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Economic Survey 2019 in Focus; Global Stock Market Drivers and Top Stocks in Action
Thu, 4 Jul Pre-Open | Rini Mehta, TM Team

The Indian share markets remained range-bound on Wednesday as investors remained on the sidelines a day before the new government tables the Economic Survey in the Parliament.

The BSE Sensex ended 23 points, higher at 39,839 levels with Indusind Bank, L&T and ITC being the top gainers. The broader Nifty 50 too settled at 11,917 levels, up 6 points.

Among sectors, automobiles, IT stocks ended lower, while some buying was seen in the energy, PSU bank and FMCG stocks.

Top Stocks in Focus

Lupin share price will be in focus as the company has received approval for its Phenylephrine and Ketorolac Intraocular Solution, 1%/0.3%, from the United States Food and Drug Administration (USFDA).

Meanwhile, Zydus Cadila has received final approval from USFDA to market Misoprostol Tablets 100 mcg and 200 mcg. Cadila Healthcare will hog limelight today.

Dr. Reddy's Laboratories has launched Carboprost Tromethamine Injection USP, 250 mcg/mL (1mL) Single-dose Vial, a therapeutic equivalent generic version of Hemabate injection, approved by the USFDA.

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Mahindra & Mahindra's Farm Equipment Sector (FES) has reported domestic tractor sales of 31,879 units in June 2019, as against 39,277 units during June 2018, registering a fall of 19%. Total tractor sales (domestic + exports) during June 2019 were at 33,094 units, as against 40,529 units for the same period last year. Exports for the month stood at 1,215 units.

State Bank of India (SBI) has received an approval to raise Rs 70 billion through bonds to fund business growth. The central board at its meeting held on 1 July 2019 accorded approval to raise AT 1 Capital by way of issuance of Basel-III compliant debt instrument.

GAIL (India) has successfully commissioned 165 km Gorakhpur spur line section under Pradhan Mantri Urja Ganga (PMUG) Natural Gas Pipeline Project, bringing Gorakhpur into the ranks of locations in India covered by natural gas infrastructure.

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

India's Services Sector Activity Contracts in June

The first time since May 2018, India's services sector activity contracted in the month of June, as weak sales, competitive pressures and unfavourable taxation all hampered output.

As per the survey report, the seasonally adjusted Nikkei Services Business Activity Index eased to 49.6 in June from 50.2 in May. Further, the Nikkei India Composite PMI Output Index, which measures both manufacturing and services fell to 50.8 in June as against 51.7 in May.

The report also noted that operating expenses rose among service providers, on account of higher prices for cosmetics, fuel, gold, meat and vegetables.

The overall rate of input cost inflation was negligible and below the average over the survey history, despite accelerating from May's 28-month low.

Still, the latest uptick in cost burdens was sufficient to drive another round of upward revisions to selling prices.

Global Stock Market Drivers

On Wednesday, stocks in Europe rose with US equity futures, while those in Asia were mostly lower.

Shares in Japan, China and South Korea led losses in Asia as equities in Australia edged higher.

Bonds extended gains globally ahead of the US holiday as investors weighed the prospect of more dovish appointees to two of the world's major central banks.

Reportedly, Christine Lagarde was nominated to take the helm of the ECB later this year, ushering in a candidate analyst anticipate will take up departing President Mario Draghi's mantle in providing stimulus.

And US President Donald Trump said he's planning to nominate Christopher Waller and Judy Shelton to serve on the Fed Board, candidates both seen as likely to advocate lower interest rates.

Here are some key events coming up:

  • Data on US private hiring, factory orders and the services sector will be in focus.
  • June's government jobs report is due Friday, after the July 4 break.

Oil Prices Edge Up

Oil prices edged higher on Wednesday after a steep fall in the previous session, supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could crimp demand.

An expected large draw in US crude oil inventories also underpinned sentiment after a bigger-than-expected stock fall in a private survey.

Brent crude futures for September delivery were trading up 0.6%, at US$62.76 a barrel.

US crude futures for August were up 0.5%, at US$56.54 a barrel. Both benchmarks fell more than 4% on Tuesday as worries about a slowing global economy overshadowed OPEC supply cuts.

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