FOMC Minutes; Looming Trade War; ITC, Bank of Baroda among Top Stocks in Action Today

Fri, 6 Jul Pre-Open

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Indian share markets ended slightly lower on Thursday with index heavyweights such as Infosys and Tata Steel losing ground, while a looming deadline for imposition of US tariffs on China also played on investors' minds.

The S&P BSE Sensex ended at 35,575, down 71 points. The broader Nifty 50 index settled at 10,750, down 20 points.

Sectoral indices ended mixed, with stocks in the FMCG sector and stocks in the auto sector leading the gains.

Top Stocks in Focus

Britannia share price will be in focus on the reports that the company is planning to expand its business in neighboring countries as well as Africa and Middle East, in line with its plan to enter new geographics. The company has planned total capital expenditure of Rs 10 billion to execute the plan.

Another stock that will be in focus is Coal India. The company's - Western Coalfields -- has achieved record production 9.643 million tonne of coal during the first quarter, registering a growth of over 18%. The company has dispatched over 13 million tonne during this period, which is growth of 22.2% over the same period last year.

ITC is planning to launch 30-40 new products every year and to look into more consumer categories in a bid to become India's biggest Fast Moving Consumer Goods (FMCG) company.

Bank of Baroda has revised one year Marginal Cost of Funds based Lending Rate (MCLR) to 8.5% per annum (p.a.) with effect from 7 July 2018.

Indian Oil Corporation is reportedly planning to reduce its carbon footprint by making use of solar power to make cooking gas refills available to homesteads and security establishments at Ladakh in the state of Jammu & Kashmir (J&K).

To get more updates on share market, click here.

Global Stock Market Drivers

European stocks rose alongside US futures while Asian shares dropped to a nine-month low as traders prepare for the implementation of fresh trade restrictions between the US and China. The euro advanced on the prospect of earlier-than-anticipated monetary tightening.

The trade conflict is poised to enter a new phase today, with the imposition of fresh tariffs between the world's two biggest economies.

China said that it won't be the first to act, and will hold off on enforcement until the US does.

These are key events coming up this week:

• Federal Reserve releases minutes of its June 12-13 meeting, when FOMC policy makers raised the benchmark rate a quarter point for the second time this year and lifted the median forecast to four total increases in 2018.
• US payrolls are due today.
• Also on today, the US is scheduled to impose tariffs on US$34 billion of Chinese goods. Beijing has said it will slap tariffs on an equal value on US exports including agricultural and auto exports.

Oil Prices Rise

Oil prices fell on Thursday after US President Donald Trump demanded OPEC cut crude prices, but the market found some support from an Iranian threat to block shipments through the Strait of Hormuz.

The escalating trade row between Washington and Beijing triggered another sell-off in Asian stocks and was felt in oil markets, with China warning it could introduce duties on US crude imports.

Brent crude futures were at US$77.89 per barrel, down 35 cents. US West Texas Intermediate (WTI) crude futures were down 11 cents at US$74.03.

RIL's 41st AGM

Reliance Industries Limited announced on Thursday the launch of high-speed Jio GigaFiber broadband, which aims to boost fixed-line connectivity in India, and an upgraded version of its Jio Phone with popular social media apps such as Facebook.

At its 41st Annual General Meeting, RIL Chairman Mukesh Ambani announced the broadband for homes and enterprises across 1,100 cities and an e-commerce platform that may rival the likes of Amazon. He also spelt out the milestones achieved by Jio, which has disrupted the telecom industry and triggered a price war.

The stock will be in focus today.

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