Declining Gold Prices, Global Stock Market Drivers, and Top Stocks in Action Today

Wed, 27 Nov Pre-Open

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On Tuesday, Indian share markets witnessed selling pressure during closing hours and ended marginally lower. Despite positive global cues, benchmark indices succumbed to profit-booking.

Benchmark indices hit new milestones but failed to hold on to gains. The BSE Sensex hit 41,000-mark for the first time, rising over 200 points in early trade yesterday. The NSE Nifty also hit a new intraday high of 12,126, overtaking June highs of 12,103.

The BSE Sensex closed lower by 68 points to end the day at 40,821. Power Grid and Sun Pharma were among the top losers.

While the broader NSE Nifty ended down by 36 points to end at 12,038.

Among BSE sectoral indices, telecom stocks fell the most, followed by IT stocks and realty stocks.

Top Stocks in Action Today

DLF share price will be in focus today. Reportedly, the realty major's arm will invest around Rs 15 billion in the next two years on construction of over 3 million sq ft office space in Gurugram, Haryana.

As per an article in The Economic Times, DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore's sovereign wealth fund GIC, has initiated the development of its new mixed-use project 'Downtown' comprising 11 million sq ft of leasing area.

Indoco Remedies share price will also be in focus today as the US drug regulator has issued Establishment Inspection Report (EIR) to the company's clinical research organisation in Hyderabad.

The company announced the receipt of EIR for its Clinical Research Organisation, AnaCipher, located at Hyderabad for the inspection carried out by the USFDA from 5th to 9th August 2019.

The inspection was successfully conducted without any observations and stands closed now.

Market participants will also track Bharti Airtel share price. Rating agency ICRA has downgraded Bharti Airtel's long-term rating from "AA" to "AA-"on higher-than-anticipated provision for dues towards license fees on adjusted gross revenues (AGR) and spectrum usage charge.

ICRA said ratings continue to remain under watch with negative implications. Ratings on Bharti Airtel's commercial paper were reaffirmed at "A1+".

RBI's Rate Cut

According to a Reuters poll, the Reserve Bank of India is expected to cut interest rates in December for the sixth time this year, and again before July.

The RBI has cut rates by 135 basis points this year to 5.15%, but inflation has remained low by historical standards and policymakers have barely moved the needle on growth.

The Indian economy expanded 5% in the April-June quarter on a year earlier, its slowest annual pace since 2013, and was expected to grow 4.7% last quarter, according to the latest Reuters poll.

Note that if RBI cuts rate in December, it would mark the longest streak of consecutive rate cuts since the current interest rate framework was introduced nearly 20 years ago.

Gold Prices Remain Under Pressure

Gold prices in India fell on Tuesday, tracking weak global rates and a higher rupee. On MCX, prices of gold futures for December delivery fell 0.2% to Rs 37,650 per 10 gram, extending losses to the sixth day in a row.

Tracking gold, silver prices on MCX also edged lower, falling 0.45% to Rs 44,036 per kg.

In global markets, gold prices eased, falling to a two-week low on optimism that US and China could reach a trade deal soon.

In India, gold prices are up about 19% so far this year, higher than the increase in global rates, due to the import duty hike and rupee's depreciation against the US dollar.

Global Stock Market Drivers

Global stock markets rose on Tuesday following fresh signs that the United States and China were working to end a bitter trade war that has dealt a blow to the global economy.

According to reports, China's Vice Premier Liu He, US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin held a phone call on issues related to a phase one trade agreement on Tuesday.

The call took place amid heightened tensions between Beijing and Washington, with China saying it had summoned the US ambassador on Monday to protest against the passage in the US Congress of the Hong Kong Human Rights and Democracy Act.

On the commodities front, oil also gained amid hopes of progress towards trade agreement.

The Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on December 5 in Vienna, followed by talks with other oil producers, including Russia, that have agreed to cut output to support prices, a group known as OPEC+.

Speaking of crude oil, in the video below, Vijay Bhambwani talks about the expected trend of crude oil prices.

Vijay reveals his strategy on trading in crude oil. Tune in to find out...

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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