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RBI Monetary Policy, Capital Infusion in PSBs, and Top Cues in Focus Today
Thu, 6 Jun Pre-Open | Monish Vora, TM Team

Indian share markets ended their trading session on a negative note on Tuesday.

Sectoral indices were trading on a mixed note with IT stocks and healthcare stocks witnessing maximum selling pressure while capital goods stocks and telecom stocks witnessed buying interest.

At the closing bell on Tuesday, the BSE Sensex stood lower by 184 points (down 0.5%) and the NSE Nifty closed down by 70 points (down 0.6%). The BSE Mid Cap index and the BSE Small Cap index ended lower by 0.2%.

Top Stocks in Focus Today

From the energy sector, market participants will be tracking BPCL share price and HPCL share price as both these companies have joined in the country's longest LPG pipeline project being laid by state-owned Indian Oil Corporation (IOC) to cater to cooking fuel needs of a fourth of the country's population.

BPCL and HPCL will take 25% stake each in the Rs 90 billion project that involves laying of a pipeline from Kandla to Gorakhpur. IOC will hold the remaining 50% stake.

Reportedly, the pipeline will carry 6 million tonnes per annum of LPG. This will be the longest LPG pipeline in the country.

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In addition, the pipeline would feed LPG through road-bridging to an additional 21 LPG bottling plants in Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, and Uttar Pradesh.

From the pharma sector, Dr Reddy's Laboratories share price will be in focus today as the company has re-launched its generic Zenatane capsules in the US market.

The company has re-launched the capsules in the strengths of 10 mg, 20 mg, 30 mg and 40 mg.

PSB Shares in Focus

From the banking sector, shares of public sector banks (PSBs) will be in focus today on reports stating that the government may infuse around Rs 400 billion into state-run lenders in 2019-20 as it looks to strengthen their balance sheets to enable them to step up lending.

As per the reports, a plan is being firmed up to help banks expand credit offtake further. This capital will be used to support credit growth and help some weaker banks maintain regulatory norms.

Bank of Baroda share price, PNB share price, and Canara Bank share price witnessed buying interest on the back of the above news and were up in the range of 2-3% on Tuesday.

RBI Monetary Policy Meet

Market participants will be closely tracking the Reserve Bank of India's (RBI) monetary policy today.

The consensus in the markets is that the RBI will cut interest rates as India's economic growth slowed to 5.8% in last quarter of financial year 2019.

Note that India's gross domestic product (GDP) grew 5.8% in January-March, confirming fears of a slowdown, as the new government assumed office amid expectations of a wide-ranging policy impetus to turnaround the economy that is nursing multiple pain points.

Real or inflation-adjusted GDP grew 6.8% in FY19, lower than previous year's 7.2%, data released by the Central Statistics Office (CSO) showed.

This was the slowest growth in GDP since FY15.

The RBI in 2016 adopted an inflation target of 4% (+/-2%) for next five years under the monetary policy framework.

However, since August last year, inflation has stayed below RBI's target of 4%.

Here's what Sarvajeet wrote about it in one of the editions of The 5 Minute WrapUp...

  • In December, CPI-based retail inflation declined to an 18-month low of 2.2%.

    Currently, the RBI's policy stance was 'calibrated tightening'.

    But with the recent inflation data, the MPC may change its monetary stance to 'neutral', even if it does not cut the repo rate.

It would be interesting to see what stance the MPC takes and whether it alters the interest rate today. Meanwhile, we will keep you updated on all the developments from this space. Stay tuned.

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

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Stock Market Updates

CAPLIN POINT Share Price Down by 6%; BSE HEALTHCARE Index Down 1.1% (Today's Market)

Aug 11, 2020 11:47 AM

CAPLIN POINT share price is trading down by 6% and its current market price is Rs 575. The BSE HEALTHCARE is down by 1.1%. The top gainers in the BSE HEALTHCARE Index are J.B.CHEMICALS (up 4.5%) and ERIS LIFESCIENCES LIMITED (up 2.4%). The top losers is CAPLIN POINT (down 6.1%).

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TORRENT PHARMA at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

Aug 11, 2020 11:07 AM

TORRENT PHARMA share price has hit a 52-week high. It is presently trading at Rs 3,040. BSE 500 Index is up by 0.6% at 14,843. Within the BSE 500, TORRENT PHARMA (down 12.9%) and NESCO (up 12.9%) are among the top gainers, while top losers are VA TECH WABAG and SUZLON ENERGY.

JINDAL STEEL & POWER Share Price Up by 5%; BSE METAL Index Up 2.7% (Today's Market)

Aug 11, 2020 10:49 AM

JINDAL STEEL & POWER share price is trading up by 5% and its current market price is Rs 212. The BSE METAL is up by 2.7%. The top gainers in the BSE METAL Index are JINDAL STEEL & POWER (up 5.1%) and SAIL (up 6.4%).

VAIBHAV GLOBAL Share Price Up by 10%; BSE 500 Index Up 0.8% (Today's Market)

Aug 11, 2020 10:45 AM

VAIBHAV GLOBAL share price is trading up by 10% and its current market price is Rs 1,862. The BSE 500 is up by 0.8%. The top gainers in the BSE 500 Index are VAIBHAV GLOBAL (up 10.0%) and GARWARE TECHNICAL (up 14.5%). The top losers are PFIZER and BRITANNIA .

SGX Nifty Up 72 Points, India's Import Embargo on Defence Items, June Quarter Results, and Top Buzzing Stocks Today (Today's Market)

Aug 11, 2020 Pre-Open

Top cues to track in today's stock market session.

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