Rising Crude Oil Prices, WPI Inflation Data, and Top Cues in Focus Today

Tue, 17 Dec Pre-Open

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On Monday, Indian share markets traded on a volatile note throughout the day and ended marginally lower. Benchmark indices succumbed to profit-booking and snapped their three-day winning streak.

The BSE Sensex closed lower by 71 points to end the day at 40,939. ITC and Tata Steel were among the top losers.

While the broader NSE Nifty ended down by 26 points to end at 12,061.

Among BSE sectoral indices, telecom stocks fell the most, followed by metal stocks and FMCG stocks.

Top Stocks in Action Today

Indoco Remedies share price will be in focus today as the company has received EU GMP certification from the UK Health Regulator for its sterile manufacturing facility (Plant II) at Verna, Goa.

Glenmark Pharma share price will also be in focus today as the company's Baddi manufacturing unit received GMP certificate from a European regulator.

The company's Baddi manufacturing unit was inspected by the leading European regulator, SUKL (State Institute for Drug Control) from Czech Republic in the week of October 21, 2019.

The European regulator has issued a certificate of compliance for the facility stating that it complies with the principles and guidelines of good manufacturing practice laid down in the directive 2003/94/EC which stipulates the requirements to fulfil GMP recommendations of World Health Organization (WHO).

Market participants will also track Maruti Suzuki share price.

Maruti Suzuki India has created a new milestone with the sales of over 6 lakh automatic transmission passenger vehicles. Out of these 6 lakh automatics sold, over 5 lakh vehicles are equipped with popular Auto Gear Shift (AGS) technology.

Wholesale Inflation Data

In news from the economy, data released by the commerce and industry ministry today showed that wholesale prices-based inflation rose to 0.58% in November, as against 0.16% in October due to increase in prices of food articles.

The rate of price rise for food articles rose to 11% during the month as against 9.8% a month earlier, while for non-food articles it eased 1.93% from 2.35% in October.

Inflation in onions rose a whopping 172.3% last month while that in vegetables was up 45.3%.

Inflation in manufactured products remained unchanged at -0.84% during the month under review while that in fuel and power was -7.32%.

Official data released last week showed retail inflation rising to over a 3-year high of 5.54% in November due to costlier food products like vegetables, pulses and protein-rich items.

The retail inflation in November breached the Reserve Bank's medium-term target of 4%, justifying the central bank's decision to keep the benchmark interest rate unchanged in its monetary policy earlier this month.

Prince Pipes and Fittings IPO

Prince Pipes and Fittings, India's third-largest PVC pipes manufacturer, is planning to raise about Rs 5 billion through an initial public offer (IPO) this week.

The issue of the Mumbai-based Prince Pipes will open for subscription between December 18 and December 20.

The firm is looking to raise Rs 5 billion via the IPO, of which Rs 2.5 billion will be fresh issue and the remaining portion would see its promoters selling their stakes partially.

The price band has been fixed at Rs 177 to Rs 178 per share.

The company plans to use Rs 1.8 billion of the net proceeds towards setting up a new plant at Sangareddy in Telangana. The firm plans to start production at the plant by fiscal year 2021, and expects its installed capacity to reach 51,943 tonnes per annum.

The remaining funds would be used for repayment of certain outstanding loans and upgrading equipment at its manufacturing facilities.

How this IPO sails through remains to be seen. Stay tuned for more updates from this space.

From the Commodity Space...

Oil prices on Monday held near three-month highs, supported by last week's announcement that an initial trade deal had been reached between the United States and China.

The United States and China announced on Friday a "phase one" agreement that will reduce some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of US farm products and other goods.

US Trade Representative Robert Lighthizer said on Sunday the deal would nearly double US exports to China over the next two years and was totally done despite the need for translation and revisions to its text.

Crude oil prices gained support after data from China showed industrial output and retail sales growth accelerated more than expected in November.

As per the economic schedule released by Vijay Bhambwani, here are the important events due later today:

• UK - Employment Data Oct
• USA - Industrial Production Nov
• Australia - Home Loans Oct

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

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