Sensex Ends Day in Green, India's GDP Growth, and Top Stocks in Action Today

Tue, 5 Mar Pre-Open

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On Friday, share markets in India traded on a positive note throughout the day and ended higher.

The BSE Sensex closed higher by 196 points to end the day at 36,064. Yes Bank and IndusInd bank were among the top gainers.

While the broader NSE Nifty ended up by 71 points to end at 10,864.

Among BSE sectoral indices, metal stocks gained the most by 1.6%, followed by power stocks and capital goods stocks.

Top Stocks in Action Today

Wockhardt share price will be in focus today as the company has received approval from the United States Food & Drug Administration (USFDA) for an ANDA for 250 mg tablet of Abiraterone acetate, which is used to treat Prostate Cancer. Wockhardt's Abiraterone acetate tablet is a generic version of Zytiga, marketed in USA and other countries by Johnson & Johnson.

Tata Steel share price will be in focus today as the company has signed three-year sponsorship deal with the Professional Golf Tour of India (PGTI).

NCC share price will also be in focus today as it has received five new orders totaling to Rs 40.9 billion in the month of February 2019. Out of this, Rs 7.4 billion orders pertain to Building Division and Rs 33.5 billion orders pertain to Water Division.

Market participants will also track Bank of Baroda share price.

Reportedly, the bank is planning to sell its Non-Performing Assets (NPAs) worth around Rs 60 billion, including its Rs 18.4 billion loan to cash-strapped Reliance Communications.

From the Currencies Space...

Last week, the domestic currency had come under pressure after the Pulwama attack on 14 February.

Minutes after Pakistan Prime Minister Imran Khan announced that his country will release captured Indian Air Force Wing Commander Abhinandan Varthaman, on Friday, as a gesture of peace, the Indian rupee jumped by nearly 40 paise in a matter of half an hour, from a level of 71.1 to 70.72 against the dollar.

The substantial jump came as investors drew comfort from the announcement and that it would lead to de-escalation in tension between India and Pakistan.

In all, the rupee recovered 52 paise during the day to close at 70.72 on Thursday over Wednesday's closing.

The rupee that closed at 70.7 against the dollar on 13 February, had stood at 71.24 on Wednesday in the wake of heightened tensions between the defense forces of two nations.

Besides drawing comfort from ease in tension at the border, the rupee also received support from a marginal decline in crude oil prices. While the Brent crude oil price had climbed to over US$67.1 per barrel on 22 February, it was trading at around US$66.1 per barrel on Thursday.

Beside dollar weakness, the foreign fund inflows in domestic equity and lower crude oil prices bode well for rupee. So far this month, overseas investors have bought US$2.31 billion in domestic equity.

We will keep you updates on all the developments from this space. Stay tuned.

GDP Growth Slips

India's GDP growth slipped to 6.6% in the third quarter of FY19. The economy had grown 7.1% in the second quarter and 8.2% in the first quarter.

Reports state that weaker domestic and external demand are key factors behind the sub-7% growth. India would still be growing faster than China's 6.4% growth in the same quarter.

Manufacturing's share of GDP has risen just 1.5% in the last three years to stand at 18%. The GDP growth for 2018-19 in the December policy was projected at 7.4%.

Gross value added (GVA), which is GDP minus taxes, grew 6.8 percent.

The farm sector grew at 2.7% in Q3 compared to 4.2% in Q2 while manufacturing saw contraction, growing at 6.7%. Financial services sector grew at 7.3% compared to 7.2% in Q2.

Construction sector growth grew at 9.6% while mining sector growth stood at 1.3% compared to -2.1% in Q2. Trade and hotels sector growth remained unchanged at 6.9%.

Global Stock Market Drivers

Asian stocks ended the last week on a positive note as the latest economic data from China offered some reassurance to investors concerned about the global growth outlook.

The index publisher MSCI announced it would raise the weight of Chinese mainland shares in its global benchmarks. While, strong US economic data lifted the dollar.

Meanwhile, geopolitical concerns remain in the background, amid the failure of a summit between Kim Jong Un and Trump to achieve an agreement between the US and North Korea on denuclearization.

Market participants will be tracking US personal income and spending data which was released on Friday, followed by the manufacturing PMI, ISM manufacturing report and University of Michigan Consumer Sentiment Index.

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Indian Share Market Update: Top Gainers and Losers