Indian Indices Continue Downtrend, RBI's Rate Cut, and Top Cues in Focus Today

Mon, 7 Oct Pre-Open

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On Friday, Indian share markets witnessed a sharp decline in the afternoon session as the RBI lowered its growth forecast for the fiscal year 2019-20 to 6.1% from 6.9% earlier.

Selling pressure was also seen as the monetary policy committee (MPC) noted that risks to growth have emerged due to weak domestic demand and sagging export prospects on account of continuing trade tensions.

The BSE Sensex closed lower by 434 points to end the day at 37,673. Kotak Mahindra Bank and ICICI Bank were among the top losers.

While the broader NSE Nifty ended down by 139 points to end at 11,175.

Among BSE sectoral indices, banking stocks fell the most, followed by consumer durable stocks and capital goods stocks.

Top Stocks in Action Today

Wipro share price will be in focus today as the company has renewed and extended its partnership with XebiaLabs as their Strategic Enterprise DevOps Partner across the globe.

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

Tata Motors share price will also be in focus as it has launched its limited-edition Tiago WIZZ. This product will be the introduction of yet another premium edition under the Tiago portfolio.

Market participants will also track Mahanagar Gas share price. The company has reduced prices for the compressed natural gas (CNG) and domestic piped natural gas (PNG) following a drop in the domestically produced gas.

The company has reduced its CNG price by Rs 2.04 per kg and PNG by Rs 1.19 per SCM in and around Mumbai effective from October 3.

IRCTC IPO

In latest developments from the IPO space, the Rs 6.5 billion initial public offering of state-owned Indian Railway Catering and Tourism Corporation (IRCTC) was subscribed almost 112 times, making it the most successful share sale in over 20 months.

The offer got bids for 2,256 million shares compared to the total issue size of 202 million shares.

The portion reserved for QIBs got subscribed 108.8 times, while HNI portion got subscribed 354.5 times. Retail and employees portion got subscribed 14.6 times and 5.8 times, respectively. Both retail investors and employees will receive shares at a Rs 10 discount to the final offer price.

Ankit Shah has shared the detailed note of the IPO. You can read it here.

Service Sector Activity Slips amid Weak Demand

India's dominant services sector slipped into contraction in September as new business orders fell for the first time since early 2018, according to a private survey which also found business optimism at its lowest in 2-1/2 years.

The IHS Markit Services Purchasing Managers' Index fell to a 19-month low of 48.7 in September from 52.4 in August.

Note that this was the second month this year that the index had fallen below the 50-mark separating growth from contraction - the last one being in June. A manufacturing survey earlier this week also showed a cooling in activity.

RBI Cuts Repo Rate by 25 bps

The Reserve Bank of India's monetary policy committee (MPC) on Friday announced a 25 basis points cut in its policy rates while maintaining an accommodative policy stance till the time growth revives.

With this move, the repo rate stands reduced to 5.15% and reverse repo rate to 4.9%.

The MPC noted that "accommodative stance will be maintained as long as it is necessary to revive growth while ensuring that inflation remains within the target," leaving room for more rate cuts in future.

The MPC also sharply reduced its growth forecast for the fiscal year 2019-2020 to 6.1% from 6.9% earlier. The committee noted that risks to growth have emerged due to weak domestic demand and sagging export prospects on account of continuing trade tensions.

On the other hand, it retained its consumer price inflation forecast for the second half of the fiscal year 2019-2020 as expected at 3.5%-3.7%.

The committee said global economic activity has weakened since the last meeting, highlighting a heightened uncertainty emanating from trade and geo-political tensions continues to cloud the outlook.

The next meeting of the MPC is scheduled during December 3-5, 2019. The minutes of this MPC's meeting will be published by October 18, 2019.

From the Commodity Space...

Oil prices rose on Friday but were still on track for a second consecutive weekly loss after sliding on fears that slower global economic growth would hurt energy demand.

Weak US services sector and jobs growth data on Thursday added to worries about global oil demand and exacerbated fears that a protracted US-China trade war could push the global economy into a recession.

Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, said the world's top crude oil exporter had fully restored oil output after attacks on its facilities last month knocked out more than 5% of global oil supply.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's article here: Message of the Markets - What is Crude Oil Indicating?

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!

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