Of Rupee Hitting Two-Month High; China's Exports, and Top Stocks in Action Today

Mon, 11 Mar Pre-Open

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On Friday, share markets in India continued to trade in the red during closing hours and ended their session marginally lower.

The BSE Sensex closed lower by 54 points to end the day at 36,671. Tata Motors and HCL Technologies were among the top losers.

While the broader NSE Nifty ended down by 22 points to end at 11,035.

Among BSE sectoral indices, metal stocks fell the most by 1.5%, followed by IT stocks.

Top Stocks in Action Today

NMDC share price will be in focus today as the company has reported 28.4 million tonne (MT) of iron ore production and logged sales volume of 28.8 MT up to the month of February 2019.

Jubilant Life Science share price will be in focus today as the United States Food and Drug Administration (USFDA) has issued a warning letter for Jubilant Life Sciences' (JLL) material wholly owned subsidiary - Jubilant Pharma's (JPL) Roorkee facility.

Ashok Leyland share price will also be in focus today as the company had bagged an order from GSRTC (Gujarat State Roadways Corporation) for 1290 buses. This order comes closely on the back of 2580-bus orders received from various state transport undertakings recently.

Market participants will also track Redington India share price.

Reportedly, Redington India's wholly owned subsidiary - ProConnect Supply Chain Solutions has acquired 90% stake in Auroma Logistics (ALPL) and proposed to acquire the remaining stake after 3 years at a pre-agreed formula.

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

Chinese Stocks Tumble

Shanghai stocks plunged over 4% in their worst day in five months on Friday as investors scrambled to take profit amid signs of tighter regulatory scrutiny after a recent market resurgence fueled concerns of bubbles forming.

Sentiment was also dampened by poor economic data and weak global markets.

Reportedly, investors dumped stocks amid signs of tighter regulatory oversight after the market rebounded over 20% this year on loose credit conditions and hopes for a Sino-US trade deal.

In addition, China's markets regulator said its Guangdong branch is closely monitoring grey-market margin financing and has banned brokerages from cooperating with shadow lenders.

China's exports tumbled the most in three years in February while imports fell for the third straight month, pointing to a further slowdown in the economy despite a spate of support measures.

Imports fell 5.2% from a year earlier, worse than forecasts for a 1.4% fall and widening from January's 1.5% drop. Imports of major commodities fell across the board.

The poor China data comes amid months of intense negotiations between Washington and Beijing aimed at ending their trade dispute.

Oil on the Boil

Oil prices dropped 1.6% on Friday on a worsening global economic outlook after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese imports and exports slumped last month.

Losses were seen on the back of volatility seen in the global economy, after the European Central Bank (ECB) warned overnight of continued weakness and as fresh data showed Chinese exports and imports slumped last month.

Note that The ECB changed track on its tightening plan on Thursday, offering banks a new round of cheap loans to help revive the euro zone economy.

The bolder-than-expected move came as the US Federal Reserve and other central banks around the world are also holding back on rate hikes.

It underlined how a global trade war, Brexit uncertainty and simmering debt concerns in Italy are taking their toll on economic growth across Europe.

The policy changes cast ECB President Mario Draghi once again as nurturer of confidence in the bloc's still-fragile economy, only months after the bank announced the end of four years of unprecedented asset purchases, and as Draghi himself prepares to hand over the reins to a successor later this year.

The ECB now sees euro zone growth at barely 1.1% this year, compared to the 1.7% it projected in December.

So far, oil demand has held up, especially in China, where imports of crude remain above 10 million barrels per day (bpd). Yet a slowdown in economic growth is likely to dent fuel demand and pressure prices at some point.

How this all pans out will be interesting to see. Meanwhile, we will keep you updated on the latest developments from this space.

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