US-China Trade War, Finance Ministry's Check on PSBs, and Top Cues in Focus Today

Thu, 12 Apr Pre-Open

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Share markets in India closed marginally higher yesterday. Gains were largely seen in the metal sector and IT sector, while oil & gas stocks and banking stocks ended the day lower.

At the closing bell yesterday, the BSE Sensex stood higher by 60 points (up 0.2%) and the NSE Nifty closed up by 15 points (up 0.1%). The BSE Mid Cap index ended the day down 0.2%, while the BSE Small Cap index ended the day up by 0.2%.

Top Stocks in Focus Today

Metal stocks will be in focus today. Most of the companies in the sector witnessed buying interest yesterday on the back of rising aluminum prices which touched a record high of Rs 149.2 per kg on the MCX.

Market participants will also be tracking oil marketing companies as the government has asked them to absorb Rs 1 per litre price hike.

Oil and Natural Gas Corp Ltd share price and Reliance Industries Ltd share price will be in focus today as the companies have started discussions with buyers to sell natural gas from their fields in the Bay of Bengal that are expected to start production over the next three years.

From the pharmaceuticals sector, market participants will be tracking Dr Reddy's Laboratories share price as the company has received establishment inspection report from the US health regulator for its Cuernavaca facility in Mexico.

US-China Trade War

From the global financial markets, US and Asian shares witnessed buying activity after Chinese President Xi Jinping eased escalating tensions in the US-China trade war.

The Chinese president promised to open the country's economy further and lower import tariffs on products including cars, which is seen address the concerns of US President Donald Trump as the two countries edged towards an all-out trade war.

Xi also said China would raise the foreign ownership limit in the automobile sector as soon as possible and push previously announced measures to open the financial sector.

Without mentioning Trump's concern over the huge trade deficit, Xi said China does not seek trade surplus and have a genuine desire to increase imports and achieve greater balance of international payments under the current account.

Note that Trump has been demanding China to cut down US$ 375 billion trade deficit by US$ 100 billion in about a month.

In addition, the Chinese president also promised that China will take measures to liberalise automobile investment, significantly lower the import tariffs on cars and protect intellectual property, indirectly addressing major complaints by the US amid the trade row.

The above development follows trade war between the world's top two economies after Trump administration last week published a list of about 1,300 Chinese exports worth US$ 50 billion that could be hit by US tariffs because of Beijing's alleged theft of intellectual property and technology.

China hit back with a levy 25% tariffs on imports of 106 US products, bringing the total to US$3 billion in retaliation to Trump's move to impose tariffs on steel and aluminium.

Finance Ministry to Check Progress of PSB

As per a leading financial daily, the finance ministry is soon expected to take stock from public sector banks on fraud in cases of bad loans and the measures taken to prevent them.

There is also said to be a meeting convened to check progress of the public-sector banks on implementing measures such as setting up of stressed asset verticals and coordination on large value loans.

The plan is to further strengthen PSBs after Rs 880 billon has been disbursed under the Rs 2.1 lakh crore bank recapitalisation plan.

Owing to the above development, most of the public sector banks witnessed selling pressure in yesterday's trade with Punjab National Bank being the top loser.

How the above development pan out remains to be seen. We will keep you updated on the developments from this space.

Real Estate Sector: Residential Sales Seen Rising

Data from ANAROCK Property Consultants showed that home buyers have started showing interest in returning to the real estate market with increasing transparency, accountability and financial discipline in place.

Residential sales across top seven cities during the quarter ended March rose 10% from a year ago to 49,200 units.

Hyderabad and Bengaluru led the recovery in sales with 46% and 35% growth during the quarter. While the Delhi NCR witnessed 25% growth, Mumbai Metropolitan Region (MMR), Pune and Chennai saw 5%, 11%, and 15% decline, respectively.

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