Global Stock Market Drivers; TCS, Infosys Q3FY19 Results and Top Stocks in Action Today

Fri, 11 Jan Pre-Open | Rini Mehta, TM Team

   Previous Close   

   09:30 am   

   12:30 pm   

   Closing   

   Podcast   

On Thursday, the Indian share markets closed in the negative territory amid weak global cues and selling in financials counter.

The BSE Sensex shed 106 points to settle at 36,107 with Tata Motors (up over 1%) being the top gainer and IndusInd Bank (down over 2%) the worst performer.

On NSE, the benchmark Nifty50 index settled at 10,822, down 34 points with 30 components ending in the red and 20 in the green.

TCS share price will be watched out for today after it announced its Q3FY19 result yesterday.

Top Stocks in Focus

Bandhan Bank share price will be in focus today as the Bank has reported 10.4% rise in its net profit at Rs 3.3 billion for third quarter ended 31 December 2018 as compared to Rs 3 billion for the same quarter in the previous year.

Meanwhile, Goa Carbon reported net loss of Rs 49.1 million for third quarter ended 31 December 2018 against net profit of Rs 225 billion for the same quarter in the previous year.

Lupin is recalling over 23,000 bottles of an antibiotic drug in the US for being sub-potent. The company is recalling the lot due to below specification results for assay.

Ashok Leyland has bagged orders from IRT (Institute of Road Transport, Chennai), UPSRTC (Uttar Pradesh State Roadways Transport Corporation) and CTU (Chandigarh Transport Undertaking) for 2580 buses. These orders are among the largest from STU's for a single OEM.

Vijaya Bank has revised Marginal Cost of Funds based Lending Rates (MCLRs) with effect from 10 January 2019. The Bank has revised the overnight, 1 month, 3 month and 6-month MCLRs to 8.05% per annum (p.a.), 8.35% p.a., 8.50% p.a. and 8.70% p.a., respectively.

Indian Overseas Bank has also increased the MCLR rates across all tenors from their current levels, with effect from 10 January 2019. The Bank has increased one-year MCLR to 8.8% per annum.

Glenmark Pharmaceuticals' Suisse subsidiary, Glenmark Specialty S.A., has entered into an exclusive licensing agreement with Yuhan Corporation for commercializing its novel nasal spray Ryaltris in South Korea. The stock will hog limelight today.

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

Results Corner

Infosys, Karnataka Bank, Rasoi, TRF, Infomedia Press are among a few companies that will report its Q3FY19 results today.

Global Stock Market Drivers

The new-year rally in global equities stalled on Thursday as investors paused to draw breath following the recent rebound and as they awaited concrete details on US-China trade negotiations.

Treasuries led a broad advance in bonds as oil fell.

Global stocks have rallied since the start of the year amid optimism tensions are thawing between the US and China on trade and as commentary from the Federal Reserve showed policy makers have shifted to a more cautious approach to further interest-rate increases.

Still, concern surrounding the partial government shutdown in America continues to weigh on sentiment ahead of earnings season.

And China inflation data on Thursday showcased slowing growth.

Here are some events investors may focus on this week:

• Fed Chairman Powell will speak to the Economic Club of Washington D.C.
• Britain's Parliament will resume a debate on the Brexit withdrawal bill.

Oil Prices Slide

Oil prices fell by about 1% on Thursday on swelling US supply and amid a cautious reaction to trade talks between the United States and China, the world's two largest oil consumers, that finished without concrete details to ending their dispute.

US West Texas Intermediate (WTI) crude oil futures were at US$51.8 per barrel, down 1.1% from their last settlement.

International Brent crude futures were down 0.9%, at US$60.9 per barrel.

Both oil benchmarks rose by around 5% the previous day as financial markets around the world surged on the hopes that Washington and Beijing may soon be able to end their trade dispute, soothing fears of an all-out trade war between the two biggest economies and its possible impact on global growth.

By Thursday, however, the positive feelings ebbed because of a lack of a details on the talks despite a warm statement from China on the outcome, and financial markets took a breather from the rally.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Indian Share Market Update: Top Gainers and Losers

What else is happening in the markets today? Dig in...