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TCS Misses Street Estimates, US Inflation Data & Stocks to Watch Out Today
Fri, 14 Jul Pre-Open

The Sensex on Thursday achieved another important peak as it moved above the important psychological level of 32,000 and Nifty moved closer to 9,900.

The recent rally in the stock markets is triggered by forecast of above average monsoon rains, cooling inflation, which fell to its lowest level in over 5 years. Meanwhile, the sentiment was also boosted by a rally in global markets.

The top gaining sectoral indices on the BSE were FMCG sector up by 1.7%, Capital Goods sector up by 1.1%, while Oil & Gas was down by 0.30%, the only losing index on BSE.

TCS Kickstarts the Earnings Season

TCS share price will be in focus today as the IT major announced its June quarter results yesterday. TCS reported the biggest sequential profit decline in the last two years, missing street expectations due to a stronger rupee.

The information technology giant saw profit slid 10% sequentially to Rs 5,945 crore in the April-June period. Revenue growth remained muted as it declined 0.2% quarter-on-quarter to Rs 295.8 billion. Revenue in dollar terms, however, grew 3.1% to $4.6 billion.

Stay tuned to the 9.30 am market commentary to get a detailed view on this story.

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Top Cues in Action Today

Infosys share price will be in focus today as the IT major will announce the results for its first quarter ended 30 June 2017 today.

Cement stocks are expected to open in green today on account of domestic brokerage report that average cement prices are expected to rise by 6% Y-o-Y and 7% on Q-o-Q basis across the country despite volume decline in the southern and central regions.

Meanwhile, NMDC has reported 8.52 million tonnes (MT) of iron ore production and logged sales volume of 9.21 MT up to the month of June 2017. The company's Chhattisgarh mines produced 5.51 MT of iron ore and registered sales volume of 5.81 MT, while Karnataka mines produced 3.01 MT of iron ore and sold 3.40 MT of iron ore up to June 2017.

Blue Star announced the entry into Sri Lanka market by partnering with Comfort Solutions as the official distributor for air conditioners, water coolers, deep freezers, bottled water dispensers and ice cube machines.

Tata steel share price may hog limelight today as the deal was struck to clear its UK pension liabilities. This move helped the company take forward its merger talks with a German-based company.

Meanwhile, Tata Steel has commissioned a mine air cooling system, first of its kind in the Eastern India, at its Digwadih colliery in Dhanbad district to rescue the miners working in a depth of more than 400 meters.

Yellen's Inflation Concern

Asian stock markets mostly surged on Thursday, extending a global rally that saw another record on Wall Street after the head of the Federal Reserve indicated it would take a gradual approach to raising US interest rates.

In closely watched testimony to Congress, Janet Yellen said the central bank would keep lifting borrowing costs as long as the world's top economy showed improvement, taking into account inflation remained below its two percent target.

Meanwhile, economists polled by Reuters expect the June core CPI figure to have risen 0.2% month-on-month, from a gain of 0.1% the previous month.

But, why should we in India be worried about which way the American economy and interest rates are headed? As Vivek writes in The Vivek Kaul Letter:

  • "The answer is simple. The United States still forms around one-fourth of the global gross domestic product(GDP). It remains the largest consumer in the world. And any global recovery isn't going to happen, without the American economy finding its way back to where it was during its heydays or somewhere close to it."

Crude Prices to Be Under Pressure as Global Oil Producers Increase Supply

The latest IEA report on how the oil market performed in June has been released. It found that crude output rose by 720 million barrels a day in June across the world.

Output increased 340 million barrels a day in OPEC countries. Meanwhile, oil prices dropped on average US$3 to US$4 per barrel in June.

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Jan 18, 2018 (Close)