Declining Service Sector Activity, Key Q2FY20 Results, and Top Cues in Focus Today

Wed, 6 Nov Pre-Open

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On Tuesday, Indian share markets traded on a volatile note throughout the day and ended flat. Despite positive global cues, benchmark indices succumbed to profit-booking and snapped their seven-session winning streak.

The BSE Sensex closed lower by 54 points to end the day at 40,248. IndusInd Bank and Sun Pharma were among the top losers.

While the broader NSE Nifty ended down by 24 points to end at 11,917.

Among BSE sectoral indices, consumer durable stocks fell the most, followed by healthcare stocks and metal stocks.

Top Stocks in Action Today

Biocon share price will be in focus today as the company has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its Biologics Drug Product facility in Bengaluru, stating that the inspection is closed.

MSTC share price will also be in focus today as the company has signed an agreement with Allahabad Bank for development of a dedicated e-Auction platform directly linked with Indian Banking Association for sale of NPAs through SARFAESI Act.

Market participants will also track Bosch share price, Cipla share price, and Voltas share price as these companies are set to announce their September quarter (Q2FY20) results later today.

You can also read our recently released Q2FY20 results of: Tata Coffee, Sonata Software, Blue Dart, Kansai Nerolac, Yes Bank.

Results Corner

SRF has reported over 3-fold jump in its net profit at Rs 3,374.7 million for the September quarter as compared to Rs 1,085.4 million for the same quarter in the previous year.

Bharat Electronics has reported 40.6% fall in its net profit at Rs 3,394.9 million for the quarter under review as compared to Rs 5,713.1 million for the same quarter in the previous year.

Total income decreased by 18.8% at Rs 27,577.4 million for Q2FY20 as compared to Rs 33,956.6 million for the corresponding quarter previous year.

Godrej Properties has reported a fall of 33.5% in its net profit at Rs 175.6 million for the quarter under review as compared to Rs 263.9 million for the same quarter in the previous year.

Dabur India reported a 7% jump in consolidated net profit at Rs 4,030 million for the September quarter against Rs 3,766 million in the same period last year.

In a press release, the company said that net profit was impacted by one-time impairment in value of investments to the tune of Rs 400 million.

From the Macroeconomic Space...

India's services sector activity growth contracted for a second consecutive month in October due to muted demand, said a private survey indicating that the economic slowdown in Asia's third largest economy was showing little signs of improvement.

Although the IHS Markit Services Purchasing Managers' Index rose to 49.2 last month from 48.7 in September, it remained below the 50-mark threshold separating contraction from growth on a monthly basis.

The Composite PMI Output Index fell from 49.8 in September to 49.6, signaling a marginal rate of reduction overall.

Note that, the last time services activity contracted for two consecutive months was in August 2017 following the implementation of a Goods and Services Tax (GST).

The slowdown in job creation was widespread across the manufacturing and service sectors. The government and the Reserve Bank of India (RBI) have been taking steps to arrest the slowdown.

The RBI last month slashed its policy rates for the fifth time this year taking the cumulative reduction so far this year to 135 basis points to support growth.

Gold Imports Drop amid Weak Festive Demand

India's gold imports in October fell a third from a year earlier, dropping for the fourth straight month as near record-high prices dampened festive buying in the world's second-biggest consumer of the metal.

Reportedly, India imported 38 tonnes of gold in October, down 33% from 57 tonnes a year earlier.

In value terms, the October imports were at US$ 1.84 billion, up 4.5% from US$ 1.76 billion last year.

Note that lower imports by India could cap gains in global prices that are trading near their highest level in over six years.

Gold prices are up around 22% so far this year amid inflows into gold-backed assets. US-China trade war, volatility in risk assets like equities, and central banks signaling a looser monetary policy have boosted the safe-haven appeal of gold.

Global Markets

US stock benchmarks climbed to all-time highs, while treasuries tumbled as trade optimism fueled demand for risk assets.

Asian shares vaulted to six-month highs, surpassing their July peaks, as hopes that Washington may roll back some of the tariffs it has imposed on imports from China shored up optimism on the global economic outlook.

On the commodities front, oil prices firmed, staying near their highest levels since late September, buoyed by an improved outlook for crude demand as better-than-expected US jobs growth added to market hopes a preliminary US-China trade deal would be reached this month.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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