtrend

On Thursday, gold prices were on a declining trend in India, extending losses to the third day. On MCX, October gold futures prices were down 0.7% to Rs 37,600 per 10 grams amid choppy global prices.

Prices have remained choppy over the past few days since hitting record highs earlier this month.

In global markets, gold prices were marginally down at US$ 1,492.15 an ounce. Globally, gold prices had surged to a six-year high above US$ 1,550 earlier this month on fears that the trade war between US and China would further slowdown growth.

Meanwhile, Silver prices on MCX were down 0.8% to Rs 46,215 per kg. Silver prices are down over Rs 5,000 from its highs of Rs 51,489 a kg.

Silver prices fell by Rs 344 to Rs 46,248 per kg in futures trade on Thursday as investors trimmed their positions amid subdued demand tracking weak trend overseas.

Global Stock Market Drivers

Asian shares edged higher on Thursday, tracking some modest Wall Street gains after the US Federal Reserve cut interest rates as expected but offered mixed signals on the next easing, keeping investors cautious.

The Treasury yield curve flattened as Fed Chairman Jerome Powell dashed hopes he would signal further easing while division among central bankers has increased uncertainty over how much further rates might fall.

The yen traded near a seven-week low versus the US dollar, at the time of writing.

Here are the important events which are due later today:

• Germany's PPI data for August
• India's Forex Reserves
• Canada's Core Retail Sales

From the Commodity Space...

Oil prices edged higher on Thursday after days of turbulence, with markets soothed by Saudi Arabia's pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend.

Brent prices had jumped 14.6% on Monday, the contract's biggest one-day percentage gain since at least 1988.

US President Donald Trump said there were many options short of war with Iran and added that he had ordered the US Treasury to "substantially increase sanctions" on Tehran. Iran has denied involvement in the strikes.

The head of the International Energy Agency (IEA) said it does not see a need to release emergency oil stocks as markets are well supplied.

Following the attacks in Saudi Arabia, Kuwait's oil sector is on high alert and has raised its security to the highest level as a precautionary measure.

Crude oil stockpiles at the world's largest oil producer rose by 1.1 million barrels last week against analysts' expectations for a drop of 2.5 million barrels.

Saudi Arabia, the world's leading oil exporter, has said the crippling attack on its oil sites was "unquestionably sponsored" by bitter regional rival Iran.

So, what do these drone attacks on Saudi's oilfields mean for oil prices?

In his latest video, Vijay Bhambwani addresses the conspiracy theories surrounding the Saudi drone attacks.

Did the Saudi's do it themselves to push up oil prices before Saudi Aramco's initial public offer?

Vijay's deep understanding and insights from this space makes you look at this burning issue from a different perspective.

Tune in...

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