Indian Indices Trade in Red, Inflation on an Uptrend, and Top Stocks in Action

Tue, 17 Jul Pre-Open

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On Monday, share markets in India opened on a positive note and ended the day in red after a dull day of trading.

The BSE Sensex closed lower by 218 points to end the day at 36,324. While the broader NSE Nifty ended the day down by 40 points to end at 10,696.

Among BSE sectoral indices, metal stocks fell the most by 3.7%, followed by pharma stocks at 3.3%. Tata Steel and Tata Motors were among the top losers.

Top Stocks in Action Today

Dr Reddy's share price is likely to be in focus today after the New Jersey District Court converted a temporary injunction into a preliminary injunction against the company.

This prevents the company from launching generic Suboxone in the US market until patent litigation related to US Patent No. 9,931,305 is concluded.

Tata Motors share price will be in focus today amid reports that ratings agency Moody's has downgraded the corporate family rating of the automobile company.

As per the news, Moody's Investors Service has downgraded the corporate family rating (CFR) for Tata Motors to Ba2 from Ba1 and has also downgraded the company's senior unsecured instrument ratings to Ba2 from Ba1. However, the rating outlook remains stable.

Wholesale Inflation Gathers Pace

According to data released by the Central Statistics Office (CSO), retail inflation as measured by the Wholesale Price Index (WPI) shot up to 5.77% in June on increasing prices of vegetables and fuel items.

Wholesale inflation rate, measured by the wholesale price index (WPI), is a marker for price movements in bulk buys for traders and broadly mirrors trends in shop-end prices.

The index portrays new series of WPI data released by the government earlier this fiscal, with 2011-12 as the base year, replacing existing the base year of 2004-05.

Food articles turned out to be major drivers as the data showed that inflation of wholesale food articles jumped to 8.1% in October, as against a 6% rise in the previous month. Fuel inflation was one of the major drivers for the uptick and was up by 16.2% as compared to a rise of 11.2% in May.

Data released by the Central Statistics Office (CSO) last week showed inflation measured by the Consumer Price Index (CPI) accelerated to a 5-month high at 5% in June from 4.87% a month ago.

Last month, the RBI's Monetary Policy Committee (MPC) upped CPI inflation estimates for 2018-19 and projected it at 4.8-4.9% in April-September, and at 4.7% in the second half of the year, including the house rent allowance (HRA) impact for central government employees.

Factoring in this uptick in inflation, the monetary policy committee raised the central bank's benchmark repo rate by 25 basis points to 6.25%.

Inflation for the month of June keeps the chances alive of a further rate hike in the month August, according to economists. The RBI governor headed Monetary Policy Committee will be meeting later this month to review interest rate regime.

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