Easing of WPI Inflation; Key Q1FY20 Results; Global Stock Market Drivers and Top Stocks in Action

Tue, 16 Jul Pre-Open

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On Monday, the Indian share markets ended in the positive territory. The BSE Sensex settled 160 points higher at 38,897 levels with Infosys, Sun Pharma, Tech Mahindra and Maruti being the top gainers.

On the contrary, IndusInd Bank, L&T, ITC and Bharti Airtel were the top laggards. The broader Nifty50 too settled with gains of 36 points at 11,588 levels.

Top Stocks in Focus

Karnataka Bank has reported 7.5% rise in its net profit at Rs 1.8 billion for the quarter ended June 2019 as compared to Rs 1.6 billion for the same quarter in the previous year.

Lupin is aiming to launch its first biosimilar product and commercialize its first inhalation product in the US in the current fiscal. The new launches across the globe would help it achieve sustainable growth.

L&T Finance Holdings wholly owned subsidiary, L&T Infrastructure Finance (LTIF) will receive loans of US$100 million from Asian Infrastructure Investment Bank (AIIB) for wind and solar power infrastructure projects in India. This deal with LTIF marks the bank's first loan to a non-banking finance company.

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

India's WPI Inflation Eases Further for Third Straight Month

In a good news for the consumers, India's Wholesale price index (WPI) inflation eased further for the third straight month in the month of June, driven down by decline in prices of fuel.

According to the latest data released by the government, WPI slowed down to 2.02% in June from 2.45% in May and 5.68% during the corresponding month of the previous year.

Build up inflation rate in the financial year so far was 1.33% compared to a buildup rate of 2.41% in the corresponding period of the previous year.

Results Corner

Market participants will track Agro Tech Foods, Federal Bank, Network18, TV18 Broadcast, HDFC AMC among others as they announce their March quarter results today.

Global Stock Market Drivers

European shares drifted lower and US equity futures climbed alongside stocks in Asia at the start of a busy week for Federal Reserve speakers, corporate earnings and economic data. Gold and Treasuries were steady as the dollar slipped.

Asian stocks rebounded from early losses after indicators showed that China's economy was stabilizing.

Market participants are preparing for a busy week that's packed with speeches by policy makers including Federal Reserve Chairman Jerome Powell today and key data points such as US retail sales. And earnings season gets under way too, with Citigroup reporting its numbers followed by Goldman Sachs and JPMorgan today.

Here are some key events coming up:

• JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Taiwan Semiconductor are among companies due to report results this week.
• US June retail sales, due today, are expected to rise from the prior month.
• Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.

Oil Prices Rise

Oil prices rose slightly on Monday as Chinese industrial output and retail data topped expectations, but gains were capped by overall figures showing the country's slowest quarterly economic growth in decades.

Brent crude futures rose 0.6% to US$67.12 a barrel, while US crude was up 0.3%, at US$60.40 a barrel.

Both contracts last week posted their biggest weekly gains in three weeks on cuts in US oil production and diplomatic tensions in the Middle East.

Asian and early European trading was boosted by the more positive Chinese economic data, which may indicate early success in government stimulus efforts and potentially more oil demand in the world's number two economy.

Speaking of crude oil, catch Vijay Bhambwani talk about the impact of hike in excise duty and cess on fuel in India.

As per him, trading in crude oil offers excellent opportunities in nearly all market conditions due to its unique standing within the world's economic and political systems.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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