France's Sovereign Debt, India-Sino Dispute and Stocks to Watch Out Today

Fri, 7 Jul Pre-Open

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Share markets in India closed the Thursday session on a positive note on the back of strong recovery in PSU banks. Hopes of positive quarterly earnings and -free roll-out of the goods and services tax (GST) also lifted sentiment.

The Nifty ended above 9650-mark after clocking 9700 during the day's trade. The Sensex closed up 124 points.

State Bank of India, ITC, and Bharti Infratel gained the most, while Baja Auto, Mahindra and Mahindra and Hindalco lost the most.

Global Markets Adrift Amid Uncertainty

Asian stocks fell broadly on Thursday as minutes from the Federal Reserve's last meeting showed a lack of consensus among members over when to start reducing the Fed's securities portfolio.

Meanwhile, the 30-year Japanese government bond (JGB) yield rose to 0.893%, its highest level since February 23, with Reuters attributing the move to increased expectations that the European Central Bank (ECB), the Fed and other central banks will be tightening policy.

That would make those country's bond yields more attractive to investors than the lower-yielding JGBs. Bond yields move inversely to prices. Oil prices rose after slumping about 4%.

In another development, as per the Bank of France governor Mr. Villeroy de Galhau, France would face a "sovereign debt shock" by not regaining control over its public debt before interest rates increase sharply.

He urged the French president to comply with the European Union's deficit ceiling of 3% of economic output, deferring tax cuts if necessary. If France can't repair its finances it will face a competitiveness shock with higher overheads than its European peers.

Sino-India Border Dispute...

As per an article in The Economic Times, China-India trade cooperation has deepened over the years and the bilateral trade has grown 24 times in 15 years. China has emerged as one of the fastest-growing sources of Foreign Direct Investment (FDI) into India.

A number of Chinese companies are setting up manufacturing units in India. It is India that depends on China in the trade equation-India's trade deficit with China has risen to US$ 46.56 billion. China's exports to India account for only 2% of its total exports.

Yet, no one can deny India offers China a promising market. An armed conflict will threaten trade ties. Maybe that's why China stopped Indian pilgrims from visiting Mansarovar but not trade through Nathu-la. China stopping the trade route might have invited a similar Indian response.

From the Banking Sector...

The Nifty PSU bank index surged as much as 2.8%, in the previous session. Bank stocks had fallen in June, snapping a 5-month winning run, amid worries about provisioning levels at a time when the sector is starting bankruptcy proceedings against 12 of the country's largest loan defaulters.

As per an article in The Economic times, open interest in the Bank Nifty is near the lowest level since early February and that a fall below the 23,000-mark could lead to the rate-sensitive index falling sharply owing to concerns that asset quality woes will continue to dent their earnings in the current financial year.

The Bank Nifty index has gained 28.5% since the beginning of this year, outperforming the benchmark Nifty's 17.7% gain during the period. Among individual stocks, banks have gained up to 78% this year, with DCB Bank gaining the most.

Top Cues in Action Today...

On the energy stocks front, market participants are expected to keep an eye out for HPCL-ONGC merger. As per a leading financial daily, the Divestment Department has issued a Cabinet note on merger of HPCL with ONGC.

An in-principle approval will be taken for 51% stake sale in HPCL to ONGC. The nod will be taken in order to hand over HPCL's management control to ONGC and this divestment could be done through a strategic sale. A core group of secretaries approved the divestment in HPCL on June 20, the report added.

Meanwhile, Zydus Cadila and Phibro Animal Health Corporation have announced their intention to enter into a long-term arrangement to license Phibro's innovative poultry vaccine technologies and know-how to a new vaccine manufacturing facility.

Lately, pharmaceutical companies have been facing a surfeit of problems in the largest generic market, the US. Rising competition and consolidation in the distribution channel have led to price erosion and delayed approvals for them.

Once considered a safe haven for investors has been on a steady decline over the past two years. But just like IT, there are interesting, niche pharma stocks that are worth your attention.

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