TCS Q1FY20 Result in Focus; Global Stock Market Drivers and Top Stocks in Action

Tue, 9 Jul Pre-Open

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The Indian share markets witnessed a bloodbath on Monday as the benchmarks fell for a second consecutive day, registering their biggest single-day-fall in four years. The Sensex plummeted 908 points intra-day while the Nifty 50 shed 288 points.

Union Budget 2019 triggered the fall as it failed to cheer investors. Proposals like surcharge on high income generating groups, increased threshold of minority shareholding from 25% to 35% and no specific announcement to revive consumption dampened investment sentiment.

Furthermore, weak global cues and expectation of another muted quarter dragged the markets down. In two days, investors have lost Rs 4.95 trillion market capitalization.

Markets pared losses partially before the end of trading session. The Sensex closed 793 points, lower at 38,720 levels with Bajaj Finance, ONGC, NTPC and Hero MotoCorp being the top laggards.

The Nifty50, too, settled 252 points lower at 11,559 levels.

Top Stocks in Focus

Biocon share price will be in focus as US Food and Drug Administration (USFDA) has completed inspection at Biocon's Insulin Glargine Drug Substance, Drug Product and Device assembly facilities in Malaysia. The inspection across these 3 units concluded with 12 observations issued on the Form 483.

Maruti Suzuki India has reported 15.6% fall in its production to 111,917 vehicles in June 2019, as compared to 132,616 vehicles in June 2018. The stock will be in focus.

TCS share price will be watched out for today as it announces its first quarter result for the financial year 2019-20.

HCL Technologies has completed the planned acquisition of select IBM products for US$1.8 billion (over Rs 127 billion) in an all-cash deal for security, marketing, commerce, and digital solutions.

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

Global Stock Market Drivers

Stocks in Europe edged lower with US equity futures after steep declines in Asia as investors kicked off the busy week in a cautious mood.

Asian equities saw a saw sharp retreat, with technology stocks taking a hit from fresh tensions between Japan and South Korea over export restrictions on semiconductor materials.

The week is stacked with both central banker speeches and key data. All eyes will be on Federal Reserve Chairman Jerome Powell as he speaks to Congress just days after the latest labor report delivered signs the American economy remains on track.

US stocks hit a record last week and a bond rally took yields to multiyear lows amid expectations the Fed will lower interest rates by at least a quarter percentage point at its July meeting, though fed fund futures showed traders trimming the amount of easing they expect.

Here are some key events coming up:

• UK Conservative Party members start voting to choose Theresa May's successor.
• Federal Reserve Chairman Jerome Powell testifies before Congress on monetary policy and the state of the US economy on Wednesday and Thursday.
• Fed minutes are due on Wednesday, ECB minutes on Thursday.
• A key measure of US inflation, the core consumer price index, is expected to have increased 0.2% in June from the prior month, while the broader CPI is forecast to remain unchanged, the reports noted.
• US producer prices are due on Friday.

Oil Prices Rise

Oil prices rose on Monday, boosted by escalating tensions around Iran's nuclear program and better-than-expected US jobs data.

Brent crude futures were up 34 cents at US$64.57. US West Texas Intermediate (WTI) was up 18 cents at US$57.69 a barrel.

Tehran said on Sunday it will soon boost its uranium enrichment above a limit set by a 2015 nuclear deal, known as the JCPOA.

President Donald Trump, who pulled the United States out of the deal last year, warned Iran to be careful.

Recent incidents involving oil tankers in the Mideast Gulf as well as the seizure in Gibraltar of a tanker carrying Iranian oil, also supported prices.

Meanwhile, US energy companies this week reduced the number of oil rigs operating for the first time in three weeks as drillers follow through on plans to cut spending this year.

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